11

May

Nigeria Needs Immediate Economic Diversification – African Development Bank

Nigeria, Africa’s largest economy, requires urgent economic diversification to step away from a single source of income (oil and minerals) and toward multiple sources of income, according to the African Development Bank. Prof. Oyelaran-Oyeyinka Oyebanji, Senior Special Adviser on Industrialisation at the African Development Bank (AfDB), said this on Monday at the 22nd Founder’s Day Lecture of the Igbinedion University, Edo’s first private university. What the African Development Bank said about diversification “In order to achieve long-term recovery and development, Nigeria requires immediate economic diversification. Nothing illustrates the dangers of over-reliance on a single or limited range of resources more […]

27

Apr

FG Disagrees With World Bank, That Nigeria Spent $1.5b On Electricity

The government demands that SBT increase collection by N65 billion and 600,000 meters. Ahmad Rufai Zakari, the President’s Special Adviser on Infrastructure, yesterday slammed a World Bank study claiming that the Federal Government spends at least $1.5 billion to address the country’s electricity shortage. According to the presidential aide, the World Bank report, which also reported that 78 percent of power users in Nigeria have less than 12 hours of regular electricity supply, was unfounded. Although the World Bank reported that the Nigerian government is currently subsidizing the power sector with about $1.5 billion, mostly due to tariff shortfalls, Zakari[…]

26

Apr

In One Year, Banks Laid Off 8,584 Employees

The banking sector has not been spared as companies restructure to conform to the current standard, with the number of workers in the industry falling by 8.3% in December 2019 relative to December 2019. According to the National Bureau of Statistics (NBS) Selected Banking Sector Report, the number of banking employees fell by 8,584 in the fourth quarter of 2020, to 95,026 as of December 31, 2020, compared to 103,610 in 2019. The COVID-19 pandemic had a significant effect on bank activities, with many branches closing to limit contact and many of the affected employees being temporary employees. In the[…]