Economy

PwC: Nigeria’s economy will perform better than IMF, WB projections

PricewaterhouseCoopers (PwC) has projected that Nigeria’s gross domestic product (GDP) growth rate will likely fall between -1.5 percent and 0.5 percent in the fourth quarter of 2020.

Moody’s: Nigeria’s economic growth to be hampered by oil price

Moody’s Investors Service has stated that Nigeria’s economic growth will be severely hampered by the volatility of the oil price in the international market.

NBS: Nigeria’s Q3 capital importation stands at $1.46 billion

The total value of capital importation into Nigeria stood at 1.46 billion dollars in the third quarter of 2020, the National Bureau of Statistics (NBS) says.

Honeywell drags Ecobank to Supreme Court over ‘N3.5 billion debt’

Honeywell Group on Monday indicated that it will approach the Supreme Court to challenge the judgment of the Court of Appeal against it in a N3.5 billion debt controversy.
Russian President Vladimir Putin on Monday bestowed the national honour of “The Order of Friendship” on Prof. Benedict Oramah, President of the African Export-Import Bank (Afreximbank) in Moscow.

Afreximbank: For AFCFTA to succeed, Africa must combat corruption

The the African Export and Import Bank (Afreximbank), has advised that for the African Continental Free Trade Agreement (AfCFTA) to become a success the continent must check corruption and illicit financial flows.
Gov. Ben Ayade of Cross River has directed applicants for the 8,000 automatic jobs to enlist through their respective village heads.

Official: Cross River ready to overtake Ivory Coast in cocoa production

The Cross River government has raised six million improved variety cocoa seedlings to boost its production capacity, Special Adviser to the governor on Cocoa Development and Control, Oscar Ofuka, said on Sunday.
The logo of the International Monetary Fund (IMF), is seen during a news conference in Santiago, Chile, July 23, 2019. REUTERS-Rodrigo Garrido

IMF recommends major adjustments in exchange rate and monetary policy reforms for Nigeria

The International Monetary Fund (IMF) says major policy adjustments embracing broad market and exchange rate reforms are needed to address Nigeria’s recurrent Balance of Payments (BOP) pressures and raise the medium-term growth path.

NIF: Policy inconsistency, endemic corruption responsible for current state of insecurity

The National Interest Forum (NIF) has said that the inherent socio-economic problems, policy inconsistency and endemic corruption are largely responsible for the current state of insecurity in the country.
National Bureau of Statistics NBS

NBS: Nigeria’s foreign trade bill stands at N23.2 trillion

The National Bureau of Statistics (NBS) said this in its “Foreign Trade in Goods Statistics Q3, 2020” published on its website on Monday.
Embattled President of African Development Bank (AfDB), Dr Akinwumi Adesina, has survived a second round of investigation into his conduct, giving him a boost in his re-election bid next month.

AfDB: Africa’s economy shrinks by 3.4% due to coronavirus pandemic

The President of African Development Bank, AfDB, Dr. Akinwumi Adesina, has said Africa’s economic growth this year will decline by 3.4%, because of the challenges of the Covid-19 pandemic.
Xulio Rios, Director of the Observatory of Chinese Politics in Spain said China has played a leading role in global recovery from the COVID-19 pandemic.

China leads global recovery amid pandemic – Spanish expert

Xulio Rios, Director of the Observatory of Chinese Politics in Spain said China has played a leading role in global recovery from the COVID-19 pandemic.
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 rakes in N4.122 trillion in 10 months

The Federal Inland Revenue Service (FIRS) yesterday put its overall 2020 performance from January to October at N4.122 trillion.

Border closure not sustainable – EAC chief

Chairman of the federal government Economic Advisory Council, Dr. Doyin Salami, has said border closure was not a sustainable strategy.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed on Saturday met with the leadership of the National Assembly to intimate it with an Executive proposal to establish a N500 billion COVID-19 Crisis Intervention Fund.

Nigerian government grants N341 billion waivers in 3 years – minister

Zainab Ahmed, the minister of finance, budget and national planning, says the federal government (FG) conceded N341.94 billion worth of waivers from August 2017 to August 2019.
Inflation in Sudan has risen to one of the highest levels in the world, and the country risks slipping into hyperinflation unless it gets its budget deficit and money supply under control, economists say.

Sudan inflation soars, raising spectre of hyperinflation

Inflation in Sudan has risen to one of the highest levels in the world, and the country risks slipping into hyperinflation unless it gets its budget deficit and money supply under control, economists say.

NGO: Nigeria in recession due to over-reliance on oil

Lillian Akhigbe, Communications Manager, in a statement on Thursday, noted that successive governments at all tiers neglected Small and Medium-scale Enterprises (SMEs).
Group Managing Director, Dangote Industries Ltd, Alake Olakunle, said a progressive organisation is a function of Effective board and competent management which unavoidably affect the country’s economy.

Experts call for mentoring young directors to grow Nigerian economy

As Nigerians grapple with economic distress and social unrest, business experts have called on established personnel in different disciplines to take up the task of mentoring young corporate directors and others to grow the Nigerian economy.
Vice President Yemi Osinbajo

VP Osinbajo explains Nigerian government’s economic response

Vice President Yemi Osinbajo (SAN) has explained that Nigeria’s economic response to COVID-19 pandemic has largely been targeted at saving jobs, protecting businesses and attracting new investments.

Recent Stories

Billionaire Carlos Slim has had Covid-19 for over a week and is doing well, his son tweeted Monday.

Mexico’s richest man Carlos Slim hospitalized with coronavirus

Slim is Mexico’s wealthiest man. His family controls America Movil, the largest Mexican telecommunications provider, whose operations includes mobile and fixed-line voice services, wireless, internet and fixed-data services.

Gani Adams: Nigeria’s 1999 Constitution is satanic

The Aare Ona Kakanfo of Yorubaland, Iba Gani Adams, has called for the correction of the 1999 Constitution for peace to reign in Nigeria.

Gani Adams: Food crisis looms in Southwest due to herders attacks

The Aare Ona Kakanfo of Yorubaland, Aare Gani Adams, says food crisis is imminent in the South-West region of Nigeria due to the onslaught on farmers by Fulani herdsmen.
Mr Adolphus Aghughu has emerged the Acting Auditor-General of the Federation, AuGF as the erstwhile auditor-general, Mr Anthony Ayine, retires from service.

President Buhari appoints Adolphus Aghughu as the Auditor-General of the Federation

President Muhammadu Buhari has nominated Adolphus Aghughu for appointment as the Auditor-General of the Federation pursuant to Section 86(1) of the Constitution of the Federal Republic of Nigeria (as amended).
The Nigeria Police Force says its investigation shows that Boko Haram, Ansaru and other terror groups are getting support from some Nigerians.

Police: No influx of herdsmen to Ekiti forests

The Police Command in Ekiti State on Wednesday said there was no influx of herdsmen forests in the state from Ondo State forest reserves as being reported in the media.