BUSINESS

World Bank admits bias in advice to Nigeria

Daily Dispatch October 11, 2018

The World Bank says it “has to take some responsibility’’ for advising Nigeria and other African countries to invest more in roads, railways and energy rather than in education and health. The World Bank President, Mr Jim Yong Kim, made this known while briefing the media after the launch of

BUSINESS

Nigeria needs $1trn to modernise energy infrastructure

Daily Dispatch October 11, 2018

Nigeria requires about $1trillion to modernise its energy infrastructure in 29 years, Vice President, Professor Yemi Osinbajo has said. Professor Osinbajo stated this on Thursday at the opening of a two-day National Energy and Climate Change Summit, taking place at the Banquet Hall of the Presidential Villa, Abuja. The Ministry of Science and Technology organised the

BUSINESS

IMF: Nigeria’s debt service obligations too high, unsustainable

Daily Dispatch October 11, 2018

The International Monetary Fund (IMF) had warned that Nigeria’s current sovereign debt servicing obligation was becoming unsustainable compared to its revenue generating capacity. According to the organisation, the situation may impair infrastructure and social project financing over a short to medium term. At a press briefing on the release of October 2018 Fiscal Monitor

BUSINESS

IMF’s Christine Lagarde urges Nigeria to fix ailing refineries

Daily Dispatch October 11, 2018

The Managing Director of the International Monetary Fund (IMF), Ms. Christine Lagarde, Thursday advised the federal government to fix the country’s ailing refineries so as to enhance local production of petroleum products and enhance economic activities in the country. Lagarde, who expressed delight over the appointment of a female, Zainab Ahmed, as Nigeria’s Finance

BUSINESS

Oil prices not impacted by producers says OPEC

Daily Dispatch October 11, 2018

OPEC Secretary-General, Mohammad Barkindo, said on Thursday that there are many non-fundamental factors influencing the oil market that are beyond oil producers’ control. Barkindo, speaking at the Oil and Money conference in London, also said he wanted to ensure there is no shortage of crude in the market. Oil prices have rallied this year on […]

BUSINESS

Aviation unions shut down MMA2, flights grounded

Daily Dispatch October 10, 2018

Hundreds of passengers are reportedly stranded at the domestic terminal of the Murtala Muhammed Airport 2(MMA2) on Wednesday,  as aviation unions carried out their shutdown threat over the sack of workers  by Bi-Courtney Aviation Services Limited. The unions involved in the shutdown are Air Transport Services Senior Staff Association of Nigeria (ATSSSAN), the National