Economy  »  Headline News

Nigeria is not broke – Okonjo-Iweala

The Coordinating Minister for the Economy and Minister of Finance, Ngozi Okonjo Iweala has said that there is no financial crisis in the country. The minister disclosed this to a delegation of ...

Canadian company Horn Petroleum finds more Oil in Somalia

Horn Petroleum Corp confirmed the presence of oil at its Shabeel well in the Dharoor Valley basin of Somalia’s Puntland. “We are highly encouraged with these early results which indicate oil bearing ...

Fashola Launches Mega Rice Processing Plant in Lagos

Lagos State Government Tuesday inaugurated a rice processing factory, which it said had the capacity to produce 20,000 metric tonnes per annum (equivalent to either 350,000 or 400,000 bags). Governor Babatunde Fashola ...

FDI to Nigerian Construction Industry to reach $ 9.4 billion by 2021 – Business Monitor Int’l

INVESTMENT inflow into Nigeria’s construction industry is expected to reach $9.4 billion (N1.5 trillion) by 2021, Business Monitor International, has said in its first quarter report of 2012. In a report released ...

Inflation Rises to 12.9% in April

Inflation rose to 12.9% YoY in April driven largely by non-food prices, according to a report from the National Bureau of Statistics. This represents an increase of 0.13% when compared to inflation ...

FG Seals N 31 billion Power deal with French Investors

Two French companies, Electricite de France (EDF) and Enterprise de Transporte et Distribution D’electricity  ((ETDE) have signed agreements with the Nigerian government to invest $ 200 million (N31 billion) in the power ...

IMF: 2012 Growth In Sub-Saharan Africa Seen At Least 5.5%

ADDIS ABABA, Ethiopia -(Dow Jones)- Countries in sub-Saharan Africa are expected to register economic growth of at least 5.5% in 2012, compared with 5% last year, driven by new resource exploitation and ...

FG Secures US$ 467 million World Bank, AfdB Debt Financing for Roads

The Minister of Works, Mike Onolememen, has disclosed that the World Bank and African development Bank has committed $ 467 million in debt financing for the rehabilitation and expansion of Nigeria’s road ...

Lagos, Aba and Kano to get Uninterrupted Power in 2013

The Minister of Power, Barth Nnaji, has said that major industrial cities in Nigeria will enjoy sustainable uninterrupted power by 2013. He made the disclosure whilst speaking at a workshop titled ‘Enhancing ...