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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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2017 budget at risk as FG incurs N404b deficit in Feb

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By Babajide Komolafe President Muhammadu Buhari presenting the 2017 Budget before a joint session of the National Assembly on Wednesday, December 14, 2016.  LAGOS — In spite of increase in federally-collected revenue, buoyed by increase in crude oil price, the Federal Government recorded a deficit of N404 billion for the month of February, 2017.  The Central Bank of Nigeria, CBN, disclosed this in its economic report for February posted on its website, yesterday, indicating another threat to the budget.  The report among other things showed that banks borrowed N4.2 trillion from the apex bank during the month, while they paid N3.2 billion as interest to the apex bank.  The report stated: “The estimated Federal Government retained revenue for the month of February 2017, at N194.38 billion, was below the 2017 provisional monthly budget estimate of N337.48bn and the receipts in January 2017 by 42.4 per cent and 5.9 per cent, respectively. Of the total receipt, ...
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130m active mobile money users recorded globally in 2015 – GSMA report

By Emeka Aginam  While the ongoing 2016 Mobile World Congress , MWC, is in full swing in Barcelona, Spain, the GSMA yesterday announced that the number of active mobile money accounts worldwide now exceeded 130 million, with more than 100 million new registered users added in 2015. According to the latest report on the state of financial services worldwide, there were 1 billion mobile money transactions in December 2015 at around 33 million per day which is more than double the amount PayPal processed globally. With 411 million registered mobile money users during the time in question, according the GSMA report, there were at least 19 countries with more mobile oney accounts than bank accounts According the report, with 30 services with more than 1 million active users, only 5 of those services actually have more than 5 million active users. The report also added that there were 271 active services in 93 countries. The figure the report said is more than the number of officially...
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