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Chinese Investors To Invest $54m In Kwara

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A group of Chinese investors have expressed their commitment towards investing about $54m in the industrial sector of Kwara state in the next couple of years. The leader of the team, Mr Shi Zengchao during a courtesy call on the state governor, Alhaji Abdulfatah Ahmed said about $15m would be ...

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CBN adjusts forex peg as naira hits 228

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The Central Bank of Nigeria on Tuesday lowered the naira peg to 196.95 against the dollar from 196.90 it set last week. This made it the fourth time the CBN had adjusted the peg since it was introduced in February, Reuters reported. This happened just as the naira tumbled further ...

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Nigerian Ship Owners Partner With Greeks To Build 40 Ships

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The Nigerian Ship Owners Association (NISA) on Tuesday said it had sealeda partnership with Ship owners from Greece to bring in 40 vessels. NISA President Niyi Labinjo, disclosed this during a meeting held in Lagos between NISA and ship owners from Greece. Labinjo said that the ships, which will be ...

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Facebook opens first African office

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Facebook has opened its first office in Africa to further the company’s commitment to help businesses connect with people and grow locally and regionally. Based in Melrose Arch, Johannesburg, Facebook’s newest business office will be headed by Ogilvy veteran, Nunu Ntshingila, the company’s new Head of Africa. Facebook is already ...

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Innoson To Mass Produce First Made-in-Nigeria Motorcycle

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The executive vice chairman of the National Agency for Science and Engineering Infrastructure (NASENI), Mr Mohammed Haruna, has revealed that the Nigerian automobile company, Innoson Nigeria Ltd, Nnewi, Anambra State, is set to set up an assembly plant to mass produce the agency’s first made-in-Nigeria motorcycle. Speaking exclusively to LEADERSHIP ...

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PAN: Nigeria spent N660bn on imported chickens in 2014

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Nigeria spent N660 billion to import 1.2 million metric tons (MT) of frozen chickens into the country despite existing ban, the National President, Poultry Association of Nigeria (PAN) Dr. Ayoola Oduntan, has said. This, he said, was four times greater than what was produced locally and exceeded the current industry ...

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Electricity: Consumers protesting over crazy bill fraud

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In this special report, fourth of five –part, Andrew Airahuobhor, Bamidele Ogunwusi, Oyeniran Apata, Nkasiobi Uluikpe and Akinwumi King, investigates how, after the privatization of Power Holding Company of Nigeria (PHCN), the only result Nigerians have received till date is the issuance of outrageous bills by all the electricity distribution ...

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Farmers Urge FG To Sustain The E-Wallet System

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The President Etche Farmers Cooperative Union, Mr Godwin Akandu, on Tuesday urged the Federal Government to continue with the e-wallet system for fertiliser distribution to enhance food security in the country. Akandu, who made the call an interview with News Agency of Nigeria (NAN) in Port Harcourt, said the system ...

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World Oil Demand Increases After Price Slump

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Nigeria and other oil producing nations are expected to bounce back to an increase in oil prices if the latest report of the International Energy Agency (IEA) is anything to go by. World oil demand will rise much more than expected this year, the IEA said in its release, in ...

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IMF Reviews Somali Economy For First Time In 25 Years

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The International Monetary Fund (IMF) says it has completed its first economic consultation on Somalia in more than 25 years. The IMF said in a statement at the end of its June 8-18 mission, that Somalia’s economy that is rebuilding after decades of conflict grew by 3.7 per cent in ...

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NEITI: FG Spent N4.5trn On Fuel Subsidy In 7 Years

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The federal government spent a whopping N4.5trn on fuel subsidy claims between 2006 and 2012, according to the audit reports of the Nigerian Extractive Industries Transparency Initiative (NEITI). A breakdown of the payments shows that while N816.5bn was paid as subsidy claims between 2006 and 2008, the amount skyrocketed to ...

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China Produces First Electric Passenger Aircraft

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The world’s first electric passenger aircraft to gain an airworthiness certificate has been produced by China, a news report said. It said that the BX1E has a 14.5 meter wingspan has a maximum payload of 230 kilogram. “It can fly at an altitude of 3,000 metres. “The charging is completed ...

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NNPC: Port Harcourt Refinery To Commence Operations In July

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The Port Harcourt Refining Company Limited will start refining crude oil and will contribute to petroleum product availability by the end of this month, the Nigerian National Petroleum Corporation has said. News Agency of Nigeria, NAN, reports that it also assured that on or before the end of this week, ...

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Confusion at ports as FG increases import tariff

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There was confusion at the Lagos ports on Wednesday as importers and clearing agents had difficulties clearing their goods following the implementation of the Economic Community of West African States’ Common External Tariff. All the 16 members of the ECOWAS, including Nigeria, had agreed to introduce a uniform import tariff, ...

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NNPC Investigates Vandalised Pipeline

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The Nigerian National Petroleum Corporation (NNPC) said it has launched full scale investigation into its vandalised Ije Ododo pipeline. LEADERSHIP learnt that suspected vandals had at about 11.15pm Monday night severed a petroleum pipeline at the Ije Ododo pipeline forcing the NNPC to shut down the facility. Responding to LEADERSHIP’s ...

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Customs Destroys N4m Worth Of Smuggled Poultry Products

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The Seme Command of the Nigeria Customs Service (NCS) yesterday buried 650 cartons of frozen chicken and turkey imports valued at N4 million smuggled into Nigeria from Cotonou, the Republic of Benin. Shortly after the destruction of the poultry products at the command’s headquarters in Seme, a border town with ...

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