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Why Nigeria should pull out of OPEC – NPA


The General Manager, Western Ports, Nigeria Ports Authority, Chief Michael Ajayi, has said that continued naira devaluation is a key factor that would ensure Nigeria’s exit from Organisation of Oil Producing Countries (OPEC).

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‘Self-sufficiency, food security in agriculture are achievable in Nigeria’

This is absolutely correct considering the rapidly growing population of most African countries. Nigeria, for instance, was a strong agricultural produce exporting country prior to the oil boom era, with very strong export volumes and value in produce like cocoa and rubber. You very well know that the first palm kernel seed planted in Malaysia was taken from Nigeria, and that country today is one of the world’s largest exporters of palm oil. Agricultural funding is gradually increasing via various funding initiatives and I will touch on this as I go on.

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Indeed, Naira devaluation is probably the most potent weapon against the prosperity of Nigerians. Nigeria’s migration from a potential industrial power house with bustling social affluence, to a subdued and stumbling economy clearly began with the adoption of IMF’s Structural Adjustment Programme during Babangida’s regime: the chorus from International Agencies, at that time, was also that falling oil prices with an unserviced debt burden and the consequent restriction of trade credit to Nigeria, were the products of an allegedly overvalued Naira exchange rate.

Naira slides against the dollar

The Naira entered a slippery decline against the Dollar during trading last week with prices hitting the 360 level on the parallel markets following the persistent supply shortages of the Dollar in the interbank market. This depreciation was complimented with the incessant declines in oil prices and declining production from the renewed militancy which has weighed heavily on the Nigerian economy.

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Place economic embargo on trade violators, stakeholders urge ECOWAS

Organised Private Sector Operators, government agencies and officials of ECOWAS and development partners are pushing for full implementation of the Economic Community of West Africa States, ECOWAS’ trade liberalisation scheme to expand trade and investment in order to widen the scope of business activities in the region. This has become imperative following the economic downturn of member states and Nigeria’s bid to diversify its economy.

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UBA assets rise to N3.3trn in half yr, proposes 20k interim dividend

United Bank for Africa, UBA Plc has recorded a growth in total assets, hitting N3.3 trillion for the audited half year result ended June 30, 2016. The bank has also announced an interim dividend of 20 kobo per share for the half year period, 2016, with a gross earnings of N166 billion, net operating income of N109 billion and profit before tax of N40 billion.

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DMO: Leveraging Eurobond for economic diversification

Since 2006 when Seychelles became the first African country to issue Eurobond, more African countries have turned to the international capital markets using Eurobond to raise cheap and long term finance for a variety of purposes. A Eurobond is an international debt instrument that is issued in a currency that is not the currency of the country issuing the instrument.

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Innoson , made uin Nigeri cars

Nigeria can produce 384,000 units of vehicles annually – NADDC

The National Automotive Design and Development Council (NADDC) said Nigeria now has the capacity to produce 384,000 units of vehicles annually. Director, Policy and Planning, NADDC, Mr. Luqman Mamudu, made this known at an interactive session with Commerce and Industry Correspondents Association of Nigeria ( CICAN) in Lagos, lamenting that out the 384,000 capacity, only 25,000 was produced in 2015.

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Royal Exchange generates N8.43bn as gross premium in six months

Royal Exchange Plc has announced that it has generated a Gross Written Premium of N8.43 billion from its business activities in the first half of the 2016 financial year, representing an increase of 34 percent over the figure of 2015, which stood at N6.28 billion. Gross Premium Income also witnessed a growth of 17 percent over the 2015 figures, with the 2016 figure standing at N6.46 billion, compared to the N5.50 billion generated in the corresponding period in 2015.

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FBN Insurance thrives on challenges – Ojumah

Managing Director of FBN Insurance Limited, Mr. Val Ojumah has said that the company has continued to thrive on challenges which have brought it thus far in so short a period of six years of operation. Ojumah made the assertion while receiving the award for Insurance Company of the Year organised by Inspenonline Media in Lagos. Also, Ojumah won the Insurance Man of the Year award.

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