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Showing posts with the label Economy

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Unlocking Nigeria’s Future Through Local Potential; The Nasarawa Example By Yahaya Abdulrahman  Across the country, discussions about national development often revolve around what the Federal Government must do to lift Nigeria out of its long-standing economic stagnation. Yet, evidence increasingly shows that the most transformative progress will emerge when states begin to harness the natural and economic potentials within their borders. Nasarawa State stands today as one of the clearest examples of this possibility. In Uke, Karu Local Government Area, the recent groundbreaking for the construction of the Hasetins Rare Earth and Critical Metal Plant by Governor Abdullahi A. Sule is reshaping the narrative. Set to become the largest facility of its kind in Africa, the project reflects the power of intentional governance—particularly when a state prioritizes value addition, industrialization, and investor confidence. This development is not an isolated success. Nasarawa...

NEWS

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NASARAWA STATE COMMISSIONER OF TRADE, INDUSTRY AND INVESTMENT DECLARES SECOND EDITION OF NASARAWA TRADE FAIR EXHIBITION OPEN  The Lafia City Hall, venue of the Nasarawa Trade Fair Exhibition 2025 was graced by participants in their numbers from across Nigeria who came all the way to take part, showcasing their products while seeking collaboration with, and patronage by the State Government and investors around the world.  Declaring the three day event open on behalf of His Excellency, Engr. Abdullahi A. Sule, the Honourable Commissioner of Trade, Industry and Investment, Hon. Mohammed Sani Otto noted that the State is open for investment to all. While inviting investors to Nasarawa State, he highlighted the presence of abundant minerals resources which attracted investors and led to the citing of the largest Lithium processing factory in the country, adding that the largest Tantalite processing factory is about coming on board. He also mentioned the State's vast f...

NEWS

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MUBI LIVESTOCK MARKET GENERATES N29BN ANNUALLY –GOV FINTIRI By Amina Abdullahi, Yola The Adamawa State governor, Ahmadu Umaru Fintiri has said the Mubi livestock market supplies 29 million animals to Lagos annually, generating N29 billion in revenue. Governor Fintiri stated this during a meeting with the Minister of Livestock Development, Alhaji Idi Mukhtar Maiha. The governor emphasised the significant contribution of the livestock industry to the state’s economy and called on the federal government to remove obstacles hindering the trade, including roadblocks and extortion of cattle traders on highways. Fintiri commended President Bola Ahmed Tinubu for creating the Ministry of Livestock Development and appointing Maiha, describing it as a significant decision that will revitalise the sector. In his remarks, Maiha acknowledged Adamawa State’s rich animal resources and thanked the governor for the warm reception. He commended the governor’s foresight in building a northern ...

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NNPC EXPORTS 950,000 BARRELS OF UTAPATE CRUDE TO SPAIN  NNPC has begun exportation of crude to Spain. The said crude oil crude oil is produced from the Utapate field in OML 13 in Akwa Ibom State, Nigeria.  The Nigerian Oil Company made its first export shipment of 950,000 Utapate barrels of crude to Spain. A statement issued by Olufemi Soneye, the Chief Corporate Communications Officer, NNPC Ltd. on Wednesday in Abuja, described this development as a drastic step to boost the revenue generation of Nigeria. The statement reads: “Since we started producing the Utapate Field in May 2024, we have rapidly ramped up production to 40,000 barrels per day (bpd) with minimum downtime. “So far, we have exported five cargoes, largely to Spain and the East Coast of the U.S.A. “Two more additional cargoes have been secured for November and December 2024, representing a significant boost to Nigeria’s crude oil export to the global market.” The statement further revealed that many...

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INFLATION RATE RISES TO 34.19% The annual inflation rate in Nigeria has hit 34.19 per cent as millions of citizens continue to battle growing hunger and hardship occasioned by harsh government policies. This development was disclosed in a report issued by the National Bureau of Statistics (NBS), released on Monday, saying the June figure is 0.24 per cent higher than the 33.95 per cent recorded in May. Nigeria’s annual inflation rate has increased for the fifth consecutive month to 34.19 per cent as citizens of Africa’s most populous country grapple with a cost-of-living crisis. The lowest inflation figure in 2024 for the country was 29.90 per cent, recorded in January.   The report says, “In June 2024, the headline inflation rate increased to 34.19% relative to the May 2024 head line inflation rate which was 33.95%.  “Looking at the movement, the June 2024 headline inflation rate showed an increase of 0.24% points when compared to the May 2024 headline inflation ra...

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AFRICA LOSES $88.6 ANNUALLY BILLION TO ILLICIT FINANCIAL FLOWS - SAYS EFCC BOSS  Mr. Olanipekun Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC) revealed that a whopping $88.6 billion is lost to illicit financial flows in Africa annually. He stated this in Tunis, Tunisia on Thursday, June 27, 2024 while delivering keynote address at the Pan-African Conference on Illicit Financial Flows (IFFs) and Taxation.  Speaking on the theme “Africa’s Tax Agenda in Combatting Illicit Financial Flows: From Words to Action,” the EFCC boss emphasised the grave challenge posed by illicit financial flows to Africa’s economic stability and development, according to a statement by the EFCC Head of Media & Publicity, Dele Oyewale on Thursday. He noted that over $88.6 billion is illicitly siphoned from the continent annually, funds that could otherwise be channelled towards critical infrastructure, healthcare, and education. The conference, which brought to...

COLUMN

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ONGOING MEDIA PROPAGANDA AGAINST LABOUR'S DEMAND FOR LIVING WAGE As Organized Labour push further to secure living wage for Nigerian workers, I have observed the ongoing Media propaganda to frustrate the process by setting the public against Labour. This is not the first time such a thing is happening. Like the previous ones, this too would fail, I so predict.  To suggest that Civil Servants in the country constitute only a fraction of the overall population in Nigeria and so, they should not demand for living wage is to be mischievous, to say the least. Question here is, do they deserve what they are asking for ?. Do they not make any impact ?. Do they not matter ?. These Civil Servants we are talking about do the work of making the country work. They are technocrats and policy makers who make it their duty to drive the country to its target destination, making painful sacrifices in the process. For this, I insist, they truly deserve a living wage.  By the way, th...

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DANGOTE REFINERY POSTPONES PRODUCTION TO JULY  Dangote Refinery has postponed commencement of petrol production earlier scheduled for June to mid-July. The announcement about the new production date at the $20 billion facility in Lagos was confirmed by Alh. Aliko Dangote, the President/CEO of the refinery, during a meeting with journalists on Monday. Dangote explained that the rescheduling of the date was consequent upon minor delay, leading to the transition from the initially planned June to the middle of July. He said, “We had a bit of delay, but PMS will start coming out by 10 to 15 of July. But then we want to keep it in tank to make sure that it settles. So by third week of July, we’ll be coming out to take it into the market,” It is hoped that production may increase supply and slightly see to price reduction, which impact may be enormous on the prices of commodities Nigerians are finding hard to afford. 

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GOVERNOR SULE UNVEILS THEME FOR NASSARAWA INVESTMENT SUMMIT 2024 By Ali Abare Governor Abdullahi Sule has publicly unveiled the theme for the forthcoming Nasarawa Investment Summit 2024 scheduled to hold in May. Governor Sule unveiled the theme for the second biannual investment summit put in place by his administration during a press conference in Abuja on Tuesday.  According to the Governor, the theme for the Nasarawa Investment Summit 2024 is "Industrial Renaissance" which he said aptly captures what is presently unfolding in the state.  "Industrialisation plays a major role in economic development, creating employment opportunities and improving the qualities of life of citizens.  These are areas of focus as far as we are concerned in Nasarawa State," he said. He identified mining and petroleum resources as key drivers of industrialization in Nasarawa State, reiterating the commitment of his administration to focus on this core policy thrust. He adde...

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NASARAWA OIL DEPOSIT, PRODUCTION 'LL END FUEL CRISIS IN NIGERIA, SAYS NNPC-ATAMS MANAGER  ...oil production to commence soon By Ali Abare An oil expert, Dr Musa Adamu, has assured that the amount of oil deposit discovered in Nasarawa State has the capacity to end fuel crisis in Nigeria when fully operational. Adamu, however, said the delay in the commencement of oil product in Nasarawa was due to technical issue which he said were being addressed Speaking with a team of journalists in Obi on Wednesday, Adamu, who is the General Manager, Assets Integrity, NNPC-ATAMS Producing, explained that the federal government, Nasarawa State, NNPC and other agencies involved in oil production would not afford to toy with the oil discovered in Nasarawa because of the huge deposit and the benefits derivable from the discovery. The oil expert with over thirty years of experience in the oil field who doubled as Chairman, Obi Oil and Gas Exploration Committee explained that the current d...