Economy

A man is silhouetted against the logo of the World Bank at the main venue for the International Monetary Fund (IMF) and World Bank annual meeting in Tokyo. REUTERS-Kim Kyung-Hoon

IMF, World Bank to hold fall meetings virtually due to coronavirus

The IMF and World Bank Group announced Thursday that their annual fall meetings will be mostly virtual due to the coronavirus pandemic.

South Africa’s manufacturing output falls 49.4% year on year in April

South Africa’s manufacturing output fell 49.4% year on year in April during a nationwide lockdown, after contracting by a revised 5.5% in March, the statistics agency said on Thursday.
Ahmad said the Executive Chairman of FIRS, Muhammad Nami, disclosed this at the inauguration of the Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties and the unveiling of the FIRS Adhesive Stamp in Abuja.

FIRS extends tax debt payments

The Federal Inland Revenue Service (FIRS) has further extended the closing date of its waiver of penalty and interest window on tax debts owed by individuals and businesses from June 30, 2020 to August 31st, 2020.
Employees collect protective face masks from the production line at a factory as Morocco starts to increase their production following an outbreak of the coronavirus disease (COVID-19), in Casablanca, Morocco April 10, 2020. REUTERS-Youssef Boudlal

Morocco’s economy to contract 13.8% in Q2, 4.6% in Q3 – agency

Morocco’s economy is expected to contract by 13.8% in the second quarter under the impact of the coronavirus lockdown, the state planning agency said on Sunday.
The Nigerian Economic Summit Group (NESG) has confirmed that dialogue in national transformation at this year’s economic summit will focus on job creation, youth empowerment and entrepreneurship.

Nigerian government inaugurates joint planning committee for economic summit

The Federal Government has inaugurated the Joint Planning Committee (JPC) for the 26th Nigerian Economic Summit (NES#26) scheduled to hold in October 2020.
Container ships wait to load and offload goods in port during a 21-day nationwide lockdown aimed at limiting the spread of coronavirus disease (COVID-19) in Cape Town, South Africa, April 17, 2020. REUTERS-Mike Hutchings

South Africa’s current account balance swings to a surplus in first quarter

South Africa’s current account balance swung to a surplus of 1.3% of gross domestic product (GDP) in the first quarter of 2020 from a deficit of 1.3% of GDP in the previous three months, central bank data showed on Thursday.
President Muhammadu Buhari is currently presiding over the Emergency National Executive Council, NEC, meeting of the All Progressives Congress, APC, at the Council Chamber, Presidential Villa, Abuja.

EAC: N2.3 trillion stimulus package may face hurdles

The Presidential Economic Advisory Council yesterday warned that the smooth implementation of the N2.3trn stimulus package could be hampered if the ensuing problems were left unattended to.
Ahmad said the Executive Chairman of FIRS, Muhammad Nami, disclosed this at the inauguration of the Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties and the unveiling of the FIRS Adhesive Stamp in Abuja.

FIRS generates N66 billion from stamp duties

The Federal Inland Revenue Service (FIRS) has generated the sum of N66 billion from stamp duties between January and May.
The logo of the International Monetary Fund (IMF) is seen during a news conference in Santiago, Chile, July 23, 2019. REUTERS-Rodrigo Garrido-File Photo

IMF: Coronavirus could cause set back on decade of progress in Africa

The coronavirus pandemic could set back incomes in sub-Saharan Africa by a decade as weak oil prices, a tourism standstill and business lockdowns shrink the region’s economy 3.2 percent in 2020, an IMF official said Monday.
Gita Gopinath, the International Monetary Fund’s Chief Economist, is seen outside the IMF headquarters June 24, 2020, in Washington, DC. – The global coronavirus pandemic has sparked an economic “crisis like no other,” sending world GDP plunging 4.9 percent this year and wiping out $12 trillion over two years, the IMF said June 24, 2020. IMF chief economist Gita Gopinath said under current forecasts, the crisis will destroy $12 trillion over two years, and cautioned, “we are not out of the woods.” She warned governments against withdrawing the stimulus too quickly. (Photo by Brendan Smialowski / AFP)

IMF approves emergency funding for pandemic-hit Myanmar

“The Myanmar economy is being impacted by the outbreak of COVID-19 through a sharp decline in tourism and remittances and supply chain disruptions,” Mitsuhiro Furusawa, IMF deputy managing director, said in a statement.
A man is silhouetted against the logo of the World Bank at the main venue for the International Monetary Fund (IMF) and World Bank annual meeting in Tokyo. REUTERS-Kim Kyung-Hoon

World Bank: Nigeria faces worst recession in 40 years

The collapse in crude oil prices, coupled with the COVID-19 pandemic, is expected to “plunge the Nigerian economy into a severe recession, the worst since the 1980s”, the World Bank said on Thursday.
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: We’ll steer Nigeria away from recession

The Central Bank of Nigeria on Wednesday said it would not be deterred in its effort to steer the Nigerian economy away from the looming recession due to the impact of COVID-19.

RMRDC: We are working on reducing sugar importation

Prof. Hussaini Ibrahim, the Director-General, Raw Materials and Research Development Council (RMRDC), says the council is working hard to achieve a huge reduction in the importation of sugar in the country.
The Minister of Mines and Steel Development, Olamilekan Adegbite, on Tuesday said the Federal Government had been able to recover 25 sites from 2007 that the programme started.

Nigeria designates seven strategic minerals to unlock economy

Mr Olamilekan Adegbite, Minister of Mines and Steel Development, says the Federal Government has designated seven of the country’s strategic minerals to unlock the enormous potential in the mining sector.
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.

Central bank director tasks West African countries on revamping economies

Dr Hassan Mahmud, Director, Monetary Policy Department, Central Bank of Nigeria (CBN), on Tuesday advised West African countries affected by COVID-19 pandemic to look inward and use their domestic resources to revamp their economies.
The Chairman of the Foundation’s Board, Dr Chiwuike Newington Uba, gave the advice in a statement on Tuesday in Enugu.

ACUF: Nigeria’s economic sustainability plan bold step but not feasible

The ACUF Board Chairman, Dr Chiwuike Uba, who stated this in a statement on Tuesday, commended the Federal Government for conceptualising a policy response needed to jumpstart Nigeria’s economy after COVID-19 pandemic.
Vice President Yemi Osinbajo on Wednesday presided over the weekly Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja.

How Nigeria plans to get economy back on track after the pandemic

The pandemic affected the price of oil, the mainstay of Nigeria’s revenue. This led to the reworking of the 2020 budget by the executive arm of government to reflect the current economic realities.
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: Economy contracted in May

Economic activities in manufacturing, production, new others and other indices contracted in May after recording at least 36 months of consecutive growth.

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Prime Minister Boris Johnson discussed telecoms security with US President Donald Trump as he prepares to announce if Britain will use China’s Huawei in its 5G networks, officials said Saturday.

Huawei will stop producing Kirin chipsets on September 15

Huawei will stop making its flagship Kirin chipsets next month, financial magazine Caixin said on Saturday, as the impact of U.S. pressure on the Chinese tech giant grows. U.S. pressure on Huawei’s suppliers has made it impossible for the company’s HiSilicon chip division to keep making the chipsets, key components for mobile phone, Richard Yu, CEO of Huawei’s Consumer Business Unit was quoted as saying at the launch of the company’s new Mate 40 handset.
Speaker of the House of Representatives, Rep. Femi Gbajabiamila on the floor, moving a bill on the Repeal of Quarantine Act, 2004 at plenary yesterday at National Assembly Abuja. . Photo by Gbemiga Olamikan. 2

House of Reps uncovers abandoned power projects worth over N156 billion

The Federal House of Representatives, in it’s oversight function, has uncovered many power projects, put together at the cost of N156 billion, that are being abandoned or are yet to be completed by the Transmission Company of Nigeria (TCN).

Biafra group warns Miyetti Allah against operating security outfit in South-east, South-south

The Biafra Nations Youth League, BNYL, on Saturday, warned Miyetti Allah Kautal Haure not to allow the Fulani Security group to operate in the Southeast and Southsouth to avoid bloody confrontation by both groups.
Governor of Kaduna State, Mallam Nasir El-Rufai, has fully recovered from coronavirus. 4

Governor El-Rufai: South should produce next President

Barely a week after President Muhammadu Buhari’s closest ally and nephew, Malam Mamman Daura, spoke against zoning of presidency ahead of the 2023 election, Kaduna Governor Nasir El-Rufa’i has said the next President should come from the South.
The Lagos Waste Management Authority on Saturday said plans had been concluded to decommission its Olusosun and Solous landfill sites. The Managing Director of LAWMA, Dr Muyiwa Gbadegesin, said in a statement that the decommissioning was due to urban encroachment and increased human activities around the areas.

LAWMA arrests 13 cart pushers for environmental laws violation

Mr Ibrahim Odumboni, Acting Managing Director, Lagos State Waste Management Authority (LAWMA), said the authority arrested 13 cart pushers and seized 29 carts for violating environmental laws of the state.