ECONOMY
Why Fitch Lowered Nigeria Credit Rating
Submitted by edoji on Sat, 10/23/2010 - 03:44Fitch Ratings moved toward a possible downgrade of Nigeria's junk-level ratings, because of the country pulling money from a crude-oil account the help fund government operations. That and a continued gradual fall of international reserves at a time of high oil prices and record oil production is a major concern, according to Fitch. It also raises vulnerability to any renewed
Save Our Soul - Before The Chairman of Federal Inland Revenue Service FIRS - NIGERIA) Sacks us.
Submitted by TubosunSamuel on Thu, 10/14/2010 - 22:00PLEA TO SAVE OUR SOUL (S.O.S) Impending Sack Of Federal Inland Revenue Staff Members:- On behalf of the general staff members of the Federal Inland Revenue Service (F.I.R.S), we forward this protest letter to you to help us intervene in our plight at F.I.R.S.Some members of staff of FIRS are about to be sent to their early graves unjustifiable by the Executive Chairman of the Board – Mrs.
Nigerian Foreign Reserves Drops by 15% to $34 Billion
Submitted by Elombah.com on Mon, 10/11/2010 - 02:09Nigeria's foreign exchange reserves fell 15 percent to $34.57 billion by Oct 5 compared to $40.75 billion at the same time a year earlier, the central bank said on Thursday. It said the reserves have been declining, shedding 7 percent from the middle of last month to the end of the month, as it tried to defend the local naira currency.
Convicted Cecilia ibru, "Seriously ill"
Submitted by Elombah.com on Sun, 10/10/2010 - 21:11Convicted former Managing Director and Chief Executive of Oceanic Bank Plc, Mrs Cecilia ibru is very ill and may serve her jail term from home or likely to die in prison due to her illness. Mrs. Ibru was convicted of bank fraud at a federal high court in Lagos on Friday October 8, 2010 and sentenced to 18 months imprisonment. She is to spend six months in jail and forfeit over N190billion Naira in assets and cash.
Naira Depreciates to Lowest Value in the past One Year
Submitted by admin on Sat, 09/25/2010 - 16:24Nigeria: The Naira yesterday depreciated to its lowest value in more than a year against the US dollar on speculation that companies have stepped up dollar purchases to repatriate profits and buy imported goods. The naira slumped as much as 0.7 percent to 154.8 to the dollar, the weakest intra-day level since Aug. 25, 2009, and traded 0.1 percent lower at 153.905 by 2:31 p.m. in Lagos yesterday from a previous close of 153.72.
China and Nigeria are building one of Africa’s largest free trade zones in the commercial capital, Lagos.
Submitted by admin on Wed, 09/08/2010 - 05:35Report Says Nigeria's Population Boom May Pose Threat to Security
Submitted by admin on Fri, 09/03/2010 - 03:04A British Council study published this week says Nigeria's booming population of young people may be a great boon for the country's economy in the coming decades. But it says if the Nigerian government does not take steps to engage young people, the country could face a "demographic disaster." Farida Ashu is a 22-year-old who lives in Nigeria and is looking for work as a teacher.
The Nigeria Vision 20-20 is a Mirage – Soludo
Submitted by Elombah.com on Fri, 07/02/2010 - 04:27
The former Governor of the Nigeria Central Bank, Professor Chukwuma Soludo has said that the Vision 20: 2020 will end up a huge joke because the economy is currently hanging on the life support of a fragile and temporary oil boom without the prerequisite economic investments to support the vision.
“Unless the economy is growing at the rate of about 15% per annum (more than twice the current rate)” the Vision 20:2020 dream will remain a mirage.
Professor Soludo made the declaration at the the Nigeria@50 Summit that took place at London’s Grosvenor House Hotel, in Park Lane, London from Monday June 28 - 29 2010.
Nigerian Roads And Their Construction
Submitted by nkemokoyon on Thu, 07/01/2010 - 05:47Unlike what most farmers cherish because of its good work on the soil and subsequent large production of crops,rainy season is dreaded by motorists because of the bad shape it gives our roads and the direct effect of the bad roads on their vehicles,due to poor maintainance or inexpert construction of these roads.Unfortunately,rain,an inexorable natural phenomenon and gift from God seems to be causing more harm than good to
G20 Business Leaders : Partnering with Africa's Dynamic Markets
Submitted by admin on Sun, 06/27/2010 - 03:10Toronto, Canada - On the occasion of the 2010 G20 Summit in Toronto, the leading private sector organizations of Africa and of countries investing on the African continent met in Toronto on June 23-24. The meeting’s goal was to identify further ways and the most effective means to stimulate private investment in Africa through better cooperation between the private sector, governments and aid agencies. To this effect, the group had
