New trade policy will help diversify Nigeria’s economy

The Head, Trade Policy and Facilitation, German Development Cooperation (GIZ), Mr Alexander Werth, said on Thursday that Nigeria was on the verge of diversifying its economy with new trade policy.

Werth told the News Agency of Nigeria (NAN) on Thursday in Abuja that Nigeria would overcome dependency on oil to earn foreign exchange as it diversified into industry and agribusiness.

According to him, the new trade policy is trying to ensure that Nigeria moves away from oil to non-oil sectors.

“This dependency on oil revenue can be reduced by diversifying the Nigerian economy and I think this is what the trade policy is trying to do. To move away from oil to the

States seek $2 billion from oil account for projects

Governments of the 36 states in the federation have requested to withdraw $2 billion from the country’s $4.11 billion oil savings account to complete projects and provide security ahead of February polls, Timothy Odaah, the chairman of the States’ Commissioners of Finance Forum, said on Wednesday.

Revenues to be distributed to

Monthly Oil Revenue Declines Further to N601.64 in August

Again, production challenges including a force majeure declared by Shell and series of shutdown of trunk lines and pipelines at various terminals impacted negatively on monthly receipts as gross revenue for August further dropped by about N28.67 billion to about N601.64 billion compared to about N630.3 billion in July.

The situation becomes worrisome in view of the huge monetary interventions and other initiatives by the federal government to check pipeline vandalism, illegal oil bunkering and other hiccups in order to improve revenue generation in the treasury.

Nevertheless, a total distributable revenue amounting to about N611.70 billion was yesterday shared among the three tiers of government for August.

It came as