Despite continuous government efforts to shore up food production in Nigeria through various intervention programmes, the country recorded foods trade deficit worth N4.92 trillion between 2018 and 2022. Available data shows that Nigeria is not growing enough food for the populace, leaving the country with no option but to import. Consequently, to feed its steadily rising population, the country recorded a 121.7 percent increase in the value of imported foods within the 5 year period, rising to N1.9 trillion in 2022 from N857 billion in 2018. The development may not be unconnected with the heightening of insecurity in the…
Author: meridianspy
The National Commission for the Coordination and Control of Small guns and Light Weapons has stated that it intends to hire and train roughly 300,000 youths throughout the federation to stop the unlawful proliferation of small guns and light weapons According to the commission, each state of the federation, including the FCT, would employ around 7,000 workers. The goal, according to Otunba Adejare Adegbenro, the acting director-general of NATCOM, was to stop the spread of weapons and make the nation safer. The statement read, “We are going to employ about 300,000 personnel across the country to make our nation a…
Over N1 trillion was lost by the food, steel, and 24 other sectors of the economy in the second quarter of 2023. According to an examination of the Nigerian Bureau of Statistics’ data on the Gross Domestic Product, 26 economic sectors had declines in the second quarter. As a result of their combined contribution to real GDP falling to N6.54tn from N7.69tn in the first quarter of 2023, these sectors lost N1.16tn in economic value. The sectors that shrank in Q2, 2023 were fishing, crude petroleum and natural gas, cement, food, beverage and tobacco, textile, apparel and footwear, wood and…
The last couple of days have witnessed barrage of media attacks and misinformation about me following my appointment and swearing-in as the Minister of Art, Culture and Creative Economy by President Bola Ahmed Tinubu. I want to, again, thank President Tinubu for finding me worthy and for giving me the opportunity to serve the country I love as one of his Ministers. It is true I am currently on the NYSC national service which I began 8 months ago as a matter of duty and devotion to my country, having been unable to complete the scheme since I was…
The Senate’s Committee on Finance, said Nigeria may earn around $3 billion from solid minerals. The informal sector, in particular the mining business, is a hidden gem in our revenue potential, according to a statement made on Sunday by the chairman of the finance committee, Senator Sani Musa. He added that the informal sector, which accounts for nearly 80% of the Nigerian economy, will be properly examined by the Senate Finance Committee. With mining as its main focus, the committee will investigate empowering the informal sector. He said, “This was corroborated by the Ministry of Mines and Steel…
“We are deep in our attempts to peacefully settle the issue in Niger by leveraging on our diplomatic tools. “I continue to hold ECOWAS back, despite its readiness for all options, in order to exhaust all other remedial mechanisms. “War is not ideal for my economic reforms, nor for the region, but the defense of democracy is sacrosanct.” These were the words of President Bola Ahmed Tinubu when he received in audience, August 26, the U.S. Presidential Envoy and Assistant Secretary of State for African Affairs, Ambassador Molly Phee at the Presidential villa, Abuja. He said that the ECOWAS…
The President of the United States of America, Joe Biden, has extended an invitation for discussion to President Bola Tinubu. According to a statement by the Special Adviser to President Tinubu on Media and Publicity, Ajuri Ngelale, the US Presidential Envoy & Assistant Secretary of State for African Affairs, Ambassador Molly Phee, disclosed this when he visited the Nigerian leader on Saturday. Phee was quoted to have told President Tinubu that President Biden has requested to meet him on the sidelines of the United Nations General Assembly in New York City to advance discussions further in late September. The…
Malam Nuhu Ribadu, the national security adviser, claims that despite efforts to stop the problem, the government continues to lose 400,000 barrels of crude oil each day to local and foreign criminals. When Ribadu led a presidential team to examine the oil and gas facilities at Owaza in Abia and Odogwa in Rivers’ Etche Local Government Area on Saturday, he provided confirmation of this. He claimed that pipeline vandalism and oil theft had a detrimental influence on the economy of the country and were partially to blame for the country’s rising cost of living. “It’s unfortunate that few individuals would…
Nigeria’s former Minister of Aviation, Mr. Femi Fani-Kayode, has urged President Bola Ahmed Tinubu, who currently is the Chairman of the Economic Community of West African States, ECOWAS, to reverse the regional bloc’s sanctions on Niger Republic, as a result of the overthrowing of President Mohamed Bazoum by the junta government of General Abdourahmane Tchianne. According to him, ECOWAS’ plethora of sanctions, which include Nigeria cutting off its electricity supply to Niger is bringing death, suffering and hardship more to Nigerien women and children, than the officials of the newly-installed military junta of Gen. Tchianne. In an opinion article he…
The Nigerian startup space and others on the continent attracted over $20bn in the last 15 years, according to Briter Bridges’ H1 Africa Investment Report 2023. Briter Bridges stated that the continent’s funding in the first half of 2023 was over $2bn, which raised the total funding into the sector to over $20bn in 15 years. The report said this came at a time when many in the ecosystem were concerned about what the future of investing in Africa looked like, the firm noted. It stated, “Africa’s innovation industry is now worth more than $21bn. However, this milestone has…
Day after President Bola Tinubu swore in 45 ministers who will work in his cabinet, some of them who were appointed to head newly created ministries will have to work without physical offices and government officials assigned to them, Saturday PUNCH has learnt. Some of the new ministries were created from old and existing ones. For instance, the Ministry of Marine and Blue Economy, which is currently headed by Gboyega Oyetola, emerged from the Ministry of Transportation currently headed by Said Alkali. Though the two ministers were sworn in on Monday, Oyetola resumed at the Ministry of Transportation immediately while…
15-Year-Old Boy in Police Net For Amputating Gombe Farmer’ Han Operatives of the Area Command Metro have arrested one Adamu Ibrahim ‘m’ of Jital village along Gombe road, Bauchi state for trespass, mischief and causing grievous hurt. Preliminary investigation revealed that the suspect had on several occasions trespassed into the victim’s farmland with his cows while rearing. The unfortunate incident followed a series of complaints to the suspect’s father by the victim for intrusion into his rice farmland by the suspect. Similarly, the investigation revealed that on the 24th of August, 2023, the suspect who was armed with a…