Author: Joy Gyakyor
The Nigeria Economic Zones Association (NEZ Assocaition) has again reiterated that the Free Trade Zone Scheme remains one of Nigeria’s best adopted economic development tool for wealth creation and national growth, urging the Federal Government to guard it jealously. The remark was contained in a position paper made available to newsmen by the Executive-Secretary of the association, Chief Toyin Elegbede on Friday, in Abuja. The paper, titled: “ Free Zone Scheme as an Economic Development tool for Nigeria,’’ commenced the Association’s 2024 maiden intellectual activity to bridge the existing knowledge gap of the concept and its demonstrable propensity to fast-track…
The Federal Government has assured that it will rely less on borrowing to fund the 2024 budget, but would do more on revenue generation. Minister of Finance and Coordinating Minister of the Economy, Wale Edun said stated this said the government is desirous of restoring order to borrowing with a view to eliminating ways and means of demand credit facility. Edun stated this while reacting to the signing of the 2024 budget by President Bola Tinubu. The Finance Minister explained that the 2024 budget is a lower budget deficit, requiring lower financing requirements. He said, “as a percentage of GDP,…
President Bola Tinubu Monday signed the 2024 Appropriation Bill into law in keeping with his avowed commitment to maintaining a timeous, predictable, and efficient budget cycle. Special Adviser on media and publicity to the President, Ajuri Ngelale in a statement said that Tinubu assented to the bill at the Presidential Villa, shortly after returning to Abuja from Lagos. Speaking at the signing of the bill, the President assured Nigerians that the implementation of the budget would be efficiently pursued and vigorously monitored, adding: “All the institutional mechanisms shall be held to account in ensuring diligent implementation”. “All MDA’s have been…
By Martins Odeh Ph.D. There appear to be deep seated and conclusive negative opinions about the modus operandi of the Free Trade Zone Scheme among individuals in and out of government in Nigeria. First, we have to understand that this global economic system is primarily aimed at encouraging economies of scale through seamless production and manufacturing for export and for local markets. It also aims at supporting backward linkages; industrialization; infrastructure development; employment generation; foreign exchange earnings, revenue generation among others. For the umpteenth time, free trade zone remains a global economic matrix with distinct framework which gives this business…
The Nigerian Meteorological Agency has released a weather forecast for Sunday (today), projecting the prevalence of slight dust haze in northern Nigeria. NiMet’s weather outlook released today on former Twitter, now (X), predicted the prevalence of slight dust haze across northern parts of the country, with improvements in horizontal visibility. The report said, “Dust Haze is still the prevailing weather across the country although we expect gradual improvements in horizontal visibilities as slight dust haze is expected over the northern region of the country throughout Sunday.” NiMET explained that dust haze continues to impact visibility, with gradual improvements expected in certain…
Archbishop Emeritus of Abuja, John Cardinal Onaiyekan on Sunday, Christmas Eve, at the Church of the Assumption Asokoro, delivered a homily on the importance of waiting patiently on God’s promise. He seized the opportunity to further puncture the fake news about the Catholic church’s position on same sex marriage – follwing Pope Francis’ latest statement, which is mischievously being misrepresented in some sections of the media. Newsquest brings the excerpts: Homily The message that I give to you, it is true that I prepare them. I prepare my homilies the day before, and obviously, I apply those homilies first to myself, and…
It was jubilation time for the management and staff of the Nigerian National Petroleum Company Limited (NNPCL), on Thursday as they witnessed the first flare start up of the Port Harcourt refinery, an event signaling its mechanical readiness to begin real time refining of crude oil into petroleum products, after several years of the plants’ comatose. Taking journalists on a tour of the refinery, chairman of the newly constituted NNPCL board, Pius Akinyelure said, he was excited that the Federal Government was keeping to its promise of getting all of Nigeria’s refineries back on stream. Indications are that, as planned,…
President Bola Tinubu on Wednesday approved 50 percent subsidy on transportation cost for intending passengers across the country during the Yuletide period, effective Thursday December 21st to 4th January 2024. The intervention is to apply to luxury buses across 22 major routes in the country. Minister of Solid Minerals Development, Mr. Dele Alake disclosed this while briefing State House Correspondents at the presidential villa, Abuja. The minister who was joined by the minister of information, the minister of Transportation and the Special Adviser to the President on Information and Strategy said the initiative was designed to curation to assist the…
The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) has signed a Memorandum of Understanding (MoU) with TotalEnergies for the adoption and deployment of a methane detection technology known as Airborne Ultralight Spectrometer for Environmental Application (AUSEA) in all its upstream operations. Chief Corporate Communications of the NNPCL, Olufemi Soneye in a statement on Twitter now X, said with the agreement, which is a direct benefit from the Company’s participation at the recently concluded United Nations Climate Change Conference (also known as COP28) in Dubai, UAE, NNPCL will be able to deploy the TotalEnergies AUSEA technology on its upstream operations sites…
President Bola Tinubu on Monday inaugurated the newly reconstituted board of the Nigerian National Petroleum Company (NNPCL), at the presidential villa, Abuja. Chairman of the board, Chief Pius Akinyelure, told State House Correspondents after the ceremony that the new management was determined to reposition the company in supporting the government to improve the country’s economy. Akinyelure commended President Tinubu for removing petrol subsidy, a decision he said, halted Nigeria from drowning in debt. “Our focus is to increase production. We must address the problem of stealing and pipeline vandalization in the Niger Delta. We are aware of the efforts in…