Author: Oladi Samuel

The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, has estimated that the country needs about 312,000 metric tons of seed in 2024 to achieve objectives in food security, food sufficiency, and global stability.  At a High-Level Stakeholders’ Forum on Seed System Development in Abuja, organized by Feed-the-Future Nigeria Integrated Agriculture Activity, Sen. Kyari shared these insights on Tuesday.  Representing the minister, Dr. Haruna Suleman, Director of the National Food and Strategic Reserve, attended the forum.  He disclosed that the ministry has identified various critical methods to address Nigeria’s food security issues.  He outlined these methods as strategies to…

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Mr Onyeama would be a poor businessman if he gets carried away with all of these nationalistic sentiments on something that is purely a business issue. He triggered the price war by dropping the price and for which we are eternally grateful. His competitors with better resources have responded by taking the fight to him and are very well confident of sustaining this battle. Mr Onyeama at this time must honker down and start looking at strategies for fighting this with sense because with time and in consideration of the many economic exigencies Nigerians face, a N300k to N500k price…

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Nigeria’s foreign exchange (FX) reserves have witnessed a significant downturn, plunging by approximately $2.16 billion in 29 days, amidst the Central Bank of Nigeria’s (CBN) robust efforts to stabilise the naira. Current figures from the CBN, as of April 15, 2024, reveal that the FX reserves are now positioned at $32.29 billion, a stark decline from $34.45 billion recorded on March 18, 2024.  Previously, Nairametrics reported a substantial depletion in the reserves, shedding about $1.02 billion in just 18 days, attributed to the CBN’s vigorous interventions in the FX market to support the naira.  This continued trend highlights the persistent…

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The Lagos State Government is in discussions with the Ogun State Government to extend Phase 2 of the Blue Line metro rail, currently under construction from Mile 2 to Okokomaiko, further into Agbara in neighboring Ogun State. This announcement was made by Engr. Olasukanmi Okusaga, Director of Rail Transport at the Lagos Metropolitan Area Transportation Authority (LAMATA), during an inspection of the ongoing construction project by the China Civil Engineering Construction Corporation (CCECC), alongside other Authority officials. Nairametrics obtained this information from a statement shared on LAMATA’s official X (formerly Twitter) account on Tuesday. “Today, Lagos Metropolitan Area Transportation Authority…

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The Atelier Ludwigsburg-Paris, a flagship European co-production training, is inviting non-EU national creatives and filmmakers to apply for its 2024-2025 program. Nairametrics learns that the program is supported by funding from the European Union’s Media programme under CREATIVE EUROPE, along with contributions from the French and German governments, Baden-Württemberg state, and the Franco-German Youth Office. The program aims to shape the future of film production and distribution internationally which serves as a gateway to honing skills, building networks, and contributing to European cinema, offering prospective candidates a chance to step into the heart of European cinema collaboration and industry networking.…

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Soaring inflation rates and escalating benchmark rates in Africa has prompted central banks across the continent to issue treasury bills at rates closely mirroring these benchmarks. Data tracking from Nairametrics displays a positive correlation between benchmark interest rates and 91-day treasury bills for many African countries. As the monetary authorities in these countries try to maintain market stability by providing clarity to investors. For example, Egypt with an MPR of 27.25% currently has a yield rate of 27.208% on its 91-day treasury bills. Ghana with an MPR of 29.00% has a yield of 24.18% on its 91-day treasury bills. Temitope…

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Mr Onyeama would be a poor businessman if he gets carried away with all of these nationalistic sentiments on something that is purely a business issue. He triggered the price war by dropping the price and for which we are eternally grateful. His competitors with better resources have responded by taking the fight to him and are very well confident of sustaining this battle. Mr Onyeama at this time must honker down and start looking at strategies for fighting this with sense because with time and in consideration of the many economic exigencies Nigerians face, a N300k to N500k price…

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President Bola Tinubu has inaugurated a committee for  a National Single Window (NSW) to promote ease of import and export trade in the country. Tinubu revealed this during the inauguration of the National Steering Committee of the project on Tuesday at the Presidential Villa, Abuja. According to him, the introduction of the National Single Window (NSW) project is set to enhance integration at both national and regional levels. The single-window system, also known as the single-window concept, is a trade facilitation idea enabling international traders to provide required information through a single agency, streamlining cross-border transactions. The president stated that…

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The House of Representatives Public Accounts Committee has mandated the Securities and Exchange Commission (SEC) and Fiscal Responsibility Commission (FRC) to reconcile the N45 billion unremitted operating surplus from 2007 to 2021 within 21 days. During a public hearing on government revenue leakages in Abuja, the Chairman of the committee, Hon. Bamidele Salam issued the ultimatum. He emphasized that according to the law, the FRC is mandated to ensure responsible behaviour from all agencies and government corporations listed in its enabling Act concerning remittances and revenue management. He stated, “I don’t know why SEC is more comfortable with the Accountant…

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Nigeria’s foreign exchange (FX) reserves have witnessed a significant downturn, plunging by approximately $1.84 billion in 26 days, amidst the Central Bank of Nigeria’s (CBN) robust efforts to stabilise the naira. Current figures from the CBN, as of April 12, 2024, reveal that the FX reserves are now positioned at $32.61 billion, a stark decline from $34.45 billion recorded on March 18, 2024. Previously, Nairametrics reported a substantial depletion in the reserves, shedding about $1.02 billion in just 18 days, attributed to the CBN’s vigorous interventions in the FX market to support the naira. This continued trend highlights the persistent…

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