Tue, Jan

Nigeria’s Ngozi Okonjo-Iweala Takes Over As DG WTO

Nigeria’s Dr. Ngozi Okonjo-Iweala takes over the affairs of the World Trade Organization (WTO) as Director-General on Monday, March 1, seven months after the sudden departure of Brazilian Roberto Azevedo. She is hitting the ground running, with her first day on the job in Geneva which coincides with the annual meeting of WTO’s General Council. Her appointment has elicited hope that she will affect transformation even as she intends to address some key issues in the organization including the pandemic fuelled global economic crisis. During a press conference following her appointment, she revealed that she is taking the reins of WTO at a time of great uncertainty. She said it cannot be business as usual at the WTO.

Dangote Refinery: CBN Strategise To Strengthen Naira As Production Set To Commence

The Central Bank of Nigeria (CBN) has unveiled a plan to strengthen the naira as the Dangote refinery is set to commence production soon. This was stated by the CBN governor, Godwin Emifele, during his visit to the multi-billion naira refinery located at Ibeju Lekki, Lagos state over the weekend, saying “We have taken the decision to sell the crude to the Refinery in Naira because we want to impact the economy.

Okonjo-Iweala Appointed As The First Female WTO DG

Nigeria’s Dr Ngozi Okonjo-Iweala has been appointed as the first-ever woman to lead the World Trade Organisation (WTO). The 66-year-old Okonjo-Iweala tenure as head of the Switzerland-based institution will start on the 1st of March 2021.

NNPC Cautions Against Panic Buying, Says No Plan To Hike Petrol Price

The Nigerian National Petroleum Corporation (NNPC), has advised motorists to refrain from panic buying of Premium Motor Spirit (PMS) otherwise called petrol, saying it has no intention to increase the ex-depot price in March. Motorists and commuters in Abuja and Lagos woke up to a crude shock on Sunday morning to find most filling stations shut, with a few others operating. Vehicles were seen in long queues waiting to buy petrol. The Corporation gave the advice in a statement by its spokesman, Dr Kennie Obateru, in Abuja on Sunday. The ex-depot price is the price at which depot owners sell products to marketers. The price determines how much marketers will sell to motorists at their various fuel stations.

President Buhari Flags Off $1.9bn Nigeria-Niger Rail Project

President Muhammadu Buhari on Tuesday, February, 9, flagged off the $1.9 billion Nigeria-Niger rail project. The ground-breaking ceremony of the Kano – Dutse – Jibia (Katsina State} – Maradi 284 Km rail project connecting Kano in Nigeria to Maradi in Niger Republic was performed virtually by Mr. Presiden. At the event, President Buhari said the rail project further strengthens his administration’s commitment to improving the transport sector and promoting economic activities. He said the rail line traverses the major commercial and administrative centre of Kano and passing through other economic hubs of the country including Kazaure, Daura, Katsina, and up to the border town of Jibiya and the Niger Republic city of Maradi.

Gilbert Houngbo Gets Reappointed As IFAD’s President For A Second Term

Member States of the International Fund for Agricultural Development (IFAD) have reappointed Gilbert Houngbo as President for a second term on Wednesday, at its annual Governing Council meeting. According to the United Nation, UN’s body this was a strong show of support and recognition for the leader who has successfully showcased the significance of long-term rural development as a key solution to the global problems the world is facing at present. IFAD in a statement revealed that even with a more ambitious agenda at the heart of his second mandate, and a particular focus on technological solutions, innovative financing models, and new private-sector partnerships, IFAD would continue tackling hunger and poverty and address the upsetting impacts of climate change, youth unemployment and most recently COVID-19, leading on the ground to guarantee no one is left behind.

Neimeth Declares First Dividend In 10 Years

Neimeth International Pharmaceuticals Plc is set to declare its first dividend in 10 years following the 20 percent growth in revenue recorded in its financial year ended September 30, 2020. The audited report and accounts of Neimeth International Pharmaceuticals for the year ended September 30, 2020, showed that revenue rose by 20 percent to N2.84 billion in 2020 as against N2.37 billion recorded in the comparable period of 2019. Gross profit rose by 26.9 percent to N1.51 billion in 2020 from N1.19 billion in 2019.

IMF Applauds CBN Ban On Cryptocurrency

The International Monetary Fund (IMF) has yesterday applauded the effort of the Central Bank of Nigeria (CBN) over its directive banning the use of cryptocurrency transactions in the country. However, the IMF warned the federal government against increasing tax in its quest to generate more revenue, saying the global economy is in distress and therefore is not the right time.

PIB: Investments In Nigerian Oil May Be At High Risk, Total Oil Cry Out

Oil giant, Total Nigeria has today blown alarm that the proposed Petroleum Industry Bill (PIB) would make Nigeria unattractive to oil investors. The French oil company made this known through its memoranda it submitted to the House Ad hoc committee on PIB, during a public hearing, saying the proposed PIB would put the Nigerian oil sector on a crossroad such that it would no longer be competitive to international investors. According to the document submitted by Total, they opined that instead, the bill would eventually penalize those who would risk their resources for investment in the Nigerian oil sector.

“There Is No Plan To Increase Pump Price Of Petrol” - NNPC

The Nigerian National Petroleum Corporation (NNPC) has dispelled rumours going around that the Federal Government is planning to increase the pump price of petrol. The Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, on Tuesday, clarified the report and allayed the fears of the public stressing that NNPC has not increased its ex-depot price. He said he is certain that NNPC is not likely to increase its ex-depot price in February. Speaking further he disclosed that NNPC has a stock of petrol that can last for over forty days. Obateru urged the Department of Petroleum Resources (DPR) to clamp down on the marketers engaging in hoarding petrol.

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