News - Business and Economy

World Bank Predicts Recession Will End In 2017

4 days ago /

The World Bank has predicted that Nigeria will get out of recession and grow its Gross Domestic Product by one per cent in 2017. In its January 2017 Global Economic Prospects report released on Wednesday, the global lender said that sub-saharan African growth is expected to pick up modestly to 2.9...

Gov. Udom Proposes N365bn As Akwa-Ibom 2017 Budget

3 weeks ago /

Akwa Ibom State Governor, Udom Emmanuel has proposed a budget of 365.254 billion Naira for the 2017 fiscal year. The Governor on Thursday presented the budget estimates to the Akwa-Ibom State House of Assembly for consideration and approval. Presenting the budget estimate, Governor Emmanuel said that the budget, which is christened “Budget...

Recession: FG Plans Tax Relief For Manufacturers

1 month ago /

The Federal Government, in a bid to ease the burden of the current economic recession on the manufacturing sector, is planning some form of tax relief for the sector. The Minister of Finance, Kemi Adeosun, dropped the hint on Wednesday in Abuja while responding to questions from reporters at the end...

FG’s Huge Debts Crippling Financial System – CBN

1 month ago /

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday called on the Federal Government to urgently evaluate the level of its domestic indebtedness and develop a framework for settling these debts. The committee, in a communique issued at the end of its two-day meeting held at the headquarters...

DMO Sets 2017 Debt Limit For FG

2 months ago /

The Debt Management Office (DMO) has fixed the maximum limit for the federal government’s domestic and external borrowing at 22.08 billion dollars for the 2017 fiscal year. This is part of policy recommendations of the DMO contained in its 2016 report of the annual national debt sustainability analysis. According to the management...

Managing An Economy In Recession Is Difficult - Emefiele

3 months ago /

The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, has said that managing an economy in recession is a difficult task. Mr. Emefiele said this while receiving members of the Senate Committee on Finance, Insurance and other Financial Institutions, who paid an oversight visit to the apex bank in Abuja...

I Am Committed To Diversification Of The Economy - Buhari

3 months ago /

Nigeria’s President, Muhammadu Buhari, has said that the country has no other choice at the moment than to diversify its economy to break its reliance on oil. The President made the statement on Monday while declaring open the 22nd Nigeria Economic Summit in Abuja. “I am so delighted that you have chosen...

50 Customers Owe Banks 5.23 Trillion Naira - Report

3 months ago /

The Central Bank of Nigeria’s Financial System Stability report has stated that 50 customers are owing commercial banks the sum of 5.23 trillion Naira, representing 33.4 per cent of the total private sector credit exposure of 15.68 trillion Naira. The FSS report, posted on the CBN website on Saturday, also showed...

AfDB Worries Over Post-Harvest Losses

4 months ago /

The challenge of post-harvest losses in Africa has a assumed a major worry to the African Development Bank (AfDB), calling for immediate solutions. The bank said that reports indicate that post-harvest losses in Africa are equivalent to the annual caloric requirement of 48 million people, and worth US $4 billion in...

Nigeria To Borrow From World Bank, China, Japan - FG

4 months ago /

Federal Government of Nigeria has said that it had approved an external borrowing plan after the cash-strapped African economy plunged into official recession. "Low cost, long-term loans (1.25% interest, 20yr tenor)" would be sought from the World Bank, African Development Bank, China's Exim Bank and the Japan International Cooperation Agency, it...

Federal Government Partners United Nations On Economic Recovery

4 months ago /

The federal government has entered into emergency partnership with the United Nations on accelerated capacity building in the area of information technology for its workforce and youths, as part of efforts to diversify the nation’s economy. This much was espoused on Monday, in Abuja by the acting director general of the...

Government Charge To Make Use Of ECOWAS' Trade Liberalisation Scheme

4 months ago /

The Federal Government of Nigeria has been charged to take advantage of the Economic Community of West Africa State (ECOWAS) Trade Liberalisation Scheme to promote agricultural produce within the sub-region. Speakers at a sensitization programme on the need to support free trade of agro produce across West Africa on Thursday, said...

Recovered Loot Inadequate To Revive Economy

4 months ago /

The Minister of Information and Culture, Alhaji Lai Mohammed has explained that the looted fund recovered so far by government is far cry from what the country needs to revive the economy. The minister said this on Friday when he appeared on a News Agency of Nigeria (NAN) Forum in Abuja. According...

CBN Announces A Further Tightening Of The Monetary Policy

5 months ago /

The monetary policy committee MPC of the central bank of Nigeria CBN, this Tuesday announced a further tightening of the monetary policy by increasing the key repo rate by 200 basic points from 12% to 14%. The Governor, Central Bank of Nigeria. Godwin Emefiele made this known on Tuesday in...

Finance Minister Kemi Adeosun Says Nigeria Is "Technically In Recession"

5 months ago /

Appearing before the senate, Kemi Adeosun made efforts to allay public fears about the implication of the country’s troubled economy, saying,  “things are tough”, but there should be no panic.  “I want to assure Nigerians the economy is in good hands and we are absolutely doing our best. We want to...

IMF Say's Nigeria's Economy Likely To Shrink This Year

6 months ago /

The International Monetary Fund (IMF) has painted a gloomy picture for Nigeria, saying the country’s economy will probably contract this year as energy shortages and the delayed budget weigh on output. “I think there is a high likelihood that the year 2016 as a whole will be a contractionary year”, said...

Nigeria Moves to 169 in World Bank’s Doing Business Ranking

6 months ago /

In the World Bank’s Doing Business 2016, Nigeria has moved up to 169 out of 189 countries.  This reflects badly on the largest economy in Africa and among the top 30 globally.  Rather than query the findings, the Federal government takes the annual surveys seriously and has set targets for...

Kogi Goverment Has Met Labour Demands - Civil Servants' Group

6 months ago /

A group of Kogi State Civil servants have accused the leadership of the organized Labour in the state of needlessly extending the industrial strike action embarked upon almost two weeks ago, in spite government meeting the terms of the agreement it had with them.  The group said this while addressing a media...

Dogara to Ring Bell at Nigerian Stock Exchange on Friday

6 months ago /

Hon. Yakubu Dogara, Speaker of the House of Representatives, will on Friday ring the bell at the Nigerian Stock Exchange (NSE) in Lagos. A statement issued by the Special Adviser on Media and Public Affairs to the Speaker, Mr. Turaki Hassan, in Lagos, said Dogara will ring the bell to close activities on...

President Buhari Questions Currency Float

6 months ago /

President Muhammadu Buhari on Monday told a gathering of business leaders that he did not see the benefit of the naira’s currency peg against the U.S. dollar being removed. Nigeria’s central bank abandoned the naira’s 16-month old exchange rate peg, of 197 naira to a dollar, a week ago in an...


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