Economy

Food prices remain high despite easing inflation

The Consumer Price Index (CPI) which measures inflation increased by 16.05 percent (year-on-year) in July 2017, even as food price pressure continued into the month under review as all major food sub-indexes increased.

Buhari sad over neglect of cocoa sector

President Muhammadu Buhari has expressed regrets over the neglect of the cocoa sector over the years, saying his administration will work to reposition it and other non-oil export commodities.

Nigeria’s economy getting better – Buhari

After receiving briefings from the Minister of Budget and National Planning, Udoma Udo Udoma; his Finance counterpart, Kemi Adeosun, and the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, President Muhammadu Buhari declared on Monday that the nation’s economy is getting better.

Inflation rate drops for sixth consecutive time to 16.05%

The National Bureau of Statistics on Monday released the Consumer Price Index which measures inflation, with the index dropping marginally from 16.1 per cent in June to 16.05 per cent in the month of July.

Nigerians will soon see the effects of our efforts – Adeosun

Kemi Adeosun, minister of finance, says there is an urgent need to reposition the federation account allocation committee for better performance through efficient management of resources.

Utomi, Soludo insist Nigeria’s economic recession self-inflicted

A notable political economist, Prof. Pat Utomi, on Wednesday maintained that the gruelling economic recession in the country was self-inflicted, noting that wrong policy choices led to the hardships facing Nigerians.

Monetary policy offers limited tools for economic recovery

Mr Godwin Emefiele, the Governor of Central Bank of Nigeria (CBN), says monetary policy offers limited tools for dealing with the current economic challenges in the country.

Capital imported into Nigeria increases 95% in Q2 2017 – NBS

The value of capital imported into Nigeria in the second quarter of 2017 rose by $884.1 million to stand at $1.79 billion, the National Bureau of Statistics, NBS, has said.

Nigeria spent N1.3trn on capital projects in 2016; highest ever – Osinbajo

The Vice President, Yemi Osinbajo, said on Monday that the Buhari administration spent N1.3 trillion on capital projects in 2016, the highest in the history of the country.

How to get Nigeria out of recession – expert

A former Director, Regional Office for Africa, UN-Habitat, Professor Oyebanji Oyelaran-Oyeyinka, has urged the Federal Government to concentrate on industrial manufacturing and not agriculture to move faster towards economic growth and exit recession.

Lagos closes N85.14bn Series 2 Bond Issuance programme

Lagos State Government on Monday announced the closure of the N85, 140,000,000 Series 2 Bond Issuance geared towards improving the physical and social infrastructure in the State.

Economic recession test for Buhari’s administration – George

National President, Union of Nigeria Baptist Convention, Dr. Baware George, has said the ongoing economic recession is a veritable avenue for the Buhari administration to prove its worth.

Recession may have ended in June – NBS chief

Yemi Kale, statistician general of the federation, says there is a likelihood that Nigeria’s economic recession ended in the second quarter of 2017.

We have succeeded in nursing Nigeria’s sick economy – Lai

Lai Mohammed, minister of information, says the Buhari administration has succeeded in nursing Nigeria’s “very sick economy”.

Tax incentives alone will not attract investors – Expert

Mr Taiwo Oyedele, a tax expert, says only tax incentives to industries without addressing other challenges will not bring about the desired economic growth in Nigeria.

Informal economy not enough to handle Africa’s workforce explosion – IMF

Unemployment in Nigeria, sub-Saharan Africa’s largest economy, is running at more than 14 percent and climbing; in South Africa, the second largest economy, it is over 27 percent. For youth in both places, it is far more.

Kebbi govt generates N6.4bn IGR in 2 years

The Kebbi Government, on Wednesday said it would review its tax policy to raise its internal revenue collection from the “meager” N6.4 billion it generated in the last two years.

South Africa no-confidence vote outcome means status quo for rating – S&P Global

South African President Jacob Zuma’s survival in a parliamentary no-confidence vote will not impact the country’s downgrade-threatened credit rating, the S&P Global agency said on Wednesday.

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