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NESG: Nigerian economy to beat IMF growth forecast in 2021

The Nigerian Economic Summit Group has predicted a growth rate of 2.9 per cent for the Nigerian economy in 2021, higher than the 1.5 per cent growth rate suggested by the International Monetary Fund. The NESG identified eight key policies and events that will help shape the outlook of Nigerian economy in 2021. This is contained in the group’s 2021 Macroeconomic Outlook Report titled, “Four Priorities for the Nigerian Economy in 2021 and Beyond,” launched virtually on Tuesday. According to the report, for Nigeria’s economy to get back on track, the economy needs a high, robust and sustained economic growth that will deliver a significant reduction in unemployment and poverty. The report said the government’s most important agenda in 2021 must be to address these problems as a foundation for...

National carriers announce resumption of Qatar-Saudi air travel

The national carriers of Qatar and Saudi Arabia have announced the resumption of air travel between the two countries starting next week, just days after a deal was reached to end a years-long regional diplomatic dispute. A Gulf Cooperation Council (GCC) summit on Tuesday declared an end to the bitter rift in which members Saudi Arabia, the United Arab Emirates, Bahrain – along with Egypt – blockaded Qatar since June 2017. The group severed diplomatic, trade and travel ties with Qatar, accusing it of supporting terrorism, an accusation Doha vehemently denied. Kuwait and the United States had been mediating for reconciliation. On the eve of the 41st GCC summit held in Saudi Arabia, the kingdom agreed to reopen its air, sea and land borders with Qatar – a major breakthrough in the Gulf crisi...

Nigeria: 1,375 irregular migrants arrested during border closure

The Federal Government said on Monday that no fewer than 1,375 irregular migrants were arrested while the border drill code-named, ”Exercise Swift Response,” lasted. Newsmen report that the border drill held between Aug. 20, 2019 and Dec. 17, 2020. Speaking at a new year media briefing in Lagos on Monday, the Minister of Information and Culture, Alhaji Lai Mohammed, said the border drill was a huge success. The minister said the seizures so far during the period included 157,511 – 50kg bags of parboiled foreign rice, 10,447 bags of NPK fertiliser used for making explosives and 18,630 jerry cans of vegetable oil. The total monetary value of the seized items, according to him, is about ₦12.362 billion. Newsmen recall that ”Exercise Swift Response” was launched as part of efforts to secure th...

Nigerian government exempts Dangote from border closure – report

The Nigerian government has allowed Dangote Cement to resume exports across its land borders, Bloomberg reports. This is despite the closure of all land borders by the government for over one year. The move has, however, raised hopes that Nigeria may be opening up trade with neighbors after a year-long blockade. The administration of the President Muhammadu Buhari gave its authorisation for Africa’s biggest producer to export cement to Niger and Togo in the third quarter for the first time in ten months, Michel Puchercos, chief executive officer, said on an investor call in Lagos. The export was made possible “through authorisation given by this administration,” he said. The exemption to Dangote Cement is seen as a softening of the government’s position on a border closure that started in ...