Economy - Abia ThinkTank News

Nov

2023

President Tinubu Jubilates As France Sets To Return Fresh $150m Abacha Loot To Nigeria

Abuja, Economy, International, Presidency

President Tinubu Jubilates As France Sets To Return Fresh $150m Abacha Loot To Nigeria President Bola Tinubu has expressed his appreciation to France for the return of $150 million stolen from Nigeria by former Head of State, General Sani Abacha. He has also acknowledged the signing of a €100 million agreement between Nigeria and France to support the i-DICE programme, a Federal Government initiative to promote investment in Information and Communications Technology (ICT) and Creative Arts Industries. The agreement was signed by the Minister of Communications, Innovation and Digital Technology, Dr. ‘Bosun Tijani, and the French Minister of Europe and…

Oct

2023

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By Abia ThinkTank

Kaduna Refinery To Be Ready By The End Of 2024 – Senator Heineken Lokpobiri, Hon. Minister Of State For Petroleum Resources(Oil)

Economy, News Flash, Northern Nigeria, Oil & Gas

KADUNA REFINERY TO BE READY BY THE END OF 2024 The Honorable Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has revealed that the ongoing quick-fix project at the Kaduna Refinery and Petrochemicals Company Limited, KRPC, will be back on stream by the end of 2024. The Minister disclosed this during an inspection tour of Kaduna Refinery & Petrochemicals while assessing the progress of work on the ongoing quick-fix project of the Refinery in Kaduna on Saturday. Lokpobiri said he is confident that the refinery will be restreamed by the end of 2024, considering the “significant level of…

Oct

2023

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By Abia ThinkTank

BUA Cement Sellers Reveal Why Prices Are Still High

Economy, Business, News Flash

BUA Cement sellers reveal why prices are still high BUA reveals reason for price slash The company announced the decision after BUA Cement founder Abdul Samad Rabiu visited President Bola Tinubu on September 16, 2023. According to the statement by the company announcing the price slash, the move is part of its ongoing effort to boost its production capacity to 17 million metric tonnes per annum before the end of 2023. Findings reveal that four weeks after, the price of BUA Cement has remained unchanged and is still sold above N5,000 in some depots in Lagos and Ogun states. Retailers…

Oct

2023

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By Abia ThinkTank

Federal Government Set To Reactivate The Steel Sector, Revive MTI Onitsha

Economy, FGN, Manufacturing

FEDERAL GOVERNMENT SET TO REACTIVATE THE STEEL SECTOR, REVIVE MTI ONITSHA Anambra State Governor, Prof Charles Chukwuma Soludo CFR on Thursday, October 26, 2023 received in courtesy visit the Honourable Minister of State for Steel Development, Uba Maigari Ahmadu at the Governor's Lodge Amawbia, Awka Anambra State. The Honourable Minister, Hon. Uba is on a 2-day official tour of the National Metallurgical Training Institute (NMTI) in Onitsha which is under the purview of his office. The Minister during his speech held that it is difficult to discuss Nigeria industrialization without putting Anambra State into consideration as the state prides as…

Oct

2023

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By Abia ThinkTank

Nigeria Bleeds As The Naira Hits Lowest In All Markets After FG’s Promise To Crash The Dollar.

Business, CBN/Commercial Banking, Economy

"No More N1,210/$:" Naira Hits Lowest in All Markets After FG's Promise to Crash The Dollar The Naira plummeted to its lowest in history on Tuesday, October 24, 2023, trading at N1,310 per dollar on the black market It also crashed in the official NAFEM market, trading at N847.77 per dollar as Nigeria says it expects a $10 billion inflow. Analysts predict that the Naira may hit N2,000 before Christmas as Nigeria continues to battle Forex crunch. Naira again made history on Tuesday, October 24, 2023, when it hit its lowest on the streets against the US dollar, where it…

Oct

2023

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By Abia ThinkTank

Top 10 Nigerian States With Highest External Debts To China, Others In 2023

News Flash, Economy

Top 10 Nigerian States With Highest External Debts to China, Others In 2023 The National Bureau of Statistics (NBS) has revealed that Lagos State recorded the highest external debt of $1.2 billion as of June 30, 2023. The NBS data was extracted from the Debt Management Office (DMO) and tracked by Legit.ng, revealing that Lagos’s debt is mostly via bonds rather than bilateral. Kaduna follows Lagos state closely at $569.4 million in total external debt. Unlike Lagos, Kaduna State’s debts are primarily bilateral from India and China Exim Bank, among others. The state does not have any debts in Eurobonds…

Oct

2023

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By Abia ThinkTank

Nigeria In Disorder! Where Is The Vision 2020 Once Promised? – By Nnate Ernest

Columns/Opinions/Letters, Economy

NIGERIA IS IN DISORDER!, WHERE IS THE VISION 2020 ONCE PROMISED ?BY NNATE ERNEST Our dear country Nigeria, is in deep economic crises with no sign of stability. As economic instability hits harder than ever, many citizens are in dire situation. The only place one witnesses orderliness in this country is in the embassy and in a mortuary. It's clear nothing is working and this births chaos and disorder, one can barely name a productive sector handled by the Nigerian government. With weak economic policies and poor strategic execution, one starts to ask: What direction is the country taking ?…

Oct

2023

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By Abia ThinkTank

BUA Cement To Sell At N3,500 Per Bag In All Outlets Effective 2nd October, 2023

Business, Economy

BUA Cement Plc, the second-largest cement producer in the Nigerian market, has announced the reduction of the price of cement to N3,500. The company, in a Press release on Sunday, October 1, said the new price will become effective on Monday, October 2. President Tinubu is excited about BUA Cement's reduction of the price of cement to N3,500 per bag. The current price of cement before the announcement is about N5,000 per bag. BUA Cement, owned by billionaire businessman Abdul Samad Rabiu, has a total combined installed capacity of 11 million mtpa. Meanwhile, Dada Olusegun, the Special Assistant to President…

Sep

2023

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By Abia ThinkTank

FG Announces Date To Commence New Cash Transfer To 15 Million Nigerians

FGN, Economy

FG Announces Date To Commence New Cash Transfer To 15 Million Nigerians The Federal Government is set to launch a new cash transfer program targeting fifteen million households starting from October. Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, announced this development during an interview on Arise TV on Monday. She emphasized that this program aims to provide tangible financial support to individuals for starting businesses and enhancing their quality of life. Edu also mentioned that the Federal Government will collaborate with state governments and local communities in the process of verifying the National Social Register. She explained…

Sep

2023

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By Abia ThinkTank

CBN: Why Cardoso Must Win War Against Dollar, Strengthen The Naira Against Dollar To Prove His Mettle – Barr. Oladotun Hassan

Abuja, CBN/Commercial Banking, Economy

CBN: Why Cardoso Must Win War Against Dollar, Strengthen the Naira against Dollar To Prove His Mettle. The newly appointed governor of the Central Bank of Nigeria, Olayemi Michael Cardoso, has been told he is in for a serious task In an exclusive interview with Legit.ng Oladotun Hassan, a legal practitioner and public affairs analyst, said Cardoso must win the war against the dollar. He stated that Cardoso's role is way beyond just an appointment, but it is a task he must take personally to prove a point that the Naira can be valuable. As Nigerians watch Olayemi Michael Cardoso…