Economy - Abia ThinkTank News

Nov

2024

EFCC Arrests Chinese Brothers, 2 Others Over Attempt To Export Solid Minerals To China Illegally

EFCC Arrests Chinese Brothers, 2 Others Over Attempt To Export Solid Minerals To China Illegally Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested two Chinese brothers for allegedly attempting to export some solid minerals to China without requisite permit. The Chinese brothers, Jiang Wang and Richard Wang were arrested alongside two Nigerians, Donatus Agupusi and Michael Benneth Agu in Enugu, according to a statement posted on the EFCC’s Facebook page on Friday. The statement said the Chinese brothers were arrested at the Akanu Ibiam International Airport in Enugu while the two Nigerians were arrested at the Enugu…

Nov

2024

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Governor Otti And The Cry Of The Common Man – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy, Good Governance, News Flash

Governor Otti and the Cry of the Common Man The concept of the "Common Man" is deeply rooted in American history, particularly during the presidency of Andrew Jackson. Jackson's humble beginnings, rising from poverty to becoming the seventh President of the United States, resonated with many Americans who saw him as one of their own. A brief history of the term - Common Man This term became mainstream in 1829, and marked a significant shift in American politics. Jackson's presidency was characterized by his commitment to democratic ideals, prioritizing the interests of the common people over those of the wealthy…

Nov

2024

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Apostle Chibuzo Chinyere Leads Investors To Meet Governor Otti, Names Investment Target Areas In ABIA State

Abia State, Business, Economy, Good Governance

APOSTLE CHIBUZO CHINYERE LEADS INVESTORS TO MEET GOVERNOR OTTI, NAMES INVESTMENT TARGET AREAS IN ABIA STATE. The General Overseer of Omega Power Ministry (OPM) and Traditional Ruler of Ohanko Ndoki Community, Ukwa East LGA, Apostle Chibuzo Chinyere led a team of investors to discuss areas and targets of investment in Abia State to support the Governor Otti led government. Speaking to the press after a close door business meeting with Governor Alex Otti, Apostle Chibuzo Chinyere said that he had to travel to different countries to seek investment and investors who would support the achievements of the Governor so far.…

Nov

2024

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Divine Solution For Nigeria’s Economic Hardship As First Lady And NSA Lead National Prayer

Economy, FGN, News Flash, Religion

First Lady, NSA To Lead National Prayer For Nigeria’s Economic Turnaround First Lady Senator Oluremi Tinubu and National Security Adviser Nuhu Ribadu will spearhead a national prayer session aimed at addressing Nigeria’s numerous challenges. The initiative, coordinated with Christian and Muslim religious leaders, seeks divine intervention for the country’s social, economic, and security issues, under the theme ‘Seeking the Intervention of God in Nigeria’s Affairs.’ Chief Segun Balogun Afolorunikan, Director General of the National Prayer Forum (NPF), announced the event in Abuja, emphasizing the importance of unity in overcoming Nigeria’s crises. According to Afolorunikan, this interfaith gathering signifies a collective…

Nov

2024

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Dangote Refinery Succumbs To Pressure, Discloses New Petrol Prices

Economy, Business, News Flash

Dangote Refinery Succumbs To Pressure, Discloses New Petrol Prices Dangote Refinery has disclosed the price of its petrol, saying that it sells at N990 per litre in trucks and N960 per litre into ships. The disclosure follows the Independent Petroleum Marketers Association of Nigeria (IPMAN) and Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) claim of importing the products at cheaper rates compared to that of Dangote. The marketers had in an earlier interview claimed that they are buying at cheaper rates abroad while calling on Dangote Refinery to engage stakeholders. But in its reaction, the refinery said that…

Nov

2024

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The Eleanya Model: A Panacea For Sustainable Economic Development In Ohafia LGA – By Dr. Chukwuemeka Ifegwu Eke

Abia North, Abia State, Columns/Opinions/Letters, Economy, Good Governance, News Flash

The Eleanya Model: A Panacea for Sustainable Economic Development in Ohafia LGA The local government area of Ohafia, situated in Abia State, Nigeria, faces numerous economic challenges that hinder its growth and development. Unemployment, poverty, and limited infrastructure are some of the pressing issues that necessitate a multi-faceted approach. The Eleanya Model, a proposed framework, offers a holistic solution to address these economic difficulties and propel Ohafia LGA towards sustainable development. Ohafia LGA's economy is characterized by stagnation, with limited opportunities for entrepreneurship, agriculture, and industry. The area's rich natural resources remain untapped, and the lack of infrastructure hampers economic…

Oct

2024

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Abia State’s Economic Renaissance: Leveraging Opportunities For Growth – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy, News Flash

Abia State's Economic Renaissance: Leveraging Opportunities for Growth The departure of foreign companies like GSK, PZ Cussons, and Pick n Pay from Nigeria presents a unique opportunity for Abia State to assert its economic prowess. Rather than viewing this exit as a negative development, Abia's entrepreneurial spirit and resilience can propel the state to new heights. Unleashing Indigenous Potential Abia State boasts an impressive array of indigenous companies poised to fill the vacuum left by departing foreign firms. Igbo led Local pharmaceutical companies, such as: Juhel Pharmaceuticals Chi Pharmaceuticals Limited. May and Baker can expand production and export capacities. Similarly,…

Oct

2024

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Abia State And 19 Other Governors Begin Payment Of New Minimum Wage

Abia State, Economy, Good Governance, News Flash

ABIA State Governor And 19 Other Governors Begin Payment Of New Minimum Wage At least 20 states have either started paying the new minimum wage or will commence payment from this week. After negotiations by the government, the Organised Private Sector and the Labour Centres, the minimum wage was raised from N30,000 to N70,000. The Federal Government has commenced payment. Following negotiations at the sub-national level with labour leaders, states started announcing the new minimum wage. Many states are paying higher than the Federal Government. The highest so far – N85,000 – is being paid by Lagos and Rivers states.…

Oct

2024

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Ghana Proposes To Import Petroleum From Dangote Refinery – Official

Economy, News Flash, Oil & Gas

Ghana To Import Petroleum From Dangote Refinery – Official The National Petroleum Authority of Ghana says it is proposing to import refined petroleum products from Dangote Refinery to boost its energy security and sustain business cooperation with neighbours. Mustapha Abdul-Hamid, chief executive officer, NPAG, said this at the 2024 OTL Africa Downstream Energy Week on Tuesday in Lagos. Speaking as one of the panellists, Abdul-Hamid said that the move was aimed at strengthening Ghana’s energy security and to deepen regional economic cooperation. The 2024 OTL, 18th edition, has the theme ‘Alliances for Growth’. According to Mr Abdul-Hamid, Ghana is seeking…

Oct

2024

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Fuel Supply Set To Increase As FGN Grants Licenses For Companies To Operate Refineries In Nigeria

Economy, FGN, News Flash, Oil & Gas

Fuel Supply To Increase As FG Grants Licenses For Companies To Operate Refineries In Nigeria Nigeria’s fuel supply is set to increase as the Federal Government, through the Nigerian Midstream and Downstream Petroleum Authority (NMDPRA) has granted licenses to nine modular refineries, seven construction licenses, and four operational licenses. The development was announced by Farouk Ahmed, CEO of NMDPRA, at the 2024 Oil Trading & Logistics Africa Downstream Energy Week in Lagos on Monday. According to Ahmed, under President Bola Tinubu’s administration, Nigeria’s refining capacity has been expanding, particularly with the commencement of production by Dangote Refinery. “Over the course…