Home Business Economy

Economy

The Central Bank of Nigeria (CBN) as said that its staff in Jos Branch, on Tuesday averted what would have been another major fire disaster in the country.

CBN: Inflation rate’ll hit 14.15 percent as deficit financing rises

Nigeria’s inflation rate which stood at 12.82 per cent in July may rise up to 14.15 per cent by the end of December 2020 as the Federal Government’s deficit rises due to current economic challenges in the country.
Debates on revenue collections from Stamp Duties between Federal Inland Revenue Service (FIRS) and Nigerian Postal Service (NIPOST) was brought to a close as FIRS submitted that it was backed by law to collect stamp duties.

Income tax: FIRS inaugurates online portal for financial institutions

The Federal Inland Revenue Service (FIRS) says it has inaugurated a new Automatic Exchange of Information-Common Reporting Standard (AEOI-CRS) system for the use of financial institutions in the country.

Visionary leaders key to sustainable economy – experts

They made this call at the Leadership Guardian Virtual Summit with the theme: Preserving the future of Humanity through effective leadership. The summit which was a pre-launch to a new book, titled, The Leadership Guardian – How to develop visionary leaders at home, work and in nations; an essential blueprint for developing visionary leadership.
The Bauchi State Governor, Bala Mohammed, on Friday afternoon, joined other Muslims at the Bauchi central mosque for Jumat prayers, alongside other top government officials.

Bauchi governor calls for stronger private sector participation to reposition economy

Gov. Bala Mohammed has enjoined the private sector to deploy financial, technical and managerial skills to reposition Bauchi State economy for the better.

NEPC: Zero oil plan critical to Nigeria’s economy

Mr Segun Awolowo, the Executive Secretary, Nigeria Export Promotion Council (NEPC), says active implementation of the Zero Oil Plan will boost Nigeria’s foreign exchange earnings in the face of economic contraction caused by COVID-19 pandemic.
Australia has fallen into recession for the first time in more than 28 years.

Coronavirus sends Australia into first recession for 28 years

The country joins the likes of America, Britain, and Germany in recording two quarters in a row of decline after the coronavirus pandemic crushed world economies.
Ghana's Minister of Finance Ken Ofori-Atta makes remarks at the Institute of International Finance's meeting entitled "G20: Compact With Africa", during the IMF and World Bank's 2017 Annual Fall Meetings, in Washington, U.S., October 11, 2017. REUTERS/Mike Theiler

Sub-Saharan Africa’s virus-induced slump may last three years – Ghanaian minister

The economic slump in sub-Saharan Africa caused by the coronavirus outbreak could last well over three years, Ghana’s finance minister said on Tuesday.
Zainab Ahmed

Nigerian government to sustain 2020 budget funding despite GDP contraction – minister

The Federal Government has expressed its determination to continue funding the 2020 budget to ensure that the economy recovers as projected, even as the country’s Gross Domestic Product (GDP) contracted by -6.10 percent in the second quarter of 2020.
President Muhammadu Buhari has approved the renewal of the tenure of Mr. Benjamin Akabueze as Director-General of the Budget Office of the Federation.

Nigeria might fall into recession as virus takes toll – budget office

Nigeria might fall into recession in the third quarter, the head of the country’s budget office said on Thursday, citing the impact of low oil prices and the coronavirus pandemic on Africa’s largest economy.

Lagos Chamber set to interrogate Nigerian government’s economic interventions

Against the backdrop of the COVID-19 pandemic, the Lagos Chamber of Commerce and Industry (LCCI) has concluded plans to host a virtual conference on the economic intervention initiatives of the federal government with a view to charting the way forward.
6. Nigeria will soon have the immigrant visa ban imposed on her by the United States overturned, according to President Muhammadu Buhari.

Nigeria’s Q3, Q4 GDP to reflect further economic slowdown – presidency

Nigeria expects the third and fourth quarters to reflect the continued effects of a slowdown, after the economy contracted by 6.1% in the second quarter, the presidency said on Wednesday.
Workers sort online orders before they are delivered to customers from a Checkers store, amid a nationwide coronavirus lockdown, in Johannesburg, South Africa, July 14, 2020. REUTERS-Siphiwe Sibeko

South Africa consumer inflation rises to 3.2% y/y in July

South Africa’s headline consumer inflation quickened to 3.2% year-on-year in July from 2.2% in June, data from Statistics South Africa showed on Wednesday.

ACCI demands economic policy review, increase private sector partnership

The Abuja Chamber of Commerce and Industry (ACCI), has urged the Federal Government to adjust its policy on business and financial support for private sector during the COVID-19 pandemic to enhance the economy.

Nigeria’s GDP contracts by 6.10 percent in Q2

Nigeria’s Gross Domestic Product (GDP) growth rate contracted by –6.10 per cent (year-on-year) in real terms in the second quarter of the year (Q2 2020), according to the National Bureau of Statistics (NBS).
Debates on revenue collections from Stamp Duties between Federal Inland Revenue Service (FIRS) and Nigerian Postal Service (NIPOST) was brought to a close as FIRS submitted that it was backed by law to collect stamp duties.

FIRS: Stamp Duties collection backed by law

Responsibility of stamp duties collection between FIRS and NIPOST was raised at an interactive session on the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) organised by Joint Senate Committees on Finance and National Planning in Abuja on Thursday.
The pound slumped more than one percent versus the dollar and euro Wednesday as Britain’s government moved to extend the suspension of parliament, increasing the likelihood of a no-deal Brexit.

Britain inflation jumps in July

British inflation jumped unexpectedly last month to its highest rate since March, pushed up by clothing retailers refraining from their usual summer discounts.
Nigeria Naira

NBS: Inflation hits 11 months high to 12.82% in July

Nigeria’s inflation rate rose year-on-year (YoY) by 0.26 percentage point to 12.82 percent in July this year from 12.56 percent in June. This represents the eleventh consecutive monthly rise in inflation rate since October 2019.
A man wears a protective mask as he shops for groceries at Bakan Gizo supermarket, amid the coronavirus disease (COVID-19) outbreak, in Abuja, Nigeria June 11, 2020. REUTERS-Afolabi Sotunde-File Photo

NBS: Nigerian annual inflation at 12.82% in July

Annual inflation in Nigeria stood at 12.82% in July, up from 12.56% in June, the National Bureau of Statistics said on Monday in a report.

Recent Stories

Edo election: Gunshots reported in Akoko-Edo

There was reported sporadic gunshots at Uneme-Nekhua, ward 1, unit 9 in Akoko-Edo Local Government Area of Edo State, where the Deputy Majority Leader, House of Representatives, representing the constituency, Peter Akpatason, voted.
Kaduna State Governor, Nasir El-Rufai has expressed concerns over the rising cases of COVID-19 in the State’s rural areas.

Governor El-Rufai to participate in Kaduna Marathon competition

Governor Nasiru Ahmad El-Rufa’i of Kaduna state has said that he had already registered to participate in the forthcoming Kaduna International Marathon and would not do more than 5km.
Pastor Osagie Ize-Iyamu, candidate of the All Progressives Congress (APC) in the Edo Governorship election on Saturday, Sept. 19 cast his vote at Ugboko ward 4, unit 26, Orhionmwon Local Government Council of the state at about 9- 25 a.m.

Edo election: Pastor Ize-Iyamu wins polling unit

Pastor Osagie Ize-Iyamu, the candidate of the All Progressives Congress (APC), has won the election in his polling unit.
Liverpool have completed the signing of Wolves attacker Diogo Jota in a deal worth a reported €45m.

Jurgen Klopp: Why Liverpool pushed to complete Diogo Jota signing

Liverpool manager Jurgen Klopp has revealed why the Reds pushed hard to sign Diogo Jota from Wolve after completing a £45 million ($58m) deal on Saturday.
Special Adviser to Edo State Governor, Crusoe Osagie, has said that “there is deliberate election manipulation in areas where the candidate of the Peoples Democratic Party (PDP) and Governor of Edo State, Mr Godwin Obaseki, is popular.”

Edo election: Gunfire at lawmaker’s ward, thug smashes car

There were sporadic gunshots at Uneme-Nekhua, Ward 1, Unit 9, in Akoko-Edo Local Government Area of Edo State, where the Deputy Majority Leader, House of Representatives, representing the constituency, Hon Peter Akpatason, voted Saturday.