BusinessDay 29 Nov 2018

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Nigeria, Saudi Arabia advance talks on stabilisation of global crude prices Collaborate to revamp Nigeria’s refineries N M

Nigeria economy to grow slightly below 2% in 2018 – World Bank ... says country’s poor investment in human capital of concern

HARRISON EDEH, Abuja

ONYINYE NWACHUKWU, Abuja

inister of petroleum, industry and mineral resources of the Kingdom of Saudi Arabia, Khalid Al-Falih, Wednesday held talks with the Federal Government as parts of efforts to bring about stability in the crude oil price and in the

igeria’s economy is projected to grow slightly below 2 percent in 2018, largely driven by non-oil industry and services, according to the World Bank Nigeria’s bi-annual Economic Update released on Wednesday. Titled Investing in Human Capital for Nigeria’s Future, the World Bank, in the report raised concerns that, Nigeria, like many other countries, has underinvested in human capital and remains very low compared to other countries. The World Bank also notes that Nigeria’s emergence from recession remains sluggish, and sectoral growth patterns are unstable. In the second quarter of 2018, the oil sector contracted by 4 percent, the usually-resilient agricultural growth slowed significantly to 1.2 percent as well,

international crude oil market. Speaking at a visit to Ibe Kachikwu, minister of state for petroleum resources, in Abuja, Al-Falih said Saudi Arabia was in consultation with Nigeria and a host of other countries to address the volatility in the global

crude oil market. Al-Falih said the discussions with Nigeria was geared towards ensuring all petroleum producing countries present a common front in the forthcoming meeting of members of the Organisation of Petroleum Exporting Coun-

tries (OPEC), scheduled to hold in Vienna next month. He said, “We are going through a period of volatility. In the last few weeks, we have seen oil market go through great vola-

Continues on page 38

Continues on page 38

Inside L-R: Adesola Adeduntan, managing director, First Bank of Nigeria Limited and subsidiaries; Ibukun Awosika, chairman, First Bank of Nigeria Limited; Arunma Oteh, vice-president/treasurer, World Bank; Nimi Akinkugbe, CEO, Bestman Games, and Francis Shobo, deputy managing director, First Bank of Nigeria Limited, at the second anniversary of FirstGem, the FirstBank product designed to promote female entrepreneurship and independence, in Lagos.

FG slashes cost of JAMB, NECO exam fees in response to parents’ P. 2 outcry


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