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Abdul Samad Rabiu In a nation where countless families grapple with escalating food costs each day, and where economic strategies frequently seem out of touch with the everyday person’s experiences, a ray of optimism surfaced via a practical partnership between the private industry and the administration. Abdul Samad Isyaku Rabiu, the billionaire industrialist and chairman of BUA Group, has proposed what many are calling a masterful move by taking advantage of the federal government's duty waiver to substantially lower the price of crucial food items in Nigeria. After a private meeting with President Bola Ahmed Tinubu, Rabiu informed reporters about how his firm took advantage of the six-month tax exemption on essential food products to bring in significant amounts of wheat, corn, and rice. The outcome, evident on store shelves and in daily discussions among ordinary Nigerians, has been a noticeable decrease in food prices, providing an unusual respite amidst Nigeria’s i...

Lagos — China is poised to lead the global ethylene capacity additions By 2030, this sector is projected to capture over 36%, owing to anticipated increases in both the consumption and production of ethylene within the nation, as reported by GlobalData, a prominent provider of data and analysis solutions. According to GlobalData’s recent report titled "Ethylene Market Analysis and Forecast by Products, Capacity Additions, Leading Nations, and Ongoing and Future Projects up to 2030," it indicates that the aggregate planned and announced ethylene capacity additions in China will likely reach approximately 33.30 million tonnes per year (mtpa) by the year 2030. Nivedita Roy, an oil and gas analyst at GlobalData, remarks: "China's substantial increase in ethylene capacity can be linked to various elements such as considerable spending on petrochemical facilities and strong economic expansion. The growing number of people in Chi...

Lagos — The World Bank has disclosed that the Nigerian National Petroleum Company Limited, NNPCL, handed over only half of the income resulting from the elimination of thePremium Motor Spirit subsidy into the nation’s Federation Account. The World Bank revealed this information in their most recent Nigeria Development Update, which was published on Monday. Out of the ₦1.1 trillion revenue generated from oil sales and other incomes in 2024, the NNPCL transferred only ₦600 billion, resulting in an unexplained shortfall of ₦500 billion. The document entitled "Creating Impetus for Equitable Expansion" revealed that the NNPCL utilized the leftover funds to clear its outstanding debts. According to the World Bank report, the NNPCL postponed transferring the related revenue surplus and began making payments into the Federation Account three months later, starting from January 2025. The World Bank disclosed that the NN...

New York [ US On May 16 (ANI): The global economy is facing increasing pressure, as growth is anticipated to decelerate to 2.4 percent in 2025, down from 2.9 percent in 2024, according to the UN 's Global Economic Conditions and Outlook report. The report further points out decelerations in key economic powerhouses, including China , where the economy is expected to expand by 4.6 percent, hindered by sluggish consumer spending and ongoing issues within the real estate sector. India The projected economic growth for 2025 has been adjusted downwards to 6.3 percent, yet it continues to be among the quickest expanding major economies. On Thursday, a press release was distributed stating the following: United Nations stated, "The global economy finds itself in a critical situation, characterized by increased trade conflicts and raised policy unpredictability, as stated by the Global Economic Conditions a...