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Tinubu blames privatization for current power sector crisis

Electricity featured

Nigeria isn’t poor, huge money moves below radar –

Finance

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Banking

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Economy

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News

Nigeria has 70% road infrastructure deficit, says minister

The Minister of Mines and Steel Development, Olamilekan Adegbite, has disclosed that Nigeria has about 70 per cent road infrastructure deficit while stressing the need for the country to boost local bitumen production. According to the minister, only 50,000km out of 200,000km of road networks are paved in the country. The minister disclosed this in […]

Agribusiness

Over $10bn food production at risk in Nigeria, others –AfDB

The African Development Bank Group President, Dr Akinwumi Adesina, says a fertiliser crisis triggered by the Russian war in Ukraine could put more than $10bn worth of food production at risk in Africa. He said this during a three-day official visit to Washington DC, which included several bilateral engagements with stakeholders on African development. This […]

News

Rising insecurity, naira fall worsening business environment – NGF

The Director-General, Nigeria Governors’ Forum, Mr Asishana Okauru, says worsening insecurity and currency depreciation have been adversely affecting the business environment and taxable income in Nigeria. The NGF DG, who was represented by the Senior Programme Manager, NGF/SFTAS, Mr Lanre Ajogbasile, said this during a presentation at a workshop in Abuja organised by the States’ […]

FG owes road contractors over N11tn – Fashola
Transportation

FG shortlists bidders for 12 highways in Lagos, Kano, others 

The Federal Government on Monday announced that it had identified preferred/reserved bidders for 12 federal highways up for concession under the Highway Development and Management Initiative. It said this was following the conclusion of the evaluation of the proposals submitted for phase one of the value-added concession under the HDMI. The HDMI is a PPP […]

Debt
Economy

Manufacturers borrow N1.03tn from banks, debts hit N4.2tn

Operators in the nation’s manufacturing sector saw their combined debt to Nigerian banks rise to N4.19tn in January 2022. This is as they borrowed the sum of N1.03tn between January 2021 and January 2022. This implies that banks’ credit to the sector increased by 32.79 per cent in the one-year period from N3.16tn as of […]

Transportation

NURTW crisis: Caution Baruwa, ex-union leaders tell NLC

Some former leaders of the National Union of Road Transport Workers Union in the South-West zone have asked the Nigeria Labour Congress to call the National President of the union, Tajudeen Baruwa, to order. The ex-union leaders, in a letter dated April 23, 2022, accused Baruwa of attempting to cause a breach of peace in […]

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Power generation dropped 43mw after worker's strike - FG
Electricity

Discos reject 2,495.3MW in one week – Report

A total of 2,495.3 megawatts of electricity was not utilised nor distributed by power distribution companies in one week, despite the demand for electricity nationwide, industry data obtained from the Federal Government’s power company on Sunday showed. In the Transmission Company of Nigeria’s latest report on national grid performance: TCN-Discos Interface from April 2 to […]

Nigeria needs debt relief - AfDB
Economy

AfDB predicts energy, food price hikes in Nigeria, others

The President, of the African Development Bank Group, Dr Akinwumi Adesina, has said that the costs of fertilizer, rising energy prices, and rising costs of food baskets, could worsen in Africa in the coming months. He said this as a guest at the Atlantic Council’s Africa Center while answering questions from the Council’s Africa Center […]

Over N1.5trn needed to fix airports - NCAA
Transportation

FAAN to introduce ‘park and pay’ at Abuja airport

The Federal Airports Authority of Nigeria is getting set to introduce the park and pay scheme at the Nnamdi Azikiwe International Airport, Abuja. It said the aim of the initiative was to increase sanity at the airport and effectively eradicate touting at the country’s second-busiest international airport. The Abuja Airport Manager/Regional General Manager, North Central, […]

News

Bakers hike bread price again, cite forex crisis, others

Bakers under the aegis of the Premium Breadmakers Association of Nigeria have said they will increase the price of bread, effective Monday (today). The President of the association, Emmanuel Onuorah, who made the disclosure in an interview with our correspondent on Sunday, said the increase became inevitable due to soaring costs of operations. He said, […]

Let NNPCL buy me out, Dangote offers to sell refinery
Economy

Investment in agric, oil sectors’ll boost economic growth –Dangote

The President of Dangote Group, Aliko Dangote, has said that investment in agriculture and oil sectors will boost economic growth. A statement said he spoke when he led board members of Dangote Group on a visit to the President, Major General Muhammadu Buhari (rted.), at the Presidential Villa, Abuja. He also said the group  would […]

Transportation

Lagos blue line rail 90% completed – Sanwo-Olu

The Lagos State Governor, Mr. Babajide Sanwo-Olu, has said that works on both the Blue and Red line rails are at 90 per cent completion. This was made known in a statement issued by the Chief Press Secretary to the Lagos State Governor, Gboyega Akosile, on Sunday. The statement read, “Lagos State Governor, Mr. Babajide […]

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