Sunday, July 12, 2020
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All-new Mercedes-Benz GLS, The S-Class of SUVs is now in Nigeria

The all-new Mercedes-Benz GLS is Mercedes-Benz’s largest and most luxurious SUV. It offers more of everything: more space, more comfort and indeed more luxury. Since it was first introduced in 2006 as the GL, the Mercedes-Benz GLS has dominated markets for large sized luxury SUVs all over the world. This new generation of the...

FG to Announce Stimulus Packages for the Private Sector Soon

The Minister of Industry, Trade and Investment, Mr. Adeniyi Adebayo, has assured the Organised Private Sector of Nigeria (OPSN) that the federal government would soon announce series of stimulus packages that would assist operators in the private sector to withstand the COVID-19 propelled severe economic wind on businesses. Adebayo revealed that 40 per cent of...

Indisputable Place of Metering in Nigeria’s Power Stability

  One of the most fundamental challenges to effective access to electricity in Nigeria is the absence of an overarching metering system that ensures customers pay fair prices for electricity they consume. It is believed that the country needs over $1 billion to meet its electricity metering gap. What is clear, however, is that the...

NNPC Announces New Appointments, Redeployment of Top Management Staff

The Nigerian National Petroleum Corporation (NNPC) Sunday announced new appointments and redeployments of top management level staff of the corporation. The national oil company noted that the move was part of ongoing efforts to strengthen and reposition the corporation for greater efficiency, transparency and profitability in line with the aspiration of the President Muhammadu Buhari...

World’s First Gold-Plated Hotel Opens In Vietnam

The world’s first gold-plated hotel Dolce Hanoi Golden Lake hotel opened its doors in Vietnam on Thursday. The hotel sits by Giang Vo Lake, in the centre of the Vietnamese capital and cost $200 million to construct. The hotel opened its doors to guests amid the coronavirus pandemic that has put a cramp on travel. The five-star...

Passengers to pay double for domestic flights

Passengers planning to travel by air from Wednesday, July 8, when domestic flights resume after four months of lockdown caused by the COVID-19 pandemic, should be prepared to pay almost double of their old fares. Virtually all airlines have increased their fares in a bid to abide by the social distancing protocol for all...

Power Discos Still Dancing Naked by Yemi Adebowale

Electricity Distribution Companies (Discos) are the weakest link in the power supply chain in Nigeria. These Discos have been mortgaged to shylock businessmen who are only interested in lining their pockets. As a result, quality service delivery to traumatised Nigerian electricity consumers is not and will never be part of their agenda. Discos are...

In Pursuit of Convergence, CBN Adjusts Official FX Rate Towards Market-led I&E

  The Central Bank of Nigeria (CBN) yesterday took another step towards unifying the naira exchange rate by adjusting the rate at the official Secondary Market Intervention Sales (SMIS) to N380/$1. The rate was formerly N360/$1. One of the officials explained: “Yes, it is aimed at moving the rate closer to that of the Investors and...

Nigeria, others face $44 billion financing gaps despite huge loans

Still struggling to deal with the impact of the coronavirus on their economies, the International Monetary Fund (IMF), has said Nigeria and other countries in the sub-Saharan African (SSA) region would need additional financing needs of over $110 billion. Of this $110 billion and approved loans, the IMF insisted that the countries still have $44...

South Africa economy contracts 2% in first quarter

The economy of South Africa, the continent’s most advanced, shrunk by two percent in the first quarter of this year, its third consecutive quarterly decline, official statistics showed Tuesday. StatsSA said mining and manufacturing were the biggest drags on overall economic activity — with the mining and quarrying sectors shrinking by 21.5 percent. The manufacturing industry...

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