Four Britons have been kidnapped in Delta, a police official said on Wednesday. Kidnapping for ransom is a common problem in parts of Nigeria. A number of foreigners have, in the last few years, been victims in the Niger Delta region, which holds most of the country’s crude oil – the country’s economic mainstay. “The abductors have not made any contact, but we are doing our investigations to know the motive and have them rescued without jeopardising their
- Nigeria has revised down its forecast for 2017 economic growth to 1.5 percent from 2.19 percent, according to a document seen by Reuters on Thursday. Oil production, on which Nigeria relies for about two-thirds of government revenues, was at 1.9 million barrels per day for 2017, as of July, against an estimated 2.2 million barrels per day, said the document. Titled “The 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper”, the document was
- The House of Representatives will investigate $2 billion of foreign loans which the state-owned national electricity grid operator may have raised without official approval. Nigeria privatised most of its power sector in 2013 but retained control of the dilapidated monopoly grid operator, the Transmission Company of Nigeria. Simon Arabo, a member of the House of Representatives, said in a motion that the TCN had borrowed $1.5 billion from the World Bank and other
- Annual inflation in Nigeria slowed for an eighth month in September, easing to 15.98 percent, the NBS said on Tuesday. The rate of annual inflation was 0.03 percent percentage points lower than the rate in August. A separate food price index showed inflation at 20.32 percent in September, up from 20.25 percent in August. “Food price pressure continued into September as all major food sub-indexes increased,” the NBS said in its report. “The rise in the index
- Finance minister, Kemi Adeosun, has said that the country must borrow more in the short term to deliver critical infrastructural projects such as roads, rail and power. According to her, Nigeria currently has one of the lowest debt-to-GDP figures in the world and the administration has no plan to go into massive borrowing that it cannot sustain. Adeosun added that the government will soon institute luxury taxes. Addressing journalists at the annual meetings of
Oil minister Ibe Kachikwu and NNPC Group Managing Director, Maikanti Baru, met on 10 October for the first since their disagreement broke out and agreed on one thing – a petroleum industry regulator free from the vagaries of politics. The two industry leaders met at a breakout session at the ongoing 23rd Nigerian Economic Summit and spoke on the controversial Petroleum Industry Bill. The NNPC had said that allegations by Kachikwu that Baru’s conduct lacked
One of the most obvious problems with living and doing business in Nigeria is the poor state of infrastructure in the country. Understandably, most Nigerians see power as the most pressing infrastructural need of the country. However, it can be argued that Nigeria’s most pressing infrastructural need is a robust transportation network – including functional rail, road, water and air systems. Of all these, our roads are arguably the most fundamental.
The poor state
Nigeria’s top two oil officials are at loggerheads over the management of the state oil firm. An August 30 – dated letter was submitted to the president by the Minister of Petroleum Resources (MPR), Ibe Kachikwu. The letter, confirmed by the oil ministry, is titled “Matters of insubordination and lack of adherence to due process perpetrated by the GMD NNPC (Group Managing Director of the Nigerian National Petroleum Corporation).” Kachikwu, here, accuses
The federal government has asked the National Assembly to amend its spending law to enable a debt program to settle ₦2.7 trillion ($8.6 billion) worth of obligations including pensions and salary arrears, according to a letter from Vice President Yemi Osinbajo. The letter, read out in the Senate on Tuesday, requested amendments to the law, which stipulates allocation of government spending, to allow Nigeria to fund recurrent expenditure from proceeds of the debt
The SBM Jollof index is a composite index that tracks the prices of the main ingredients used to prepare a pot of one of Nigeria’s primary delicacies – Jollof rice, for a family of six. This meal was selected because it has the near unrivalled distinction of being a delicacy in every part of the country. This is the third Jollof Index and and we believe that it gives a bird eye’s picture of national inflationary trends.
Nigeria emerged from recession in Q2