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Nigeria

IMF Revises Nigeria's Growth Projections Upwards

The International Monetary Fund has said it expects Nigeria’s economy to recover in 2016 even as it revised upward the growth projections for the country to 0.8 per cent based on higher oil production as well as likely improved price of crude at the international market. The IMF in its World Economic Outlook update released yesterday said economic activities in both advanced economies and Emerging Markets and Developing Economies (EMDEs) is forecast to accelerate in 2017 and 2018, with global growth projected to be 3.4 percent and 3.6 percent, respectively, unchanged from its October forecasts.

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Nigeria: Diaspora Remittance Hits U.S.$35 Billion in 2016

Remittance from Nigerians living abroad to the economy has hit $35 billion in 2016, Senior Special Assistant to the president on Foreign Affairs and the Diaspora, Mrs. Abike Dabiri-Erewa has said. She sated this yesterday in Abuja when she paid a courtesy call on the Chairman, Federal Inland Revenue Service (FIRS) Tunde Fowler. She said she was on the visit to seek ways Nigerians in diaspora can get tax incentives to encourage them to invest more locally.

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Nigeria And Morocco Wealth Funds Plan Natural Gas Pipeline To Europe

Nigeria has signed a deal with Morocco to construct Trans-African gas pipeline that will connect the continent’s largest oil producer to Europe’s lucrative gas market. The 4,000 kilometer-long pipeline, to be funded by the Nigeria Sovereign Investment Authority and Ithmar Capital, a Moroccan sovereign wealth fund. The two governments signed the joint partnership during a state visit by Morocco’s King Mohammed to his Nigerian counterpart, Muhammadu Buhari in Abuja, last week. The pipeline will extend the current pipeline operated by West African Gas Pipeline Company in Africa’s most populous nation that transports natural gas from Nigeria to Togo, Benin and Ghana.

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Lagos 'Garage' Supports Innovation & Much-Needed SME Development

Never before in history has innovation offered promise of so much to so many in so short a time," said  multi-billionaire Microsoft co-founder, CEO and author Bill Gates. In recent years, thought leaders such as Gates, multinational companies and governments across  the world have realised how vitally important innovation is to the development of economies. Yesterday, GE made a massive commitment to skills development and job creation in Nigeria with the launch of a permanent installation of the Lagos Garage, which is a hub for training, strategy development, advanced manufacturing-based innovation and collaboration.

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