Economy

The Nigeria Investment Promotion Commission (NIPC) has restated its commitment toward promoting Nigeria’s investment opportunities.

NIPC: Nigeria records $8.41 billion investments in Q1 2021

The Nigerian Investment Promotion Commission (NIPC) said it tracked $8.41bn worth of Investments from 15 Projects across eight States. The States include: Bayelsa, Lagos, Kano, Nasarawa, Delta, Edo, Bauchi and Akwa Ibom.
The naira this morning reversed its two weeks loss to the dollar in the parallel market, appreciating by N20 to N470 per dollar.

PAEC: Nigeria needs $1.6 trillion to lift 100 million out of poverty

As the nation battles the spike in poverty rate, the Presidential Economic Advisory Council (PEAC) has disclosed that $1.6 trillion was needed to effectively tackle the scourge in Nigeria within a period of 10 years as it expressed optimism in the ability of the federal government to achieve poverty reduction within the specified time frame.
Mrs Toki Mabogunje, LCCI’s President stated this at a press conference on Tuesday in Lagos.

Lagos chamber: Investors losing confidence in Nigeria over rising insecurity

The Lagos Chamber of Commerce and Industry (LCCI) says the rising insecurity in Nigeria has reduced investor confidence.
The Ekiti state government has received 250 cows from the United States as part of a joint venture programme with Promasidor Group, a food and beverage company.

Ekiti imports 250 dairy cows from US to boost milk production

The Ekiti state government has received 250 cows from the United States as part of a joint venture programme with Promasidor Group, a food and beverage company.

Nigeria Customs generates N39 billion from import, processes $71m export

The Onne command of the Nigeria Customs Service (NCS) has generated N39billion as revenue for the federal government for the first quarter of 2021.
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: Forex spending on food importation dropped by half in January

The CBN’s economic report on ‘Sectoral Utilisation of Foreign Exchange’ for January said a total of $160 million was spent from Nigeria’s FX on importing food in January.
The Minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo, has said the Federal Government will welcome long-term agribusiness activities coming from Russia to Nigeria.

Minister laments decline in Nigeria, South Korea’s trade

The Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, yesterday expressed concern over the decrease in volume of trade between Nigeria and South Korea.
The Nigerian Economic Summit Group (NESG) has advised the Federal Government to always consider its economic policy choices, before taking decision, in order to FastTrack economic growth, its recently launched 2021 Economic Outlook has said.

NESG: Nigeria’s business environment over-regulated

Nigeria Economic Summit Group (NESG) has described the business space in Nigeria as over-regulated, and urged the federal government to navigate the economy from the current doldrums.
A wholesale market in the central Chinese city of Wuhan played a role in the outbreak of the novel coronavirus in 2019, the World Health Organisation (WHO) said on Friday, calling for more research.

Chinese economy maintains stable recovery

China’s GDP grew 18.3 per cent year on year in the first quarter, hitting 24.93 trillion yuan (about $3.82 trillion), according to statistics released by the China’s National Bureau of Statistics (NBS) on April 16.
The committee is chaired by Prof. Akpan H. Ekpo, a former Director General of the West African Institute for Financial & Economic Management (WAIFEM), with Prof. Emmanuel Onwioduokit, HOD of Economics at the University of Uyo as Secretary.

Experts: Inflation rate may rise beyond control

With food inflation at over 23 per cent, analysts have raised concerns on the spate of the rising inflation as they envisaged a further rise in prices in the second quarter on poor weather conditions and insecurities in the country.
Mr Thomas Muopshin, the Project Coordinator, Plateau Potatoes Value Chain Support Project, says the project has significantly boosted the state internally generated revenue.

Potato value chain boosts Plateau revenue generation – coordinator

Mr Thomas Muopshin, the Project Coordinator, Plateau Potatoes Value Chain Support Project, says the project has significantly boosted the state internally generated revenue.

Don seeks diversification into agriculture, solid minerals

Professor Ofiafoh Eiya, a Professor of Accounting and Taxation, University of Benin, Benin City, has called for the diversification of the economy to agriculture and solid minerals for sustainable national growth and development.
National Bureau of Statistics NBS

NBS: States IGR fell to N1.31 trillion in 2020

The National Bureau of Statistics disclosed in its report on ‘Internally Generated Revenue at state level for fourth quarter and full year 2020’.

IMF: Sub-Saharan Africa needs $245 billion external funding in five years

The International Monetary Fund (IMF) says sub-Saharan Africa’s low-income countries face additional external funding needs of about $245 billion over the next five years or 425 billion dollars for the whole region.
National Bureau of Statistics NBS

NBS: States, FCT generate N1.31 trillion as IGR in 2020

The 36 states and the Federal Capital Territory (FCT) generated N1.31 trillion as Internally Generated Revenue (IGR) in 2020 compared to N1.33 trillion recorded in 2019, the National Bureau of Statistics (NBS) says.

CBN governor: It’s inappropriate to give colouration to currency printing

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday weighed in on the raging controversy over whether or not the apex bank printed money to augment funds from the Federation Account Allocation Committee (FAAC) distributed to states and the Federal Capital Territory (FCT) in March.
Deputy Speaker of the House of Representatives, Rt. Hon. Ahmed Idris Wase, has congratulated Vice President, Professor Yemi Osinbajo on his 64th birthday on Monday.

VP Osinbajo: Internet access, broadband connectivity compulsory for growth

The recognition that internet access and broadband penetration will become existential in the nearest future and will determine Nigeria’s competitiveness in the global economy, among others, is the driving force behind the Buhari administration’s initiative on broadband connectivity for all, according to Vice President Yemi Osinbajo, SAN.
Governor Godwin Obaseki of Edo state has charged governments at all levels to prioritise agriculture and adequately harness the untapped potentials of the sector to fast-track economic growth and development.

Edo governor tackles finance minister, insists Nigeria government printed N60 billion

Edo Governor Godwin Obaseki has faulted the Minister of Finance, Budget, and National Planning, Zainab Ahmed, for denying that the Federal Government printed N60 billion in March to support allocation to states.
National Bureau of Statistics NBS

Nigeria’s inflation rises to 18.17 percent

The Consumer Price Index (CPI) which measures inflation further increased by 18.17 per cent in March compared to 17.33 per cent in the preceding month.
National Bureau of Statistics NBS

Poor households suffer volatile work situations – NBS survey

A survey by the National Bureau of Statistics, NBS, has shown that poorer households suffered volatile work situations in February this year, resulting in a six-month (September to February 2020) decline in the share of workers in the lowest consumption quintile/ class.
National Bureau of Statistics NBS

NBS: Unemployment rate grows by 2% in February

The National Bureau of Statistics (NBS) on Tuesday said the share of Nigerians working in February 2021 dipped by 2 percent from 72 percent in September 2020.
The Nigeria Investment Promotion Commission (NIPC) has restated its commitment toward promoting Nigeria’s investment opportunities.

NIPC: Lagos is seventh fastest growing city globally

The Nigerian Investment Promotion Commission (NIPC) says Lagos state is the seventh fastest-growing city in the world, with the highest Gross Domestic Product (GDP) and Internally Generated Revenue (IGR) in Nigeria.

Recent Stories

The Senator representing Cross River North, Stephen Odey, has said the recent judgement by the Supreme Court on the Cross River North senatorial seat did not sack him as a senator.

Cross River North: Senator Odey floors Joe Agi at election tribunal

The Election Petitions Tribunal sitting in Calabar Friday, upheld the victory of the Peoples Democratic Party (PDP) candidate, Dr. Stephen Odey, in the Cross River North Senatorial District by-election.
Nigeria Customs Service (NCS) has listed some communities inKwara and Niger as notorious for smuggling activities over the years.

Customs arrests six for smuggling adulterated diesel in polythene bags

The Nigeria Customs Service (NCS) on Friday paraded six suspects who smuggled 45,000 litres of adulterated diesel contained in 750 giant polythene bags, which were carefully concealed among sacks of sawdust to deceive security operatives. The seized product has an estimated value of N21,920 million.
Staff of department of fish studies at the National Museum of Kenya on Nov. 19, 2001, display a coelacanth fish weighing 77 kilograms and measuring 1.7 metres caught by Kenyan fishermen at the coastal town of Malindi in April 2001. REUTERS/George Mulala/File Photo

Fish once labeled a ‘living fossil’ surprises scientists again

The coelacanth - a wondrous fish that was thought to have gone extinct along with the dinosaurs 66 million years ago before unexpectedly being found alive and well in 1938 off South Africa's east coast - is offering up even more surprises.
Athletics - IAAF Diamond League - Golden Gala - Stadio Olimpico, Rome, Italy - May 31, 2018 Luvo Manyonga of South Africa celebrates winning the Men's long jump REUTERS/Tony Gentile

South African long jumper gets four-year ban for anti-doping violation

Olympic long jump silver medallist Luvo Manyonga is set to miss the Tokyo Games after being banned for four years for a second anti-doping rule violation, the Athletics Integrity Unit (AIU) said on Friday.

Blasts kill two near office of party backed by Myanmar army

A Myanmar military truck exploded in one of two blasts near an office of an army-backed political party in the country’s biggest city on Friday, local media reported, and a senior rescue official said two people were killed and six wounded.

Most Popular

NCC set to review licence structure for telecoms operators

The Nigerian Communications Commission (NCC) says it has commenced a review of existing licence structure for telecoms operators in the country.
The Minister of Water Resources, Malam Suleiman Adamu

Nigerian government flags off construction of multipurpose dam in Nasarawa

The federal government flagged off the construction for the completion of Farin-Ruwa Hydropower Multipurpose Dam, in the Wamba Local Government Area of Nasarawa State on Saturday.
A political pressure group, Better Delta State, on Wednesday called on politicians in the state to support the governorship ambition of the Ijaw ethnic group in the 2023 election for equity and justice.

Delta 2023: Group urges support for Ijaw governorship ambition

A political pressure group, Better Delta State, on Wednesday called on politicians in the state to support the governorship ambition of the Ijaw ethnic group in the 2023 election for equity and justice.
U.S. President Joe Biden and Russia's President Vladimir Putin meet for the U.S.-Russia summit at Villa La Grange in Geneva, Switzerland June 16, 2021. Sputnik-Mikhail Metzel-Pool via REUTERS

Vladimir Putin, Joe Biden agree at summit to return respective ambassadors

U.S. President Joe Biden and Russian President Vladimir Putin agreed at their first summit on Wednesday to return ambassadors to each other's capitals after they were withdrawn earlier this year.
Manchester United and France star, Paul Pogba, lept to the defence of Chelsea and Germany defender Antonio Rudiger.

Euro 2020: Paul Pogba defends Antonio Rudiger over biting allegation

Manchester United and France star, Paul Pogba, lept to the defence of Chelsea and Germany defender Antonio Rudiger.