Economy

Why Nigeria went into recession – President Buhari

President Muhammadu Buhari on Tuesday identified failure to appropriately manage the country’s numerous resources, corruption, lack of patriotism among others as reasons why the economy went into recession in 2016, first in 30 years.

World economy to add 3.6% in 2017 as recovery quickens – IMF

The International Monetary Fund on Tuesday bumped up its forecasts for global growth, saying an upswing in the world economy was likely to gather pace into next year.

Senator Bola Tinubu proposes 7-point agenda to revive Nigeria’s economy

National Leader of the All Progressives Congress (APC), Senator Bola Tinubu, has proposed a seven-point agenda, which he said, would revive the country’s troubled economy and drastically reduce her dependence on petrodollars.

Food prices rise in September on higher costs of oils, dairy products

Food prices rose further in September due to higher costs of oils and dairy products, the UN Food and Agriculture Organization said Thursday, with the increases outpacing inflation in many countries.

Kogi rice will feed the nation – govt

The Kogi State Government has restated its commitment to creating an enabling environment for the much needed agricultural revolution, assuring Nigerians that Kogi Rice will bridge the gap between demand and supply across the nation.

Expert supports CBN’s decision to retain monetary policy rate

An economic expert, Uche Uwaleke, has expressed support for the continued decision by the Central Bank of Nigeria to retain the country’s Monetary Policy Rate (MPR).

Fed govt targets $1 billion tax revenue

The Voluntary Assets and Income Declaration Scheme (VAIDS) has deployed over 700 graduates as Community Tax Liaison Officers (CTLOs) to nine states of the Federation and the Federal Capital Territory (FCT).

Ethiopia enjoying positive investor sentiments but reforms needed – IMF

The International Monetary Fund (IMF) has praised Ethiopia’s economic strides for the year 2016/2017 but has also urged that reforms be undertaken to improve the business climate.

Senate summons Adeosun, Udoma over economy

The Senate has summoned the Minister of Finance, Mrs Kemi Adeosun and her Budget and National Planning counterpart, Sen. Udo Udoma, to brief Nigerians on developments in the economy.

NCC remits N133.4bn to federation account in two years

The telecoms regulatory body of the country, Nigerian Communications Commission (NCC), said it has in the last two years, remitted a total of N133,426,062,786 to the consolidated revenue fund of the Federal Government.

Institute develops blueprint that can create 5m jobs annually

The Federal Institute of Industrial Research Oshodi (FIIRO) in Oshodi says it has developed an industrial blueprint that can create five million jobs annually.

Ogun generates N500m from high net-worth persons

The Ogun government says it has increased the number of high networth individuals in its tax net from two to 45 and consequently generated over N500 million from them.

NCC says it remitted N133bn to federation account in two years

The Nigerian Communications Commission (NCC) says it has remitted N133bn to the federation account in two years.

NECA faults NBS 2.19% growth, says economy still in recession

The Nigerian Employers Consultative Association (NECA) has faulted recent report by the National Bureau of Statistics (NBS) that Nigeria had exited recession, saying the economy was still in the woods.

Why Nigeria entered recession – ex-finance minister

A former Minister of Finance and one-time High Commissioner to the United Kingdom, Alhaji Abubakar Alhaji, has identified high overheads in governance and other expenses associated with Nigeria’s federal system as the reason why Nigeria fell into recession.

World Bank cuts South Africa’s 2017 growth forecast

The World Bank on Tuesday halved its 2017 growth forecast for South Africa after the economy fell into recession earlier this year.

Statistics essential for Nigeria’s economic growth – Adeosun

The Minister of Finance, Mrs Kemi Adeosun, on Monday said that accurate statistics was vital in the fight against corruption and achievement of the Federal Government’s economic recovery and growth plan.

Prepare for economy without oil – Akande tells fed govt

A former Governor of Osun State, Chief Bisi Akande, has urged the Federal Government to explore other sources of revenue, warning that the income from crude oil will further decrease, especially with the United States and other buyers converting to electric-powered vehicles.

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