By Foster Obi As the world food need increases, the UN Secretary-General will next year host a Food Systems Summit with the aim of maximizing the co-benefits of a food systems approach across the entire 2030 Agenda and meet the challenges of climate change. As a key contribution to the Decade of Action to deliver […]
OPEC oil output hit the lowest in two decades in May as Saudi Arabia and other members started to deliver a record supply cut, a Reuters survey found, although Nigeria and Iraq are laggards in making their share of the reduction. On average, the 13-member Organization of the Petroleum Exporting Countries pumped 24.77 million barrels […]
In a bid to curb the high rate of unemployment in the country, the Federal Government has rolled out a scheme which will see unemployed youths in rural areas earning N20, 000 per month, The PUNCH reports. The youths will be engaged in the clearing of drainages, sweeping markets, road maintenance, traffic control, and cleaning […]
By Foster Obi The International Finance Corporation (IFC) is working with partners to help the private sector navigate the pandemic and recover from the economic and financial impact of the crisis. This includes mobilizing IFC’s global $8 billion fast track facility to initially support existing clients in the region affected by the outbreak. IFC is […]
By Foster Obi World Bank has highlighted the reasons why starting and executing a business in Nigeria may have improved progressively in Lagos and Kano states. In one of its latest report on ease of doing business ranking, the Bank said that Nigeria made starting a business easier by reducing the time needed to register […]
There are many doubts about how long it would take for the U.S. and other large economies—to rebound to pre-pandemic levels and there is also a big question about oil demand. Available indices show that some industry executives don’t see that rebounding fully to pre-crisis levels. However, for now, any positive news about oil consumption […]
Nigeria’s central bank unexpectedly cut its benchmark lending rate to 12.5% from 13.5%, the central bank governor said on Thursday, to stimulate growth in Africa’s largest economy in the face of the coronavirus pandemic. It is the first rate cut since March 2019 and the largest since 2015. Seven of the 10 members of the […]
Nigeria’s Bonga crude oil export terminal has begun routine maintenance, its operator Shell told Reuters on Tuesday, adding it aimed to have the work done in “record time”. The Shell Nigeria Exploration and Production Company (SNEPCo) said in an email that maintenance on the Bonga floating production storage and offloading unit (FPSO) began on May […]