RICE IS A BIG DEAL IN NIGERIA

Ijeoma Ndukwe, BBC Rice is a big deal in Nigeria. People love eating it. Why don’t they grow more of it instead of importing so much? A long line of customers queue along a glass divide separating them from a rice food station at an eatery in Lagos, Nigeria’s commercial capital. Diners can choose between white rice, fried rice and jollof at this popular local restaurant known as “The White House”. A steady flow of customers is served in the main hall, and in two packed adjoining rooms diners are…

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WHY RELATIVE SIZE DOESN’T MATTER TO NIGERIA’S ECONOMY

Nigeria is used to making big headlines—it has Africa’s biggest population, Africa’s biggest film industry, and Africa’s biggest bravado. But in August, Nigeria made the news for being smaller. The West African oil giant recently lost its crown as the largest economy in the region to South Africa after the International Monetary Fund (IMF) recalculated the sizes of the two economies using current exchange rates. The news was capped by the announcement on August 31 that Nigeria had officially entered recession after its economy contracted for the second consecutive quarter.…

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$4BN OIL SECTOR DEBTS: NIGERIA SEEKS SUCCOR IN CHINA

With little hope of improvement in the soured ties between Nigeria and its mainly western oil joint ventures like Shell and Exxon Mobil, Africa’s most populous country is now hoping it can find new allies in China to pull its oil industry back from a devastating decline. Nigeria’s owes the western oil partners commonly called IOCs up to $4bn in unpaid obligations and has failed to honour judgments against it at international arbitrations to which it was dragged by the IOCs. Nigeria has failed to come up with agreeable terms…

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NIGERIA CURRENCY CRISIS: What We Know And Don’t Know

This article was written by Paul Wallace. It appeared first on the Bloomberg Terminal. Nigeria’s central bank may soon give bond and stock investors what they have been pleading for: a weaker naira. Governor Godwin Emefiele announced after a meeting of the Monetary Policy Committee in Abuja, the capital, on Tuesday that a more flexible foreign-exchange system would be unveiled “in the coming days.” But his statement was short on details and left plenty of questions. Here are some answers: What’s the problem? Nigeria has held the naira at 197-199…

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NIGERIA IN A TOMATO STATE OF EMERGENCY

On Monday, the Kaduna state government declared a state of emergency on tomato farming in the state as a result of destructive pests. This comes a week after Ventures Africa reported that the real reason for the scarcity of tomatoes is a Tuta absoluta plague. The Tuta absoluta is also known by the common name tomato leafminer or the South American tomato moth and has been spreading rapidly across the world from South America, where it was first discovered. It has the ability to destroy a whole tomato farm within 48 hours and is also very difficult to…

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NIGERIAN GOVERNMENT BORROWS $2BILLION FROM WORLD BANK

TheCable.ng reports that the Nigerian federal government has taken steps to secure a $2 billion loan from the World Bank and the African Development Bank (AfDB) to assist in the implementation of its policies and programmes for the year. This was announced by Ngozi Okonjo-Iweala, coordinating minister for the economy and minister of finance, in an interactive session with journalists in Abuja. According to Okonjo-Iweala, the loan was part of the approved 2012-2015 external borrowing plan of the federal government and was in line with its efforts to strengthen the…

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WHY AGRICULTURE?

By: Dotun Ogunleye Agriculture has been defined in many ways with most focusing on the cultivation of soil and rearing of animals. For the purpose of our discussion both now and in the future, I will adopt the following definitions: – The science of cultivating the soil, harvesting of crops, and raising of livestock and also as the science or art of the production of plants and animals useful to man and in varying degrees the preparation of such products for man use and their disposal. – The art and…

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Buhari vs Jonathan: Beyond The Election

I need to preface this article with a few clarifications. I have taken a long sabbatical leave from partisan politics, and it is real fun watching the drama from the balcony. Having had my own share of public service (I do not need a job from government), I now devote my time and energy in pursuit of other passions, especially abroad. A few days ago, I read an article in ThisDay entitled “Where is Charles Soludo?”, and my answer is that I am still there, only that I have been…

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