Nigeria Spends $500 Million Annually On Palm Oil Importation – CBN

The Governor, Central Bank of Nigeria (CBN) Godwin Emefiele on Monday said that over five hundred million dollars was being spent annually on importation of palm oil. Mr Emefiele said this at a stakeholders’ meeting on the Palm Oil Value Chain held in Abuja. The meeting was attended by the Governors of Akwa Ibom, Edo […]

FG Bans Palm Oil Import, As CBN Distributes N30bn To Producers

It is now an offence for any company or individual to import palm oil into Nigeria. In its bid to boost local production and create more jobs, President Muhammadu Buhari, has directed the apex bank to include palm oil among the banned 42 items and to prosecute firms, owners and management that violated the order […]

Buhari orders CBN to blacklist importers of palm oil, 42 other items

President Muhammadu Buhari has directed the Central Bank of Nigeria to blacklist from the banking system any firm, its owner and top management caught smuggling or dumping any of the 43 items that are not eligible for foreign exchange. The Presidential directive was disclosed by the CBN Governor, Mr Godwin Emefiele, on Friday in Abuja […]

Nigeria celebrates its democracy but millions remain in poverty

Africa’s biggest economy is vulnerable because of high unemployment and slow growth. On Monday, Nigeria’s President Muhammadu Buhari officially made June 12 a public holiday. The day celebrates 20 years of democracy in a country that was under military rule for decades after winning its independence from Britain in 1960. However, as the West African […]

Nigeria overtakes India in extreme poverty ranking

Lagos, Nigeria (CNN) Nigeria has overtaken India as the country with the largest number of people living in extreme poverty, with an estimated 87 million Nigerians, or around half of the country’s population, thought to be living on less than $1.90 a day. The findings, based on a projection by the World Poverty Clock and […]

CBN approves N75billion loan for agricultural lending in states, Abuja

The Central Bank of Nigeria (CBN) has approved the disbursement of about N75billion as loan to farmers in the 36 states and the Federal Capital Territory (FCT) under the Nigerian Incentive-Based Risk Sharing in Agricultural Lending (NIRSAL). The loan guarantee scheme is a public-private sector initiative set up to transform the country’s agricultural sector. It […]

Number of poor Nigerians rises to 91 million —World Poverty Clock

The number of extremely poor Nigerians has risen to 91.6 million, according to the World Poverty Clock. This implies that virtually half of Nigeria’s population now live in extreme poverty. The World Poverty Clock had named Nigeria the poverty capital of the world last June when it revealed that Nigeria had 87 million people living […]