The Central Bank of Nigeria (CBN) has commenced the disbursement of loans to maize farmers in Anambra under its Anchor Borrower Programme meant for the 2019 farming season. Speaking at the event on Thursday, Mrs. Bridget Okpalaeke, the Development Finance Officer of CBN, Awka branch explained that the inauguration was delayed due to heavy flooding in 2019. Okpalaeke, who noted that the loan granted to the farmers was to aid them financially, explained that CBN...
Mr. Stephen Karingi, Director, Regional Trade and Integration, United Nations Economic Commission for Africa (UNECA), says African economy will lose 65 billion dollars if there is a full lockdown of the continent due to COVID-19. Karingi said this during the World Health Organisation (WHO) and the World Economic Forum (WEF) virtual joint press briefing on Thursday. The director said that the African economy would contrast as much as three percent in 2020. According to him,...
Gov. Hope Uzodimma of Imo on Wednesday said the state’s Palm Oil Producing Industry, ADAPALM, could employ about 35,000 people if fully revived. The governor said this while on inspection visit to the palm oil industry to have on-the-spot assessment of the state of affairs in the industry. He said the industry if revived, would help the state government in facilitating industrial growth, harmony, expansion, and increased productivity. Uzodinma said he was happy that production had...
The Nigerian National Petroleum Commission (NNPC) Tuesday, announced a reduction in the depot price of petrol from N113.28 per litre to N108 per litre. The reduction comes barely 3 weeks after it reduced the deport price of petrol from N133.28 per itre to 113.28 per litre which resulted in the slash in the retail price of petrol from N145 to N125 per litre. At the time, the Petroleum Products Pricing Regulatory Agency (PPPRA) said according...
The $3.4 billion loan to Nigeria which was approved about a week ago has been disbursed to the Central Bank of Nigeria at 1 percent interest rate, Kristalina Georgieva, Managing Director of International Monetary Fund said. The fund is a Rapid Financing Instrument (RFI) aimed at helping Nigeria alleviate the ravaging impact of COVID-19 and resolve the balance of payment issues. “In emergency assistance, once the board approves, we disburse within days to the country...
Traders at Glorious Market, Independent Market, Progress Market and Haruna Street Market in Onitsha have cried out to the Anambra Government to save their shops from being submerged by gully erosion. The President General of the markets, Chief Eric Uwaoma, made the call while conducting newsmen round the portions of the markets in the commercial city on Wednesday. According to Uwaoma, if urgent action is not taken, the shops of about 4000 traders in the markets will...
The Federal Government has granted a two-month licence fee waiver for terrestrial broadcast stations in the country as part of measures to cushion the effect of the Coronavirus (COVID-19) pandemic on the broadcast industry. The Minister of Information and Culture, Alhaji Lai Mohammed, disclosed this at a meeting with the Broadcasting Organisations of Nigeria (BON) on Wednesday in Abuja. Mohammed informed the meeting that he had approved the request by the National Broadcasting Commission (NBC) to...
Justice Inyang Ekwo of a Federal High Court, Abuja, on Wednesday ordered the National Universities Commission (NUC) and Zain Nigeria Ltd (now Airtel) to pay N703 million in damages to a media company, TV Xtra Production for copyright infringement. Delivering judgment, Justice Ekwo, held that the actions of the defendants contravened the Copyright Act. TV Xtra Production’sChief Executive Officer( CEO ) and General Editor Arise News, Christian Ogodo, had designed and registered a quiz programme,...
LAGOS – Nigeria will not hold bidding rounds for major oilfields until crude prices recover, and some upstream projects will be completed much later than originally planned, officials said in a web conference on Tuesday. Nigeria, Africa’s largest oil producer, is grappling with a significant drop in oil prices and a collapse in global fuel demand caused by lockdown measures aimed at containing the new coronavirus. The delay in some licensing rounds cut the country’s...
President Muhammadu Buhari has approved the opening of five COVID-19 Donor Accounts which form part of the existing Treasury Single Account (TSA) arrangement in five commercial banks. Mr. Henshaw Ogubike, Director Information, and Press, Office of the Accountant General of the Federation, made this known in a statement in Abuja. Ogubike disclosed that the approved banks were Zenith Bank, Access Bank, Guarantee Trust Bank, UBA, and First Bank. He explained that the framework covered all...
