Nigeria earns 16/12/nigeria-earns-n4-6trn-crude-oil-export-spent-n1-02trn-fuel-import/

Nigeria’s crude oil export over a nine-month period, from January to September 2016, stood at N4.558 trillion, according to data obtained from the National Bureau of Statistics, NBS. The NBS, in its Foreign Trade Statistics for Third Quarter 2016, also disclosed that the country spent N1.024 trillion on the importation of Premium Motor Spirit, PMS, also known as petrol, over the nine-month period, dropping by 10.02 per cent or N114 billion compared to N1.138 trillion spent on the commodity in the whole of 2015. The amount the country earned from the export of crude oil represented 75.2 per cent of Nigeria’s 2016 budget estimates of N6.06 trillion. Again, the NBS report revealed that the value of crude oil export from January to September 2016, was 13.5 per cent or N712 billion lower than total crude oil export value of N5.27 trillion recorded in the same period in 2015. The report further stated that for the whole of 2015, the country’s total crude oil export stood at N6.81 trillion, while in 2014 and 2013, the country exported N11.89 trillion and N11.81 trillion of crude oil respectively. This means that over a period of 45 months, beginning from January 2013 to September 2016, Nigeria exported crude oil valued at N35.068 trillion. Further analysis showed since the advent of the current administration in May 29, the country had earned N7.708 trillion from crude oil export from July 2015 to September 2016. On the other hand, petrol importation cost the country N1.024 trillion, while the import of other fuels and lubricants cost the country N 620.81 billion over the first nine months period of 2016. In general, the NBS report stated that the country spent N1.677 trillion on the importation of mineral products, comprising PMS, lubricants and other petroleum products. This, according to the report represented an increase of 80.71 per cent or N749 billion on the N928.46 billion spent on the import of petroleum products in the same period in 2015. In addition, the report disclosed that in the whole of 2015, total amount spent on PMS importation was N1.138 trillion, while in 2014 and 2013, N1.035 trillion and N1.142 trillion was spent on the import of the commodity respectively. Further analysis of the NBS data revealed that since the advent of the President Muhammadu Buhari’s administration, the country had from July 2015 to September 2016 — a period of 15 months — spent N2.23 trillion on the importation of petroleum products. This was against a total of N1.643 trillion spent on the import of the same commodity by the country, from the second quarter of 2015 to the second quarter of 2016 — a period of 15 months — during the former President Goodluck Jonathan’s administration, which, however, ended May 29, 2015. Specifically, in its analysis of Nigeria’s merchandise trade for the third quarter of 2016, the NBS said, “Import trade by section was dominated by the imports of Mineral products, which accounted for N746.2 billion or 30.9 per cent of the total value of import trade in the third quarter of 2016. “Other commodities which contributed noticeably to the value of import trade in 2016 were boilers, machinery and appliances; parts thereof, at N475.6 billion (19.7 per cent of the total); and products of the chemical and allied industries, at N220.0 billion (9.1 per cent); plastic, rubber and articles thereof, at N153.9 billion (6.4 per cent) and prepared foodstuffs, beverages, spirits and vinegar, tobacco, at N148.2 billion (6.1 per cent). “At the end of the quarter, the import trade classified by Broad economic category revealed that fuels and lubricants ranked first with N725.119 billion or 30.1 per cent of the total. This was followed by Industrial Supplies with the value of N611.618 billion or 25.3 per cent, and Capital Goods and parts, with ₦460.56 billion or 19.1 per cent of the total.”

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Nigeria will play host to researchers, policy-makers and development partners this week for the 11th African Economic Conference
(AEC).
President Muhammadu Buhari is expected to officially declare open the event alongside AfDB President Akinwumi Adesina; Acting ECA Executive Secretary, Abdalla Hamdok; UN Assistant Secretary General and Director of UNDP Regional Bureau for Africa, Abdoulaye Mar Dieye.
About 300 participants are expected to share ideas on topical African development issues including how to end hunger and ensure food security.
The event which is slated for December 5-7 will hold in Abuja. The annual event is organised by the African Development Bank (AfDB), United Nations Development Programme (UNDP) and the UN Economic Commission for Africa (ECA), the theme is, “Feed Africa: Towards agro-allied industrialisation for inclusive growth.”
This central theme is in line with the current African and global development agenda. Tackling poverty, hunger and food insecurity are central concerns of the Sustainable Development Goals (SDGs) endorsed in September 2015 by UN member states. The theme also builds on the African Union Agenda 2063 which underscore the right of Africans to be well-nourished and lead healthy and productive lives.

ENUGU-THE former Minister of Power, Professor Chinedu Nebo has said that there would be no Nigeria without Igboman, who were made special people by God to build economy of the country. He said that other ethnic nationalities in the country envy the Igbo nation because of their

resourcefulness, dignity of labour and rich cultural heritage. Professor Nebo who was also the former Vice Chancellor of the University of Nigeria, Nsukka, made this known while speaking to newsmen at the South East Development and Leadership Initiative (SELDI) 2016 in Enugu with the theme “Integrating the Southeast Economy for Sustainable Growth and Development”. Prof Nebo He urged all Igbo sons and daughters from different walks of life to return home and invest with a view of making our homeland great again. “Nigeria is angry with the Igbo’s growth and development. It is obvious. It is only in Nigeria that a traditional ruler will open his mouth and say that if you do not vote for this person, then we will drown you and throw you into the lagoon. A traditional ruler who is suppose to be the promoter of peace and custodian of the people’s culture and tradition”. “It is high time we woke up and believed in ourselves. The Igbos are great people all over the world. About 80% of Igbo wealth is in the Diaspora. We invest outside the country without coming back home. We need to adopt the “think home philosophy”, come back home and develop our land. “We need to build and develop love for one another. The philosophy of “igwebuike” (togetherness) is still there. There shall be capacity for mentorship for our younger generation. The former Minister, who described the summit as timely and apt, also advocated for an improved educational system that will ensure that capable individuals are produced from institutions of learning. “We need to build an educational system that is relevant. It is not just enough to churn out graduates into the labour market. We need to develop our education system and curriculum in science, innovation and mathematics”, he said. In an address, the Lead Promoter of SELDI, Mr Ikenna Modebelu, said “SELDI’s vision recognizes the challenges of the southeast region and aims to tackle them by promoting leadership that will foster development in areas of investment, infrastructure development, economic growth, value re-orientation, emerging market opportunities and youth empowerment through intensive advocacy campaigns”. “The promoters of SELDI believe that there is leadership deficit across all classes in the region including elites who have failed to lead by example. SELDI is committed to the “Think home, build home” philosophy and believes that time has come for the southeasterners to come together and join hands in developing the region for the good of present and future generations”, his address read.

The Nigerian community in U.S. has lauded the appointment of Bayo Ogunlesi by U.S. President-elect Donald Trump into his Economic Advisory Team, saying it could signal a positive trend for Africa.

Drama as prostitute steals client's entire salary
 after romp Adams Odunayo 1 hour ago 16105 Share on Facebook Share on Twitter Send email A man who hired a prostitute after receiving his salary has dragged her to court after he accused her of stealing his monthly pay for an all night sex in Zimbabwe.

BREAKING: 
Nnamdi Kanu to remain in custody Soonest Nathaniel 20 minutes ago 35265 Share on Facebook Share on Twitter Send email  Mazi Nnamdi Kanu, the embattled leader of the Indigenous People of Biafra (IPOB), has been denied another chance at freedom.