Nigeria’s Minister for Transportation, Idris Umar, has announced the government’s approval of N58.6 billion to construct a ship building facility in the Niger Delta. He said an initial N40.2 billion will be provided for the delivery of maritime equipment, and N18.4 billion for civil and structural engineering works.
He said, “We have a very serious dearth in the ship building capacity in the country and it is, therefore, imperative that we develop the facility in order to curtail the incessant capital flight that is being experienced by the Nigerian economy.”
“Annually, we have to be acquiring vessels and ships outside the country which is telling on the economy.” The project, he said, “will also help Nigeria to take its rightful place among the developed maritime nations across the world.’’
In times of economic turbulence and uncertainty (such as the present moment), businesses face numerous challenges that can test their resilience and viability. The ability to withstand tough operating conditions is a skill that all entrepreneurs should have. After all, downturns are a fixture of economic cycles. If you implement the right strategies, you … Continue reading How to Make Your Business Withstand Tough Economic Times
Workers’ Day is a special day set aside to honour and appreciate the contributions of workers to the growth and development of any economy. In Nigeria, the celebration of Workers’ Day, also known as May Day, is an opportunity to recognize the vital role of Nigerian workers in building a stronger and more prosperous … Continue reading The Role of Nigerian Workers in Building the Economy
The Central Bank of Nigeria on Wednesday announced that it would be redesigning the ₦200, ₦500, and ₦1,000 notes. Godwin Emefiele, the CBN governor, disclosed this at a press briefing. Read more about Business According to the apex bank, the new notes will begin circulating on December 15, 2022. However, the old notes will remain … Continue reading The CBN’s Plan To Redesign The Naira: 6 Facts You Should Know