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Namibia to exit recession this year

The Bank of Namibia said on Friday in Windhoek that its gross domestic product (GDP) would be supported by a recovery across most sectors, particularly in manufacturing and mining.
Saudi Arabia Oil Economy

Saudi economy escapes recession in first quarter

Saudi Arabia’s economy pulled out of recession in the first quarter of 2018, thanks to rising oil prices and a surge in the non-crude sector, authorities said Sunday.
Benin Port

IMF: Benin’s GDP growth to rise to 6 pct this year

Benin’s economy is expected to grow 6 percent this year, up from 5.6 percent in 2017, as cotton production reaches record highs and the economy of neighbouring Nigeria strengthens, the International Monetary Fund said.

Federal government hails EIB’s investment in Nigeria

The Minister of State, Ministry of Budget and National Planning, Zainab Ahmed, has commended the European Investment Bank’s plan to invest between 800 million and one billion Euros in the Nigerian economy.

Economist: GDP growth not translating to improved quality of life

An Economist, Dr. Aminu Usman, says the growth in the country’s Gross Domestic Product (GDP) is not translating to improved quality of life of its citizens.

Iceland crowned as champs of economic World Cup

The World Cup has only just kicked off, but a surprise winner has already emerged: Iceland.

Nigeria’s inflation drops to 11.61 % in May

The National Bureau of Statistics (NBS) says the Consumer Price Index (CPI), which measures inflation for May, decreased to 11.61 per cent (year-on-year) from 13.34 per cent recorded in April.

Ministry: New tax on alcohol, tobacco not targeted at local manufacturers

Nigeria’s newly increased tax on alcohol and tobacco is not targeted at local manufacturing industries, the country’s finance ministry has explained.

Senator Udoma: Nigeria wants improved private sector investment

The federal government on Thursday in Brussels, Belgium, called for improved private sector investment in Nigeria by European businesses, saying that the country’s investment climate is now very attractive and conducive.

Nigeria’s external trade rises to N7.211 trillion

Nigeria has recorded the first trade balance surplus in two years when it posted a trade balance in excess of N2.15 trillion in the first quarter of the year.

NBS: Nigeria’s trade grew by N1.2 trillion to N7.2 trillion in Q1

Nigeria recorded an increase of N1.18tn in merchandise trade from N6.02tn in the fourth quarter of last year to N7.21tn in the first quarter of this year.

Nigeria’s new tax on tobacco, alcoholic drinks kicks off Monday

The new excise duty for alcoholic beverages and tobacco earlier approved by President Muhammadu Buhari will take effect from Monday, June 4, says the federal government.

Currency swap: Naira will gain strength against dollar – economist

An economist, Dr Chijioke Ekechukwu, says the naira will gain strength against the dollar when the Nigeria-China currency swap takes effect.

Vice President Osinbajo: Nigeria is on right path

Vice President Yemi Osinbajo has said that the administration was on the right path in improving Nigeria’s business environment, diversifying economy.

Ex-CIBN boss tasks federal government on service sector to improve GDP

The immediate past President of the Chartered Institute of Bankers of Nigeria (CIBN), Prof. Segun Ajibola, on Friday urged the Federal Government to focus on the service sector to boost the Gross Domestic Product (GDP).

Presidency: New forex window records $25 billion inflows in one year

The Presidency yesterday released the record of its economic performance since 2015, stating that the new forex (FX) window introduced by the Central Bank of Nigeria (CBN) in April, 2017, yielded an average of $1 billion turnover every week and $25 billion inflows in one year.

Senator Udoma: Nigeria’s economic outlook for 2018 positive

Minister of Budget and National Planning says Nigeria’s economic outlook for 2018 and over the medium term is very positive.

CBN: How we revived Nigeria’s economy under President Buhari

Deputy Governor, Central Bank of Nigeria (CBN), Mr. Bayo Adelabu, has given some insight on how the apex bank rescued Nigeria’s economy from sinking exchange rate, inflation and recession through the Economic Recovery and Growth Plan of President Muhammadu Buhari.

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Kawu Baraje: We will leave APC with or without Senator Saraki

The former Chairman of the new Peoples Democratic Party (nPDP), Alhaji Abubakar Kawu Baraje, has said that members of the party and the supporters of the Senate President, Dr Bukola Saraki, have decoded to dump the ruling All Progressives Congress (APC) with or without the senate president, even as he described the juicy appointments being offered them by the presidency as an embarrassment.