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Nigeria spends $2bn importing agric products annually — Amaechi

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By Favour Nnabugwu  The Minister of Transportation, Mr Rotimi Amaechi, has said the the country spends a total of $2 billion annually to import agricultural products into the country. Amaechi disclosed this to journalists during an inspection tour from Rigasa rail station in Kaduna to Idu Station in Abuja last Friday. Rotimi Amaechi Even as the world’s 7th largest population in the world at a base line of 170million, the Minister said agriculture is an exceptionally important element of Nigeria’s economy. Amaechi went to say that the large import of food products include wheat, rice, flour, fish, tomato paste, eggs, textile and sugar. The Minister however, stressed the need to diversify the mono-cultural tendencies of the Nigerian economy by developing other sectors of the economy especially agriculture. “Major agricultural imports are wheat, rice and sugar. Most agricultural imports come from the US and the EU. The country’s main agricultural exports are cocoa beans, rubber, ...
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Naira ends 2day rally, depreciates to N355/$

By Babajide Komolafe  The improving fortune of the naira in the parallel market was reversed yesterday as the currency depreciated to N355 per dollar in the market. Vanguard investigation reveals that the parallel market exchange rate rose sharply from N305 per dollar on Tuesday to close in Lagos and Abuja at N355 per dollar, implying depreciation of N50 per dollar. This was in sharp contrast to the N70 appreciation recorded from Monday to Tuesday, when the parallel market exchange rate dropped from N375 per dollar to N305. Bureaux De Change operators however express dismay over the sudden depreciation of the naira. President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe  attributed the development to speculation and hoarding. He said there appears to be a conspiracy to hoard dollars in order to halt the appreciation. An Abuja BDC operator who does not want his name mentioned said the people are not willing to sell dollars and this wor...
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Domain’s rejection threatens Nigeria’s cyberspace identity

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By:  Olatunde Odebiyi The Nigeria Internet Registration Association (NIRA) has lamented that the refusal of Nigerians to register with the .ng domain name is a major challenge to the nation’s cyberspace identity, a decade after it was unveiled. Its President, Mr Sunday Folayan, who spoke in Lagos at a press conference to kick off  NIRA’s 10th anniversary, lamented that many Nigerians are not registering with the .ng domain name the way they should because they still do not believe in the country. “They would rather register with .com or .co.uk. Nigerians do not want to patronise anything made in Nigeria because we believe we are inferior whereas we are not,” he said. Folayan said the number of the .ng domain names registered in the last 10 years in relation to the population of over 170 million people was so insignificant. He urged Nigerians to have a change of heart  ng domain’’ helps to do better business in our locality, as we can’t rule the world without...
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