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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.

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.

Nigeria’s Daily Oil Production Falls To 1.17M Barrels

Nigeria’s crude oil production in December 2020 fell to 1.17 million barrels per day, sinking to an all-time low last month by 155,000 barrels amid the production cuts placed by the Organisation of the Petroleum Exporting Countries (OPEC) and its allies. OPEC made this known on Thursday in a January report, saying an increase in oil production would enhance Nigeria’s economy this year, particularly as Nigeria’s economy entered recession in the last quarter of 2020. “Crude oil output increased mainly in Libya, Iraq and the UAE, while production decreased primarily in Nigeria, Congo and Angola. Libya’s crude oil output in December rose to 1.22 million bpd, according to secondary sources,” OPEC said.

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.

Market Capitalisation Rose By N24 Billion

Positive sentiments persisted on the Nigerian Stock Exchange on Wednesday with the All-Share Index extending growth by 0.11 percent. Specifically, the All-Share Index improved further by 45.10 points or 0.11 percent to close at 40, 341.05 against 40, 295.95 achieved on Tuesday.

Buhari Orders MDAs, Others To Grant FIRS Access For Tax Collection

President Muhammadu Buhari has directed Ministries, Departments, Agencies (MDAs), and other business enterprises to grant the Federal Inland Revenue Services (FIRS) access to their systems for nationwide tax collection. The directive came while the president delivered his address during the First Annual National Tax Dialogue by FIRS, at the old Banquet Hall, Aso Rock Villa in Abuja.

Kano-Niger Republic Rail Line: Contractor To Commence Work Soon As FG Sign Papers

The Federal Government has today signed the contract documents to commence the Kano- Maradi, Niger Republic, and Kano-Dutse railway project  Minister of Transportation, Rotimi Amechi, stated this today while updating newsmen on the development saying, Mota-Engil Group, is the contractor selected by the government to execute the project and as a gesture, they have pledged to build a University for the Nigerian Government as its corporate social responsibility.

Buhari Reappoints Hadiza Bala Usman As NPA MD, Reconstitutes Board

President Muhammadu Buhari has approved the re-appointment of Hadiza Bala Usman as Managing Director of Nigerian Ports Authority (NPA), for an additional five-year tenure. Also approved is the reconstitution of the Non-Executive Board of the NPA, with Emmanuel Adesoye (from South-west zone) as Chairman.

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