Economy - Abia ThinkTank News

Feb

28

2025

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By Abia ThinkTank

Gov. Otti Setting Up Export Growth Lab In ABA, Seeks Greater Partnership With UNDP

Abia State, Business, Economy, Good Governance, News Flash

GOV. OTTI PLANS TO SET UP EXPORT GROWTH LAB IN ABA, SEEKS GREATER PARTNERSHIP WITH UNDP. In a bid to create a more functional economy in the State, Abia State Governor, Dr. Alex Otti is planning to set up an export growth lab in Aba the commercial nerve centre of the South East. Governor Otti disclosed this on thursday while receiving in audience the Resident Representative of the United Nations Development Programme (UNDP). He expressed the hope that there is a lot Abia State Government can do together with the UNDP. "We believe that there is a whole lot we…

Feb

28

2025

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By Abia ThinkTank

There Is No Better Place For Investment Than ABIA, Gov. Otti Tells German Consul General

Abia State, Business, Economy, Good Governance, News Flash

THERE IS NO BETTER PLACE FOR INVESTMENT THAN ABIA, GOV. OTTI TELLS GERMANY CONSUL GENERAL. Abia State Governor, Dr. Alex Otti says that there is no better place to invest than Abia as the State has what it takes to partner investors and drive the State's economy. Governor Otti stated this on thursday while receiving in audience the Consul General of Republic of Germany to Nigeria, Mr. Weert Borner. He said that there is a lot of opportunities in Abia yearning for partnership with credible organisations. The Governor said that the time is ripe for investors to explore opportunities in…

Feb

27

2025

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By Abia ThinkTank

FGN Urges Cement Price Reduction Amid Economic Recovery, Proposes New Price

Business, Economy, FGN

FG Urges Cement Price Reduction Amid Economic Recovery, Proposed New Price The Federal Government has urged cement manufacturers to lower prices to N7,000, citing improved economic conditions. This call was made by the Minister of Works, Sen. Engr. Nweze David Umahi, during a meeting at the Ministry’s headquarters in Abuja on February 26, 2025, according to a statement on the ministry’s website. Umahi noted that the naira has stabilized at about N1,400 per dollar, and petrol prices have dropped, creating a conducive environment for reduced cement costs. He criticized the current price of N9,500, pointing out that manufacturers increased prices…

Feb

27

2025

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By Abia ThinkTank

First Made-In-Nigeria Helicopter Arriving Soon

Business, Economy, Manufacturing, News Flash

First Made-in-Nigeria helicopter Arriving soon The National Agency for Science and Engineering Infrastructure (NASENI) has said the engineering work on the first Made-in-Nigeria helicopter is nearing completion. The agency promised that it would soon fly the Nigerian chopper. The Project Manager of NASENI’s Aeronautics and Air Vehicle Development Institute in Kaduna, Kareem Aduagba, announced this yesterday during a Focus Group Engagement organised by the agency. The focus group engagement, which was attended by inventors and manufacturers from the academia and private sectors in Kaduna, was meant to promote local manufacturing, innovation, and the adoption of Made-in-Nigeria products. The forum brought…

Feb

26

2025

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Dangote Crashes Petrol Price By N65, Reveals New Price For Southwest, Other Zones

Economy, News Flash, Oil & Gas

Dangote Crashes Petrol Price By N65, Reveals New Price For Southwest, Other Zones Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly referred to as petrol, by N65.00, from N890 to N825 per litre, effective from 27th February 2025. The price adjustment, according to Dangote was designed to provide essential relief to Nigerians in anticipation of the upcoming Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace. Recall that Dangote has severally reduced the prices of petrol and other…

Feb

26

2025

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By Abia ThinkTank

World Bank To Approve $2.2 Billion Loan For Nigeria In 2025

Economy, News Flash

World Bank To Approve $2.2 Billion Loan For Nigeria In 2025 The federal government is expected to receive new loans from the World Bank, totalling $2.2 billion in 2025. According to the Washington-based financial institution’s project list, the $2.2 billion will cut across six different projects. World Bank earmarked $500 million for the ‘Community Action (for) Resilience and Economic Stimulus Programme,’ which will be approved by March 17. On March 31, the World Bank plans to approve $552 million for the ‘HOPE for Quality Basic Education for All’ and $800 million for ‘Accelerating Nutrition Results in Nigeria 2.0’. Also, the…

Feb

26

2025

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Abia Signs MOU To Roll Out Roadmap Instrument Between It And IOM, Canvases For Reverse Migration

Abia State, Economy, Good Governance, News Flash

ABIA SIGNS MOU TO ROLL OUT ROADMAP INSTRUMENT BETWEEN IT AND IOM, CANVASES FOR REVERSE MIGRATION. Abia State Government has signed a Memorandum of Understanding to roll out roadmap instrument between it and the United Nations International Organisation for Migration (IOM). Speaking after the signing of the MoU, the State Governor, Dr. Alex Otti said that he is excited to work with the International Organisation for Migration (IOM) but emphasised that the State Government is much more committed to deploying strategies that encourage reverse migration rather than migration. According to the Governor, in the last 21 months, he has introduced…

Feb

24

2025

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Ooni Hails President Tinubu, Says Economic Reforms Yielding Fruits

News Flash, Economy, FGN, Politics

Ooni Hails Tinubu, Says Economic Reforms Yielding Fruits The Ooni of Ife, Oba Adeyeye Ogunwusi Ojaja II, on Sunday, commended President Bola Tinubu, saying the hardship resulting from his bold economic reforms is gradually giving way and yielding fruits for Nigerians. The monarch also said that the arbitrage between the parallel and the official markets has been closed completely for the first time in 20 years. He stated this at the maiden edition of the Nigeria-Kazakhstan Business Council International conference held in Abuja. “We all know the challenges of our dear country. I will give a simple example of a…

Feb

23

2025

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Fake Drugs: Soludo Counters Obi, Backs ‘Total Closure’ Of Onitsha Head Bridge Market

Business, Economy, News Flash, Politics

Fake Drugs: Soludo Counters Obi, Backs ‘Total Closure’ Of Onitsha Head Bridge Market Governor Charles Soludo of Anambra State has countered Peter Obi’s stance on the closure of the plumbing materials markets by the National Agency for Food and Drug Administration and Control (NAFDAC). As part of its fight against the proliferation of counterfeit drugs in Nigeria, NAFDAC recently shut down the entire Head Bridge Market in Onitsha following the discovery of fake drugs at the Ogbo Ogwu section of the market. The agency uncovered fake drugs at various shops in the market and also seized 10 trucks of substandard,…

Feb

23

2025

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By Abia ThinkTank

FGN Has Spent $8 Billion To Support The Naira – Rewane

Economy, FGN, News Flash

FG Has Spent $8 Billion To Support The Naira – Rewane The Federal Government has spent approximately $8 billion in an attempt to stabilize the naira amid ongoing economic pressures. This was made known by the CEO of Financial Derivatives Company, Bismarck Rewane on Friday. Speaking on Channels Television’s News at 10 on Friday, Rewane highlighted the substantial interventions made to manage exchange rate volatility and inflation concerns. He was speaking against the backdrop of the recent Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN) which retained MPR at 27.50% on Thursday. According to him, the…