Dangote fertiliser plant seen boosting food security
The global fertiliser industry is reeling from impacts of the Russia-Ukraine crisis, but for Nigerian farmers, fears of disruptions to the supply chain are being allayed with the Dangote Fertiliser Plant, being inaugurated today.
CBN loans to FG hit N18trn, raise worries
The Federal Government has increased its total borrowing from the Central Bank of Nigeria (CBN) to N18.16 trillion, more than 40 percent of the money supply in the economy, according to official data collated by BusinessDay.
CBN signals interest rate hike in H2
Although the Central Bank of Nigeria (CBN) kept its Monetary Policy Rate (MPR) on hold at 11.5 percent on Monday, there was a hawkish tilt among the members of the Monetary Policy Committee (MPC) as four out of six voted in favour of interest rate hike.
Nigeria’s volatile power generation in 3 charts
Nigeria’s major cities are struggling with meagre power after the country’s electricity-generating infrastructure failed for the umpteenth time. The power grid failure occurred during a period of fuel scarcity, causing the prices of Premium Motor Spirit (PMS) – petrol – and Automotive Gas Oil (AGO) – diesel…
FIRS’ record high 2021 revenue can’t fund half of Nigeria’s budget
Despite the N6.40 trillion all-time high tax revenue collections by the Federal Inland Revenue Service (FIRS) recorded for 2021, analysts say the economic impediments have made it difficult for taxes to fund even half of Nigeria’s budget expenditure. FIRS, an agency saddled with the responsibility for assessing..
2023: Joseph Yobo joins politics, floats political group
Joseph Yobo, Super Eagles assistant coach, has launched a social-political group, the Grassroots Mobilization Initiative for Good Governance (GMI), ahead of the 2023 general elections in Nigeria. Yobo, who is currently the assistant coach of the Super Eagles, is the Chairman, Board of Trustees of the organization
Food security, foreign exchange gains seen for Nigeria in Dangote fertiliser
Nigeria’s fertiliser deficits, which have contributed to poor farm outputs as well as scarce foreign exchange that has limited ability of people and businesses to transact, have been identified as some of the problems that would get some solutions with the Dangote fertiliser plant that was commissioned today.
Six times Nigerian trains stopped working abruptly within a year
Nigeria has been trying to revive the railway system in recent years, and while efforts have been made (arguably or not), there have been several incidents of trains breaking down ‘in the middle of nowhere’ and passengers being stranded. There have also been security challenges especially sabotage of rail tracks,
President Buhari Commissions Dangote’s $2.5bn Fertiliser Plant
President Muhammadu Buhari today commissioned the new 3 million Metric Tonnes capacity per annum state-of-the-art Dangote Fertiliser Urea Plant, with an emphatic assurance that the project would give a huge fillip to Nigeria’s agricultural sector, which revitalisation has been a focal point of his administration’s economic policy.
The new plant, which he commissioned in the presence of some 18 governors, ministers, captains of industries as well as prominent traditional rulers, is located at Ibeju Lekki, Lagos Free Trade Zone within the periphery of the Dangote refinery.
A visibly excited President Buhari said the coming on stream of the plant would create huge opportunities in the areas of employment, trade, warehousing, transport and logistics. The Plant, according to the President “will greatly create wealth, drastically reduce poverty and secure the future of our nation”.
He said, “In the agricultural sector, another focal point of our economic policy, we expect a boom as fertiliser is now readily available. Many Nigerians who hitherto practiced subsistence farming because of non-availability of necessary inputs can now take up agriculture as a business. We expect a rise of new breed of agropreneurs who will add value to farming and make the nation self-sufficient in food production”.
According to him, the federal government is now determined more than ever before to provide enabling environment for private sector investors to thrive, adding that his government would continue to improve on infrastructure, power, security and enact relevant laws and regulations that would drive investments in the economy.