FG’s not banning importation of used vehicles –Aliyu

Jelani Aliyu, the Director General of the National Automotive Design and Development Council (NADDC) and world-renowned Nigerian genius, who designed the American Chevrolet Volt car model, in this interview with KUNLE AZEEZ at the just-concluded Gulf Information Technology Exhibition (GITEX), which held in Dubai, speaks on a number government policy initiatives and projects aimed at transforming Nigeria’s automotive industry just as he highlights mega trends revolutionising the industry globally How will you assess the market potential of Nigeria’s automotive sector? Well, there is potential of over a million vehicles per…

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Group raises concern over N3.89trn states’ debts

DMO okays proposed $5.5bn external borrowing As institutions, groups and analysts continue to raise concern over Nigeria’s rising debt profile, a civic technology organisation, Budgit Nigeria, has raised a fresh concern over the debt portfolio of the 36 states of the federation, calling the states to desist from depending solely on external loans. BudgIT’s Lead Partner, Oluseun Onigbinde, who spoke during the launch of the organisation’s State of the state’ report in Abuja on Thursday, said state governments need to invest more to avoid further debts and reduce the increasing…

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Apapa Gridlock: Fashola urges importers to use outer ports

Minister of Power, Works and Housing, Babatunde Fashola, has decried the lingering traffic congestion on Apapa- Wharf Road. The minister, while lamenting the situation when he met with stakeholders on Thursday in Lagos to discuss collaborative efforts that will help decongest the port as Christmas approaches, urged importers to use ports closer to their destinations to reduce gridlock on the road. The minister noted that the problem of congestion at Apapa /Tin Can Road has been enduring for a long time, suggesting that there was need for collaborative efforts between…

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9mobile: Barclays leads search for new investors –sources

Nigerian banks have picked Barclays to try to find new investors for debt-laden 9mobile, two banking sources said on Thursday. Barclays has started work on the mandate and is in the process of setting up a database for prospective investors to conduct due diligence, they said. Banking sources had previously said Citigroup and Standard Bank were in the running for the role. But the lenders decided against them due to their previous links with 9mobile, the sources said on Thursday. Standard’s local unit, Stanbic IBTC Bank, is among the group…

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FG revises down 2017 growth forecast to 1.5%

Nigeria has revised down its forecast for 2017 economic growth to 1.5 per cent from 2.19 per cent, according to a document seen by Reuters on Thursday. Oil production, on which Nigeria relies for about two-thirds of government revenues, was at 1.9 million barrels per day as at July 2017, against an estimated 2.2 million barrels per day, said the document. Titled “The 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper”, the document was prepared by the Ministry of Budget and National Planning and is dated August 2017.

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FG plans N8.6trn budget in 2018 –Fiscal paper

Nigeria plans to increase its budget to a record N8.6 trillion ($27.34 billion) in 2018, up 15.5 per cent from this year to stimulate growth, according to a draft budget document seen by Reuters on Thursday. The country, which has Africa’s biggest economy, emerged from its first recession in 25 years in the second quarter and has trimmed its forecast for 2017 growth to 1.5 per cent from 2.19 per cent, according to the document. The draft figures must be approved by the Senate before a budget is submitted. The…

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CAC liberalises registration process

  Shareholders can now register their companies faster and directly without having to go through accredited agents. This was disclosed at a public sensitisation programme organised in Lagos by the Corporate Affairs Commission (CAC), in collaboration with the Presidential Enabling Business Environment Council (PEBEC), on Thursday. The sensitisation programme which is the first in the series kicks off in Lagos and is part of the 60-Day Action Plan of the Federal Government on Ease of Doing Business in Nigeria, an initiative aimed at deepening the on-going investment climate reform of…

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