Yemisi Izuora The federal government is considering tariff review and waivers as a new measure aimed at boosting and motivating local production. President Goodluck Jonathan, who gave the indication while inaugurating the EMV certified smart card manufacturing plant of SecureID Limited in Lagos, explained that his administration had implemented policies to drive the growth of innovative products that would further aid the realisation of a digital economy. Represented by the Minister of Communications and Technology, Mrs. Omobola Johnson, the president said that with the cards market still growing as a result of increasing need of the teeming population, it has…
Author: orientalnewsng
Yemisi Izuora The Lagos Chamber of Commerce and Industry (LCCI) said it is becoming increasingly worried over Nigeria’s debt profile and warned that the country may not achieve any meaningful development if the debt continues to rise. LCCI president, Alhaji Remi Bello, explained that the chamber is profoundly concerned about the growing budgetary appropriation for debt servicing in the country, stressing that Nigeria’s debt has grown from N712billion in 2014 to N943billion in 2015. Bello added that the situation is even more disturbing when compared to budgetary appropriation of N93.66bbillion for infrastructure and N633billion for capital projects in the country. According…
Beluchukwu Chinweuba The Oodua People’s Congress (OPC), Ogun State Chapter now has a new executive council members to that will run affairs of the organisation for the next four years. The appointment of the 22-member executive was endorsed has been endorsed by the Founder and President of the Congress, Dr Frederick Isiotan Fasehun after carefully screening them and given their pedigree in the development of the organisation. Vice President (administration) of the OPC Alhaj Lateef Lawal who announced the development said the president charged the new executive members to channel their effort towards the sustenance of peaceful co-existence among members.…
Yemisi Izuora The Chairman of the Skyway Aviation Handling Company Limited (SAHCOL), Dr. Taiwo Olayinka Afolabi (MON) has been awarded with the ‘Sun Business Man of the year award 2014’. According to the Sun Board of Editors, Afolabi picked for the award in recognition of his exceptional performance as one of the pillars on which the nation’s maritime sector stands, and his significant contributions to the Aviation and downstream sectors of the oil and gas industry in Nigeria. The Sun further noted that, “having worked for some years to gain the requisite experience, Barr. Taiwo Afolabi’s robust entrepreneurship skills propelled…
Source-ACSS It is unclear whether more than one million people displaced by the militant group’s insurgency will be able to vote in next month’s election. When Nigeria goes to the polls next month in general elections, a significant swath of the country will be unable to vote. Boko Haram now controls some 20 percent of Nigerian territory, or 20,000 square miles. Three states in the country’s northeast remain under “states of emergency,” limiting movement and giving the government additional powers as it battles the militant group. This combined with factional violence and the potential for a disputed outcome have…
By Yemisi Izuora/Ijeoma Agudosi Federal government on Sunday announced a cut in petrol prices, a month before the country votes in presidential and parliamentary elections, prompting question on the motive for the action Petroleum minister Diezani Alison-Madueke told an evening press conference that the price of a litre of petrol would drop from 97 naira to 87 naira (47 US cents) at midnight on Sunday. The measure was taken with the approval and directive of President Goodluck Jonathan, a candidate in the February 14 polls, she said, taking into account the recent volatility in the oil market. Nigeria depends on…
Source-Reuters Brent crude oil prices fell below $50 a barrel on Monday after the global economic outlook darkened and Iraq announced record oil production. The world’s biggest energy consumer, China, faces significant downward pressure on its economy, its premier Li Keqiang was quoted by state radio as saying on Monday. China is expected this week to report growth slowing to 7.2 percent from a year ago, the weakest since the depths of the last global economic crisis. Data from China’s National Bureau of Statistics showed on Sunday house prices fell for a fourth straight month. Brent crude traded around…
Source-OPEC OPEC has no immediate plan to cut its output target amid the collapse in oil prices, and Iran isn’t calling for the group to hold an emergency meeting, Iranian Oil Minister Bijan Namdar Zanganeh said. Iran is instead consulting with its fellow OPEC members to respond to the price slump, Zanganeh told reporters today at a conference in Tehran, without providing more details. Brent crude has tumbled 31 percent since the Organization of Petroleum Exporting Countries decided on Nov. 27 to keep its production ceiling unchanged at 30 million barrels a day. “As yet, no decision has been made…
Source-OPEC Oil producers reluctant to curb output even as prices tumble to five-and-a-half year lows don’t need to guess what the future holds. They can ask a miner. In coal to iron ore markets, suppliers have raised volumes even as prices slumped, boosting global gluts and jeopardizing profits as the most dominant players seek to maintain revenue and squeeze out higher cost rivals. Prices of thermal coal, used to generate electricity, and metallurgical coal, a key ingredient in steel, have tumbled more than half since 2011 on supply additions and slowing demand in China, the biggest commodities consumer. With OPEC…
Yemisi Izuora Nigerian Air Traffic Controllers’ Association (NATCA) which earlier threatened to shut down the country’s airspace on today Monday January19, 2015 due to what the association termed the insensitivity of the Nigerian Airspace Management Agency (NAMA) towards professional and welfare matters affecting air traffic controllers (ATCs) in the country has suspended the action. NATCA had complained that the Total Radar Coverage of Nigeria (TRACON), which was installed by Thales of France at the cost of 66,500,870 million Euros has collapsed. NATCA in a statement at the weekend stated that Nigerian ATCs are among the most efficient professionals the…