The Federal Government, on Monday, said it would continue to work hard to meet its Organisation of Petroleum Exporting Countries crude oil production quota of 1.8 million barrels per day by the end of May 2023. Minister of State for Petroleum Resources, Chief Timipre Sylva, disclosed this a day after OPEC agreed to maintain its production cut among member countries to maintain market stability. Sylva said the Federal Government would continue to improve security along the tracks of the major crude oil pipelines and block every leakage through which oil was stolen by thieves and pipeline vandals. He said the…
Author: Elvis Eromosele
Nigeria’s total merchandise trade fell by N1.24tn, from N12.84tn in the second quarter of 2022 to N11.59tn in the third quarter of 2022. This is according to the ‘Foreign Trade in Goods Statistics (Q3 2022)’ report released by the National Bureau of Statistics released on Monday. The fall in foreign trade was influenced by the decline in crude oil exports, which fell from N5.91tn in Q2 2022 to N4.66tn in Q3 2022. The NBS said, “In q3 2022, Nigeria’s total trade stood at N11.59tn, this was lower than the value recorded in the second quarter of 2022 (N12.84tn) but was…
The number of individuals with National Identification Numbers grew to 92.63 million in November, according to new industry statistics from the National Identity Management Commission. These new statistics revealed that 19.93 million Nigerians had got their NINs in 2022. a further breakdown indicates that 52.11 million males and 40.52 million females now have NINs in the nation. The top five states for NIN holders are: Lagos (10.33 million), Kano (8.09 million), Kaduna (5.47 million), Ogun (3.87 million), and Oyo (3.68 million). The bottom five states are Bayelsa (583,323), Ebonyi (744,869), Ekiti (971,712), Cross-River (1.06 million), and Taraba (1.35 million). According…
Peter Obi, the presidential candidate of the Labour Party (LP), has unveiled his eagerly-awaited manifesto. The 72-page manifesto, titled ‘It’s POssible: Our Pact with Nigerians’, was released on Sunday. The manifesto listed seven priority areas that Obi’s administration would concentrate on if elected president. Here are some of the highlights of the manifesto. One of the priorities of the manifesto is to shift emphasis from production to consumption by creating a production-centred economy driven by an agrarian revolution and export-oriented industrialisation. The former Anambra governor promised to “aggressively” pursue policies and programmes that will enhance the productivity of all sectors of…
The Nigerian Communication Commission (NCC), the regulator of Nigeria’s burgeoning telecommunications sector, is set to roll out two additional 3.5GHz spectrum licenses for the Fifth Generation (5G) licenses in 2023. This is in furtherance of the Commission’s determination to fast-track the achievement of the National Digital transformation agenda of President Muhammadu Buhari’s government. Professor Umar Garba Danbatta, Executive Vice-Chairman and Chief Executive Officer (EVC/CEO), NCC, revealed this at the TechTV, Digital Agenda Forum which held in Lagos last week. The session, which had the theme “Looking Forward 2023 – Convergence of 5G, AI, IoT & Blockchain.” was a platform to…
By Elvis Eromosele Barring any unforeseen, the Nigerian Communication Commission (NCC) will grant licenses to companies to operate as Mobile Virtual Network Operators (MVNOs) before the end of this year. The telecom regulator insists that this is part of a strategic effort to ensure the provision of qualitative and efficient telecommunications services throughout the country. Professor Umar Garba Danbatta, Executive Vice-Chairman and Chief Executive Officer (EVC/CEO), NCC, revealed this at the Business Remarks Telecom Sector Sustainability Forum (TSSF) in Lagos this week with the theme “Creating Awareness and Ensuring Sustainability of Mobile Virtual Network Operators (MVNOs) in Nigeria’s 5G Ecosystem”. The…
Remittances to low- and middle-income countries (LMICs) withstood global headwinds in 2022, growing an estimated 5 per cent to $626 billion. This is sharply lower than the 10.2 per cent increase in 2021, according to the latest World Bank Migration and Development Brief. Remittances to Sub-Saharan Africa, the region most highly exposed to the effects of the global crisis, grew an estimated 5.2 per cent to $53 billion in 2022, compared with 16.4 per cent last year (due mainly to strong flows to Nigeria and Kenya). Remittances in 2023 are projected to soften to 3.9 per cent growth as adverse…
The Nigerian government and fuel marketers have offered varying explanations for the ongoing fuel scarcity that has affected states across the country for weeks without reprieve with pump price hitting N270 in many places. While the NNPC said the queues in Lagos and Abuja are largely due to ongoing “road infrastructure projects” around Apapa and access road challenges in some parts of Lagos depots, major marketing group IPMAN said it was caused by high prices imposed by fuel depot owners who store the product for the NNPC. In the past weeks, long queues returned to filling stations in many cities…
The Osun government says the immediate past administration of Gboyega Oyetola left a debt of N75.25 billion in salaries and pensions. Olawale Rasheed, spokesperson to Ademola Adeleke, the Osun governor, in a statement, Thursday, said the figure was made public during a meeting with permanent secretaries of ministries on the financial status of the state. “The Osun state government has uncovered a monumental debt in salaries, pensions, and insurance commitments incurred by the administration of Mr Gboyega Oyetola amounting to N76 billion,” the statement reads. “This revelation was made by the Permanent Secretary, Ministry of Finance, Mrs Bimpe Ogunlumade, while…
Japan, on Thursday, stunned Spain, 2-1, to emerge winner of Group E and proceed to the World Cup last 16. Spain in spite of the loss staggered through to the World Cup last 16 with four-time champions Germany eliminated. Japan has earlier beaten Germany in their opening game and their progression from the “group of death” is regarded as perhaps one of the most outstanding achievements in the country’s footballing history. For a few heart-stopping minutes Spain was poised to head out when Costa Rica was leading in the other game, but the 2010 champions squeezed through after Germany did them…