News - Business and Economy

DMO Sets 2017 Debt Limit For FG

10 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

11 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

11 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

11 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

1 year 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

1 year 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

1 year 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

1 year 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

1 year 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

1 year 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"

1 year 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

1 year 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

1 year 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

1 year 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

1 year 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

1 year 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...

Senate Resolves To Summon Labour Minister Over Threat To Withdraw Licences Of Banks Retrenching Staff

1 year ago /

Over two thousand bank staff have lost their jobs since January till date, with more banks planning to retrench more workers. This development led to the directive by the minister of labour and productivity Chris Ngige asking banks to halt the sack.  Stakeholders are however saying that this directive cannot...

We Must Grow SME's To Strengthen Nigeria's Democracy - Dogara

1 year ago /

Speaker of the House of Representatives, Rt. Hon Yakubu Dogara, has said that due to the fact that poor people cannot enjoy democracy, generating wealth through small and medium businesses should be a priority of any government, hence the need to support the growth of Small and Medium Enterprises (SMEs)...

Environment Minister Ring Trade Closing Bell At Nigerian Stock Exchange

1 year ago /

‘’As we strive to green the economy, we must begin to reduce environmental degradation, pollution, and the effects of climate change’’. – Amina Mohammed

In My Time in Office, Ajaokuta Steel Company Will Be Revitalised – Governor Bello

1 year ago /

“40 of the companies are 100% completed and can be put into operation in a few months. The greatest obstacle, and that is why the Russians who built the place left in 1994, is that of external infrastructure. They got the place to 98% completion and they kept asking the federal government, ‘How are we going to bring in the raw materials?’ We are supposed to have a rail line from Ajaokuta connecting to Oturpko to Onne where the coking coal can be imported.  All we need is political will to do it.”


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