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Court Awards N10bn Against Mobil for Bayelsa Oil Spillage

A Federal High Court in Lagos has ordered Mobil Producing Nigeria Limited to pay N10bn to victims of a January 12, 1998 oil spillage which occurred when a 24 inches pipeline belonging to the company burst, releasing its content into the marine environment. About 40,000 barrels of Qua Iboe light …

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FG Not Responsible For Economic Recession- Udo udoma

The federal government says it is not responsible for the current economic situation of the country. Udoma Udo Udoma, minister of budget and national planning, said this on Thursday, describing the government of President Muhammadu Buhari as a rescue team. Udoma spoke after the national economic council (NEC) meeting which …

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Inflation Hits 18.48%, A 11 Year High

The Consumer Price Index, which measures inflation rate or hike in prices in the Nigerian economy, has hit an all-year high, which also represents an 11-year high. The rise in inflation rate was however at its slowest pace in 2016, rising by less than a quarter of a percentage point. …

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Dollar Rises Over Planned Interest Rate Hike

The dollar surged against its peers Thursday and most Asian markets tumbled after the Federal Reserve indicated it will likely embark on a steeper path of interest rate hikes over the next year. Investors were sent scurrying on the prospect of tighter borrowing costs as the Federal Reserve positions itself …

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FG Bans Importation Of Vehicles Through Land borders

The Federal government has announced a blanket ban on all the importation of all category of vehicles into the country through the land borders. The prohibition order covers both new and used vehicles. A statement issued by the Nigeria Customs Service (NCS) Public Relations Officer, Mr Wale Adeniyi on Monday …

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Recession: Dangote Sacks 36 Expatriates, 12 Nigerians

The current recession rocking the Nigerian economy has hit one of the biggest employers of labour in the country outside of the government as the Dangote Group, belonging to Africa’s richest man, Aliko Dangote, has fired 48 members of staff. Our correspondents gathered that those sacked were made up of …

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Economic Recession: Senate To Review Tax Laws- Saraki

President of the Senate, Dr. Abubakar Bukola Saraki, on Tuesday stated that the 8th Senate will work to streamline Nigeria’s multiple taxation system to improve the ease of doing business in the country. Speaking at a dialogue at the 22nd Edition of the Nigerian Economic Summit in Abuja, the Senate …

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Saudi Energy Minister: Oil May Hit $60 Per Barrel This Year

Saudi Arabia’s Energy Minister Khalid al-Falih has said that the price of crude oil might hit $60 per barrel this year, following the decision of the Organisation of Petroleum Exporting Countries (OPEC) to cut global production. This is coming as the Russian President, Vladimir Putin, monday gave his support to …

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IMF offers zero Interest Loans To Nigeria, Other Members In Economic Crisis

The International Monetary Fund(IMF) has said that the body is willing to lend money to Nigeria and other countries facing economic challenges at zero interest rate in order to stimulate their recovery. The Managing Director, IMF, Christine Largade, said this on Thursday in Washington DC, United States, at the ongoing …

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IMF Predicts Nigeria Will Be Out of Recession By 2017

The International Monetary Fund has predicted that the Nigerian economy will grow by 0.6% in 2017, effectively lifting the country out of an officially declared recession. In the IMF’s World Economic Outlook report released on Tuesday, Nigeria’s real Gross Domestic Product is expected to increase marginally by 0.6% with Consumer …

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