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Nigeria once had one of the finest and most vibrant textile industries in the world. At its peak in the 1980s, the industry provided about 500,000 direct jobs with well over 250 functional factories scattered all over the federation. The industry was at that time a huge foreign exchange earner for the country. However, in the last decade the textile industry has slipped into a state of coma - due largely to lack of liquidity, inadequate power supply and the current global economic recession. A good number of Asians divested and exported their machineries and equipment to India and other African countries as activities in the industry nosedived. |
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IT executives surveyed say that they are now helping to shape business strategy, but need to improve their ability to tap innovation. This innovation will ultimately lead in aligning business objectives with IT strategy. |
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Ghana-United States relations have generally been friendly since Ghana's independence, except for a period of strained relations during the later years of the the country's first president Kwame Nkrumah. Ghana was the first country to which United States Peace Corps volunteers were sent in 1961. |
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FirstRand, South Africa's second-biggest bank is planning to expand its operations to Nigeria as part of strategies targetted at reaping from the current global crisis. |
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The Nigerian government has approved N114 billion (US$76.250 million) for the purchase of 25 C25 EMPD diesel-powered locomotives for the moribund Nigeria Railway Corporation (NRC) in preparation for granting concessions from June 2010. |
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