Buhari Government Drives Nigeria Economy Into Impending Recession, Devalues Naira

(LinkMoment). Buhari government via the CBN governor Godwin Emefiele warned of Nigeria's "impending recession", according to a statement issued on Tuesday announcing plan to devalue naira. Details of the devaluation plan are expected to be announced in the next few days. Meanwhile, the Buhari government has kept the official rate Naira to dollar exchange rate at around N199 naira to US dollar,...

Buhari Government Increases Petrol Price After Months of Denying They Won’t

(LinkMoment). After months of denying that they will not remove fuel subsidy, the Buhari government has finally removed all that is left thereby increasing the fuel price by almost 100% per litre. The new price increase introduced by President Buhari's administration would make fuel (petrol) to be sold at stations for 145 naira per litre officially. According to the statement issued by...

Cases Of Banks Net Profitability Falling By Over 50% Are Just Too Many

John Izuka, (LinkMoment). Have you had the time to look at the 2015 audited financials of the many Nigerians banks that have been published? Let me spare you the rigour, many are not looking as their managements would have wanted. In fact, cases of net profitability falling by over 50% are just too many. Drawing conclusions, assessing a commercial bank...

Governors Prevented Jonathan From Saving Money For Nigeria — Ngozi Okonjo-Iweala

(LinkMoment). The former Minister of Finance and Coordinating Minister of the Economy, Dr (Mrs.) Ngozi Okonjo-Iweala, has revealed that state governors prevented the former president, Dr Goodluck E. Jonathan from saving money for the rainy day when oil price was high. Speaking during an interview by LEMONDE, the former minister was asked the question: "Will Africa be more selfish? Taxing imports more...

LinkMoment Acknowledges Distinguished Article Contributors and Writers

(LinkMoment). Numerous articles, photos and videos by various authors and sources are published on the Linkmoment platform. The LinkMoment organization commends and appreciates these authors. However, as part of the LinkMoment's one year anniversary celebration, some of these authors selected based on given criteria deserve special acknowledgement because of many reasons. The 12 authors being acknowledged in this 2016 period are enumerated...

LinkMoment Celebrates One Year Anniversary On The 5th Day Of April, 2016

(LinkMoment). Linkmoment is One year old today (April 5, 2016) and wishes to appreciate its numerous fans, readers, listeners. viewers, commentators and contributors world wide. LINKMOMENT.com is one of the world’s leaders in the 24/7 delivery of online news and information regarding Africa and/or what Africans and their friends care about. LinkMoment relies strongly on a team of dedicated staff including freelance...

IMF 2016 Economic Outlook Spells Gloom For Nigerian Economy – AbiaFactsNews Editor

AbiaFactsNews Editor, (LinkMoment). THE International Monetary Fund’s (IMF) 2016 economic outlook for Nigeria spells doom for the nation’s growth prospects, with the projection that gross domestic product (GDP) would be far worse than it recorded in 2015. The expectation of the improved GDP this year is projected to plunge further to 2.3 percent as against 2.7 percent in 2015, with non-oil...

Buhari Led APC Govenment Crumbles Power generation To Zero(0) MW For Hours

(LinkMoment). One year after Muhammadu Buhari claimed to have been elected as the president of Nigeria, Nigeria’s power generation collapsed completely on Thursday (March 31, 2016) at exactly 12:58 pm to zero (0) megawatt and this persisted for about three hours. According to report by Punch News, "Data from the country’s System Operator (SO) showed that around 1:00 pm on Thursday,...

Your Fuel Scarcity Will Persist and Suffering Continue, Says Minister of State for Petroleum

(LinkMoment) If you were hoping that the chronic fuel scarcity would subside sooner than later, then lose hope and continue your suffering as that would not be teh case according to the Nigerian government via the Minister of State for Petroleum, Mr. Ibe Kachikwu. According to report by Vanguard, the Minister said he is not a magician to make the problems...

Technology a Necessary Requirement For Fighting Corruption – Ngozi Okonjo-Iweala:

Ngozi Okonjo-Iweala, (LinkMoment). "We have to fight corruption in two ways: (1). One is by punishing those steal and making sure that they pay for what they do. (2). But we must also plug all the holes by building institutions and systems that prevents corruption in the first place. "If you have a financial system for running your financial accounts that is not...

As Power Generation Drops, Buhari Says It’s No Longer Laughing Matter

(LinkMoment). President Buhari on Monday could no longer hide and/or make excuses on the lowest drop in power generation ever, as such stated that the situation was no longer funny. According to Vanguard reports, the President delivered a keynote address at the opening ceremony of a two day summit of the National Economic Council, NEC, in Abuja, where he said the...

Aliko Dangote Bids For Automaker Peugeot Nigeria – Forbes

(LinkMoment). The Governor of Kaduna State Nasir El-Rufai, on Thursday informed journalists that "Dangote is a key member of a consortium that has applied to acquire the majority stake in the company which is currently owned by Nigeria’s state-backed “bad bank”, the Asset Management Corporation of Nigeria (AMCON)." The bid is for a majority stake in automaker Peugeot Automobile Nigeria (PAN)...

Group Launches Pro-Biafra Beverages Packaged in Cans

(LinkMoment). Photo Source: Bright Chimezie

It’s Less Expensive To Import Petrol Than Refine In Nigeria — Kachikwu

(LinkMoment). Nigeria Minister of State for Petroleum, Dr. Ibe Kachikwu, has stated that meanwhile importing Premium Motor Spirit (PMS), also called petrol, is less expensive that than producing the product in the Nigeria’s refineries. Kachikwu made the statement while addressing he media in Abuja. The Minister Kachikwu's statement is as follows: “Most modern refineries are configured in such a way that your...

Nigeria Grinds To A Halt Due To Fuel Scarcity Under Buhari’s Watch

(LinkMoment). According to SUN News, "Nigerians are groaning under the weight of the scarcity as a litre of petrol which official price is pegged at N86.50 now goes for between N150 and N300. The situation, many say, is gradually inching the country to the precipice". SUN News reports that: "as at press time, the situa­tion has worsened. From north to south,...

Clover, A South African Beverage Company Withdraws From Nigeria

(LinkMoment). A South African beverage company, Clover that produces Tropika fruit juice, says it is withdrawing future investments in the Nigerian market. "Clover becomes the second South African country in two weeks to toe this line," TheClable reports. "In its fiscal year end profit/loss posting, the company said the financial crisis in Nigeria is to blame for its withdrawal from the...

Buhari Government Begs Shell, ExxonMobil And Others Not To Fire Nigerian Workers

OPEC, (LinkMoment). The Nigerian government has called on its foreign oil partners to rethink plans for major employment layoffs as a result of the falling oil prices and revenues. The plea comes after oil labour unions in the country have threatened strike action if job losses are announced. Global oil companies have been forced to reduce their workers as development plans...

Oil Industry Market Is Unsustainable And Totally Unacceptable – Buhari

(LinkMoment). The OPEC cartel needs to take action to stabilize the oil market because crude prices have fallen to “totally unacceptable” levels, Nigerian President Muhammadu Buhari said on Sunday. Nigeria, Africa’s biggest oil producer which earns around 90 percent of its foreign exchange earnings from crude oil exports, has been hit hard by the erosion of vital revenues caused by the...

MTN Falls Most In 17 Years As Nigeria Operations Hurt Profit – Bloomberg

Bloomberg, MTN Group Ltd. shares declined the most in more than 17 years after Africa’s biggest wireless company said 2015 earnings fell at least 20 percent and talks on a record $3.9 billion fine in Nigeria remain unresolved. The stock fell 18 percent, the most since August 1998, to 126 rand at the close in Johannesburg, the lowest since Feb. 2....

SA Retailer Leaves Nigeria Due To Foreign Exchange Restrictions – Reuters

(Reuters) - South African retailer Truworths has pulled out of its Nigerian business citing import restrictions, its chief executive said on Thursday, a sign President Muhammadu Buhari's attempts to boost local industry are hurting foreign investment. As well as being unable to fill its shelves, the clothing retailer said it was struggling to pay its rent and get access to...

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