Three days ago, Nigeria’s Junior Finance Minister, Mr Remi Babalola, said that the Nigerian National Petroleum Corporation is insolvent. The Beeb: “NNPC is insolvent as current liabilities exceeded current assets by 754bn naira ($5bn; £3.3bn),” Mr Babalola said at a government finance meeting. He said the NNPC owed about $3bn (£2bn) to Nigeria’s Federation Account,… Read More »
Ever heard of the D8? They are Iran, Nigeria, Bangladesh, Egypt, Indonesia, Malaysia, Pakistan and Turkey. Their central bank governors and foreign ministers met in Abuja on Tuesday. The aim? to seek closer economic cooperation that would help protect the group from another global financial crisis. The decision? Under a draft Abuja declaration, the group… Read More »
I’ve been doing the oldies for a few hours now. Thought to share a bit of it. Enjoy.
BBC’s World Business news discusses the soon-to-be-effected East African common market. The common market will include Kenya, Tanzania, Burundi, Uganda and Rwanda. It will create a trading bloc of about 130 million people. The positive point is that trade will be easier among the countries of the common market, and the common market will be… Read More »
This article was originally written for www.tradeinvestnigeria.com. In May, an Indian trade mission, led by Mr. Ravi Bangar, the deputy permanent representative of India to the World Trade Organisation (WTO), paid a visit to Mr. Jubril Martins-Kuye, Nigeria’s Minister for Commerce and Industry. One of the major issues they discussed was the possibility of India… Read More »
For BBC Worldservice. Here.
The country realises that it is now a migration destination. H/T Bunmi
1. Could aid squeeze help Africa? – Reuters Africa news blog 2. Tyler Cowen’s Berlin Notes – Marginal Revolution 3. Nuggets of Ethiopian industrial development – Chris Blattman 4. Nigerian king who beats up his wife gets deposed – NEXT 5. Open letter to Bono and Bob Geldof – Marieme Jamme
From NEXT: The governor of Nigeria’s central bank, Sanusi Lamido Sanusi, has criticized the Federal Government’s continued spending on reducing fuel cost, renewing the call for the removal of a subsidy programme that has gulped trillions of naira but has failed to reach ordinary people as intended. Mr. Sanusi was speaking on Monday at a… Read More »
19.7%, says the finance minister.