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Africa Today, ECONOMY

Economic Business News Review 1| Journal Reporting For The Week

The Federal Government Has Disclosed That The Proposed Introduction Of One-Meal-A-Day For All Primary School Pupils Across The Country Will Attract Investment Of Over N980 Billion And Create About 1.14 Million New Jobs

481Japanese Firm Unveils 25-Year Development Plan For Nigeria’s Power Sector

Review: Japanese International Cooperation Agency (JICA), has unveiled a comprehensive study on National Power Development for its intervention activities in the country’s power sector. The scope of the proposed study will include all its collaborative activities in the power sector to cover the entire country with a target year between 2015 and 2040 (25 years).

The study is to include power development planning, power demand forecast generation planning (Thermal, Hydro), primary energy analysis, Transmission Sub-station, Environmental and Social consideration. Chief Representative of JICA, Nigeria office, Nakamura Hirotaka, identified the primary problem that informed the study, saying that epileptic power supply was a major impediment to socio-economic growth of the country.

JICA he said will work assiduously with relevant government agencies and development partners to come up with a workable document that will remove bottlenecks in the nation’s quest for reliable power delivery to all Nigerians.



Osun, Niger, Ebonyi Get N43.457bn Bailout

Workers in Osun, Ebonyi and Niger states will start receiving their outstanding salaries in a couple of days following the disbursement of the states’ shares of the N338bn bailout fund to their respective state government accounts, amounting to N43.457bn.

The Central Bank of Nigeria confirmed that the three states’ account with their commercial banks has been credited.


Crude Exports From Nigeria, Others To Asia Drop

Crude oil exports to Asia from Nigeria and other West African countries are set to fall to 1.68 million barrels per day in September, their lowest since August 2014, according to shipping data and a survey provided by traders on Wednesday.

Angola, Nigeria and neighboring countries are expected to export about 28 cargoes to China in September and 15 to India, down from 30 and 25 respectively last month.

Crude flows to Asia have fallen from 2.34 million bpd in April due to seasonal refinery maintenance and lower refining margins as well as fears of weakening demand growth.



pg-28-nigeria-1-ap-v2FG Targets 1.14 Million Jobs, N980bn Investment In One-Meal-A-Day Programme

The Federal Government has disclosed that the proposed introduction of one-meal-a-day for all primary school pupils across the country will attract investment of over N980 billion and create about 1.14 million new jobs.

Vice President Yemi Osinbajo made this known , at the ongoing 45th Annual Accounting Conference of the Institute of Chartered Accountants of Nigeria (ICAN), holding at International Conference Centre, Abuja.

He noted that although Nigeria had recorded rising oil prices, Gross Domestic Products (GDP) and foreign reserves during the last administrations of former presidents, Chief Olusegun Obasanjo, the late Musa Yar’Adua and Goodluck Jonathan, unemployment had remained also on the rise at the same time, making it clear that such figures, including a rise in revenue by itself, did not create jobs or significantly put a dent to poverty levels in the country.


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