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Punch Newspapers Sections ’Femi Asu Published 5:21 am BUA Group and Axens of France have signed a progress acknowledgement statement for BUA’s proposed 200,000-barrels-per-day refinery in Akwa Ibom State. BUA said in a statement on Wednesday that the French President, Emmanuel Macron, commended its Chairman, Abdul Rabiu, for his commitment to developing lasting relationships between French and Nigerian businesses. It said the French Minister for Foreign Trade and Economic Attractiveness, Franck Riester, paid a visit to the BUA Group Headquarters in Lagos where he handed over a personal i...

Rising debt: DMO blames COVID-19, experts say borrowing from CBN dangerous Everest Amaefule, Nike Popoola, Femi Asu, Okechukwu Nnodim and Temiloluwa O’Peters Published 3:47 am Everest Amaefule, Nike Popoola, Femi Asu, Okechukwu Nnodim and Temiloluwa O’Peters Published 3:47 am Nigeria’s debt profile has been on the increase because of the impact of revenue crash and the crises trailing the coronavirus pandemic on the economy, the Debt Management Office has said. However, some economists and experts have warned of the dangers of continued borrowing from the Central Bank of Nigeria by th...

Punch Newspapers Sections ’Femi Asu Published 4:19 am Farmers in Ogun State are eagerly awaiting the commencement of operations of the Dangote fertiliser plant, which is expected to roll out its first bag anytime from now, Dangote Industries Limited said on Sunday. The company said in a statement that the farmers indicated their interest in the fertiliser during an interaction with the Dangote Fertiliser team at the 10th Gateway International Trade Fair in Abeokuta. The Secretary of All Farmers Association of Nigeria, Ogun State Chapter, Prince Abiodun Ogunjimi, was quoted as saying the fa...

Shell’s yearly payment to Nigerian govt hits six-year low ’Femi Asu Published 12:12 am  The payment made to the Federal Government by Shell companies in Nigeria plunged by 42.45 per cent in 2020 to the lowest in six years. Royal Dutch Shell said on Wednesday that its subsidiaries in Nigeria paid $3.24bn to the Nigerian government and its agencies last year, compared to $5.63bn in 2019 and $6.39bn in 2018. The oil giant’s payment to the Nigerian government was $4.32bn in 2017, compared to $3.64bn in 2016, $4.95bn in 2015 and $3.02bn in 2014. Shell, in its ‘Report on Payments to Gover...

Africa’s tourism sectors among slowest to recover – Report The Punch The tourism sectors in Africa will be among the slowest to recover from the coronavirus crisis, inflicting further economic pain in economies most dependent on the industry. Capital Economics, a London-based economic research company, noted in a new report that tourism sectors in the region, like elsewhere in the world, had been hit particularly hard by the coronavirus crisis. “Even as Sub-Saharan Africa gradually opens its doors to visitors, tourism sectors in the region face serious hurdles and we thi...