Lagos: In this exclusive interview with Paul Obi in Oxford, Collier speaks on economic and governance issues in Nigeria, specifically, the danger of mismanaging oil revenues. He also provided some insight into the conference on African economies taking place this week at the centre. Q: In recent times, China’s presence in Africa, particularly Nigeria, is increasingly becoming prominent. Former US Secretary of State, Hillary Clinton and other European allies have cautioned Africa against such a relationship. What is your view?
Abuja: The Federal Government on Tuesday urged African countries to support its bid to secure a seat as a non-permanent member of the United Nations Security Council. The Minister of Foreign Affairs, Mr Olugbenga Ashiru, made the appeal at a meeting with heads of African diplomatic missions in Abuja. Ashiru recalled that the ECOWAS Heads of State and Government in February endorsed Nigeria’s candidature for the seat.
Lagos: The Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has described China as a major contributor to the de-industrialisation as well as underdevelopment of Africa. Sanusi said this in an article published in the Financial Times obtained by THISDAY Tuesday. He warned that with the growing interest of China in the continent, Africa is "opening itself up to a new form of imperialism." The CBN chief also insisted that a review of the "exploitative elements" in what he also described as a "marital contract" between Africa and China was long overdue.
Abuja: The Federal Government said on Monday in Abuja that the security challenges in Nigeria would not hinder the inflow of foreign investments to the country. The Minister of Foreign Affairs, Mr Olugbenga Ashiru, said this when he received a United States Trade Delegation in his office. Ashiru said that the government was not “overwhelmed” by the current security challenges in the country, adding that Nigeria remained the top most emerging market in Africa.
Tunis: This Country Strategy Paper (CSP) proposes a strategy for supporting Nigeria’s development efforts over the period 2013-2017 and is anchored on creating a sound policy environment and investing in critical infrastructure. This strategy is aligned with the long-term development agenda of the new administration as outlined in the vision 20:2020 and anchored on the Government’s Transformation Agenda (TA:2011-2015). It is also aligned with the Country Partnership Strategy (CPS) (2011-2013) - jointly prepared by the World Bank, African Development Bank (AfDB), United States Agency for International Development (USAID) and the Department for International Development (DFID); and with the Country Assistance Framework (CAF) currently being developed by the donor community in Nigeria.
Lagos: The ever-expanding moonscape that stretches out behind a wall holding back the Atlantic Ocean here will one day host a project designed to help anchor Nigeria as Africa's biggest economy. But if the ambitious plan to construct a new city on land reclaimed from the sea represents Nigeria's future, it is one that will be outsourced. Nearly every aspect of it will be privately run, from electricity supply to security. Economists expect Nigeria, already the continent's most populous nation and largest oil producer, to overtake South Africa in terms of gross domestic product (GDP) over the next several years, technically making it Africa's biggest economy.
Abuja: Foreign Affairs Minister, Ambassador Olugbenga Ashiru, on Monday told the Senate Committee on Foreign Affairs that the Federal Government would withdraw the operational licence of any foreign embassy, whose country fails to accord deserved dignity to Nigerians seeking foreign visas. Ashiru, who met with the committee in National Assembly premises, said whereas some foreign embassies in the country had provided enabling atmosphere for Nigerians seeking to undertake foreign trips, others had continued to humiliate Nigerians by keeping them in the sun after applying for visa.
Abuja: Nigeria will earn less for its oil and struggle to replace reserves unless it can end years of industry stagnation, at a time its biggest customer is becoming self-sufficient and African rivals are boosting supplies. A domestic energy boom in the United States has already sharply cut demand for Nigerian oil, while legal uncertainty, political wrangling, corruption and insecurity plague an oil industry which is still Africa's biggest. In addition, rivals on the continent - both East and West - are fast catching up, and hungry for returns to boost their smaller economies they are tempting foreign oil and gas companies with better terms and fewer bottlenecks than Nigeria.
Abuja; Minister of Trade and Investment, Mr. Olusegun Aganga, has said Nigeria and Brazil would work together to double their bilateral trade volume by 2015. The Brazilian President, Ms. Dilma Rousseff, had told journalists after a two -hour closed door meeting with her Nigerian counterpart, President Goodluck Jonathan, in Abuja, at the weekend, that the volume of trade between Brazil and Nigeria stood at $9 billion at the end of 2012.
Abuja: The volume of trade between Brazil and Nigeria grew exponentially last year reaching as high as $9 billion and is expected to hit the roof when further trade links spanning other sectors kick off with the expected establishment of a bi-national commission soon.