Nigeria’s economy tragically living on borrowed time, says World Bank

• Nigeria has only 10 to 15 years to diversify – Expert The Senior Agriculture Economist, World Bank, Dr. Adetunji Oredipe, said the neglect of the agriculture sector when Nigeria’s economy became increasingly dependent on oil has proved to be both a “disaster and calamity.” Speaking yesterday at the Agriculture Summit Africa sponsored by Sterling Bank, Oredipe said Nigeria is living on borrowed time. According to the economist, Nigeria would have been earning at least $10 billion if it had held on to its market share in palm oil, cocoa…

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Facebook to start hiding ‘Like’ counts for posts

Facebook on Tuesday confirmed it is dabbling with no longer making a public display of how many “likes” are racked up by posts. Such a change could ease pressure to win approval with images, videos or comments and, instead, get people to simply focus on what is in posts. Facebook-owned Instagram earlier this year announced it was testing hiding like counts and video view tallies in more than a half-dozen countries, with account holders still able to see the numbers but masking amounts from others. “We are considering hiding like…

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Demand for frog meat soars in Northern Nigeria

The rise in the demand for frogs in markets across northern Nigeria has encouraged a large number of youths in Kaduna to embark on the frog and other aquatics’ businesses. It has been gathered that many youths have abandoned their little businesses they do for survival and embraced catching frogs for sale due to the high demand for the meat. The youths, between the ages of 26 to 34, are now called frog grabbers and they are rising in number. Felix Peter, one of the youth leaders of Unguwan Gwari…

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Why we closed Nigeria-Benin border – Buhari

President Muhammadu Buhari has said that the partial closure of Nigeria’s border with the Benin Republic, was due to the massive smuggling activities, especially of rice, taking place on that corridor. News Agency of Nigeria reports that the restriction at Seme followed the joint border security exercise ordered by the government and aimed at securing Nigeria’s land and maritime borders. The exercise, code-named, ‘Ex-Swift Response’, was being jointly conducted by the customs, immigration, police and military personnel and coordinated by the Office of the National Security Adviser. The Nigerian leader…

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Nigerians spend close to N1trillion on sports betting annually – Research

A recent research has shown that Nigerians spend more than 730 billion Naira annually on sports betting, with a profit of 2-billion-naira profit generated from the venture. The research also indicates that more than 60 million Nigerians spend over 3, 000-naira daily placing bet stakes. Some of those engaged in the act, who interacted with newsmen over the weekend, said they took to betting to generate quick cash while hustling for other income-generating ventures. A 28-year-old Fashion designer, Segun Mukoro, had this to say about his betting habit: “Yes I…

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NEXIM Bank approves N55bn to SMEs in one year

The Nigerian Export-Import Bank (NEXIM) on Tuesday said it had, within the last one year, approved loan applications worth N55bn for exporters in the country. This was disclosed in a statement issued by the bank’s management in Abuja on Tuesday. The statement explained that, while targeting Small and Medium Enterprises. about N24bn of the approved fund had already been disbursed. It stated, “Over the last one year, the bank has approved applications worth N55bn and disbursed about N24bn to exporters, many of whom are Small and Medium Enterprises. “NEXIM offers…

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Revenue Sharing: FG to review formula, States, LGs to get more

The Federal Government has said it will set up a committee in the coming week to review the revenue sharing formula for Federal, States and Local Governments due to current economic realities. The Chairman, Revenue Mobilisation Allocation and Fiscal Commission, Mr Elias Mbam disclosed this to newsmen in Abuja on Tuesday, shortly after he received an Award of Excellence from the Nigeria Civil Service Union. According to the current revenue allocation formula, the Federal government gets 52.68 per cent, State, 26.72 per cent and Local government 20.60 per cent. Also,…

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Nigeria’s poultry industry now worth N1.6trn, says CBN

The Central Bank of Nigeria (CBN) says the poultry sub-sector is the most commercialised of all Nigeria’s agricultural sub-sectors with a current net worth of N1.6 trillion. Godwin Emefiele, governor of the apex bank, made this known at a meeting with vice-chancellors of universities on the University-Based Poultry Revival Programme in Abuja on Monday. Emefiele, represented by Okwu Nnanna, the CBN deputy governor on economic policy, said the sub-sector contributes about 25% of agricultural GDP to the Nigerian economy. He explained that the population of chickens was about 165 million,…

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E-payments hit N34.02trn in first quarter, 2019 – NBS

A total of 557,083,712 electronic-payment transactions valued at N34.02 trillion were recorded in selected banks across the country in the first quarter, 2019, Nigeria’s statistics bureau has said. The National Bureau of Statistics (NBS) said this in a report on Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength data posted on its website. It said Nigeria Inter-Bank Settlement System (NIBSS) Instant Payment (NIP) transactions dominated the volume of transactions recorded with 232,816,102 volume of NIP transactions valued at N24.17 trillion were recorded within the period…

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US cuts monthly oil imports from Nigeria by 89%

The United States’ crude oil imports from Nigeria plunged to 539,000 barrels per day in February from 4.87 million bpd in January. The US imports of Nigerian crude have dropped in recent months, hitting almost a four-year low in February. The country bought 5.18 million bpd in December, down from 10.03 million bpd in January 2018, the latest data obtained from the Energy Information Administration on Friday showed. Its imports of Nigerian crude oil dropped by 48.87 million barrels or 43 per cent in 2018, the EIA said. The US…

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Reps to probe ‘missing N20trn’ stamp duty revenue

The House of Representatives has resolved to probe the alleged non-remittance of stamp duty revenue by deposit banks in the country. A stamp duty is the tax placed on legal documents, usually in the transfer of assets or property. The lower legislative chamber accused banks and other federal agencies involved in the collection of the fund of “shortchanging the nation.” The development comes months after leaks.ng, a collation of media houses, reported that the agencies are hiding details of the stamp duty revenue estimated at N20 trillion. The status of…

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Telecoms operators warn NCAA against demolishing 7,000 masts

The Association of Licensed Telecommunications Operators of Nigeria has warned the Nigerian Civil Aviation Authority over its threat to demolish over 7,000 telecommunications mast in the country. The Chairman of ALTON, Gbenga Adebayo, gave the warning on Wednesday in Lagos, on the sideline of the “Vanguard Economy Forum on Telecoms.” Adebayo said that any site brought down illegally and without due consultation would not be rebuilt and the consequences would be felt by all. He described the move as another way to impose unwarranted taxes on the sector, which was…

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End Nigeria’s reliance on imported petroleum products, NUPENG tells Buhari

… We’ve not found a formula to end fuel subsidy – says FG Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has pleaded with President Muhammadu Buhari, to use his second term in office to end Nigeria’s reliance on imported petroleum products to meet local consumption. President of the Union, Prince Williams Akporeha, who spoke in Lagos yesterday, said Nigerians would forever remember President Buhari if he could ensure that the issue of imported petroleum products became a thing of the past before the end of his tenure. “It…

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