Yiwu Int’l Commodities Fair Holds October

By Professor Maurice Okoli As stipulated by the guidelines, Russia will take over BRICS [Brazil, Russia, India, China and South Africa] from January 2024.  With the heightening of geopolitical tensions, Russia’s priority focus is on the group’s possible enlargement to counter U.S. hegemony. It plans to push seriously for critical reforms in the international financial architecture and create a solidified platform for building an equitable multipolar world order. In the past few years, the BRICS group has taken a number of broad initiatives that aim at countering hegemonic policies and against the collective West for imposing the ‘rules of the

By Adedapo Adesanya Prices of food in the globe remained unchanged in September 2023, according to measuring indices by the United Nations’ Food and Agriculture Organisation (FAO). The FAO Food Price Index (FFPI) averaged 121.5 points in the month under review, almost unchanged from its value in August, as declines in the price indices of vegetable oils, dairy and meat had offset increases in the sugar and cereal price indices. At this level, the index stood 14.6 points (10.7 per cent) below its corresponding level a year ago and 38.3 points (24.0 per cent) from the all-time high reached in

By Professor Maurice Okoli Amid heightened criticisms and intense debates over several significant global issues including new financial architecture, economic diversification, growing debts and reforms, the International Monetary Fund (IMF) and the World Bank, on October 15 wrapped up their week-long annual meetings held under the theme “Global Action, Global Impact” in Marrakesh, Morocco in North Africa. With the rapid geopolitical changes, it featured prominently finance ministers and central bank governors from 190 countries in desperate search of comprehensive mechanisms and suitable approaches to address the prevailing economic crisis across the globe. The coordinated annual meetings also reviewed its scope

The Nigeria Data Protection Bureau (NDPB) has honoured the Nigeria Digital Identification for Development (ID4D) Project with an Institutional Pillar of Support Award in appreciation of the project’s support to the Bureau. According to a Press Release signed by the Nigeria Digital ID4D Communications Manager, Dr Walter Duru, the Award was received by the Nigeria ID4D Project Coordinator, Musa Odole Solomon, at the 2023 edition of the annual National Privacy Week Dinner/Award and First Year Anniversary of the Nigeria Data Protection Bureau, held at Transcorp Hilton, Abuja, at the weekend. Presenting the Award, the National Commissioner and Chief Executive Officer

By Adedapo Adesanya Thinktank group, the Nigerian Economic Summit Group (NESG), has urged the federal government to take necessary steps to take advantage of the Russia-Ukraine war to avoid economic risks. This is contained in a report titled Implications of Russia-Ukraine War: Risks and Opportunities for Nigeria. The NESG urged the government to take certain key action points to mitigate the impact of the crisis on the Nigerian economy including the significant legislation and treaties signed by the country. “Implementing the Petroleum Industry Act (PIA) in a holistic manner is key to attracting huge investments into Nigeria’s oil and gas

By Ashemiriogwa Emmanuel The Akwa Ibom State government has announced plans to establish a college of science and technology with the collaboration of the University of Lagos (UNILAG) in the areas of personnel training and manpower development. The Governor, Mr Udom Emmanuel, said this on Monday while receiving a delegation from UNILAG, his Alma Mata, led by the Vice-Chancellor, Professor Oluwatoyin Ogundipe. According to the Governor, the college will run as an intermediary programme to prepare students for science and bridge the gap of effective science learning preceding tertiary education. Speaking at the meeting, which was held at the Government

By Modupe Gbadeyanka The Nigerian National Petroleum Corporation (NNPC) and a Danish firm, Unibio A/S Limited, have concluded plans to begin a Joint Venture Company, which would be involved in the production of animal feeds from Nigeria’s abundant natural gas resources through conversion of methane gas into protein and has no negative impact for human consumption. It was gathered that the Danish Government would guarantee a 10 percent equity financing of the firm. The animal feeds industry in Nigeria accounts for N800 billion annually. NNPC Group Managing Director, Dr. Maikanti Baru, who made this known on Wednesday in Abuja when

By Dipo Olowookere Nigeria’s Minister of Finance, Mrs Kemi Adeosun, has disclosed that Nigeria will reduce the rate at which it borrows money for developmental projects only if the tax to gross domestic product (GDP) hits 10 percent. According to the Minister, the country’s tax to GDP ratio is at 6 percent. Mrs Adeosun, while addressing newsmen, noted that with the tax to GDP ratio at 10 percent, the economy will flourish and consequently bring down the interest rate, which is presently in double digits. The Minister informed newsmen that if the strategy of this present administration of President Muhammadu

By Modupe Gbadeyanka Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru, has played down allegations of non-remittance of funds by the agency into the federation account. In a statement issued by the Group General Manager, Group Public Affairs Division of NNPC, Mr Ndu Ughamadu, the state-owned oil firm chief said the NNPC has been faithfully remitting all revenues accruing to it to the account. Speaking on Thursday to members of the Senate Committee on Petroleum (Upstream), who were at the corporate headquarters of the corporation in Abuja on an oversight visit, Mr Baru said allegations of

By Modupe Gbadeyanka Steps are being taken to regulate the activities of Financial Technology Companies (FinTechs) in Nigeria. Central Bank of Nigeria (CBN), which regulates activities of financial institutions in the country, said very soon, it would release code of conducts for fintechs operating in the Africa’s largest market. According to the Director of Banking and Payments System Department at the CBN, Mr Dipo Fatokun, the drafting of guidelines for operations of the sector was currently ongoing. Speaking in Lagos at the Annual General Meeting (AGM) of Nigeria electronic Fraud Forum (NeFF) with the theme ‘Tightening the BELT of E-fraud

By Adedapo Adesanya The latest report released by the Nigerian Investment Promotion Commission (NIPC) has revealed that 12 states in the country received investments worth $15 billion in the first half of 2019. According to the NPIC report, a total of 43 projects across 12 states and Federal Capital Territory (FCT) were approved by investors from 20 countries. The report listed some of the beneficiary states as those in Niger Delta region, Ondo, Lagos and FCT. Meanwhile, investments recorded in the first half of 2019 were 67 percent less in value than the corresponding period of 2018. According to the