Economy

Coronavirus: Mixed reactions trail central bank’s policy measures

Mixed reactions have trailed policy measures announced by the Central Bank of Nigeria (CBN) to tackle the effect of COVID-19 on the nation’s economy.
A man shows a wad of the new Zimbabwe two-dollar notes he received from a bank in Harare on November 12, 2019. (Photo by Jekesai NJIKIZANA - AFP)

Zimbabwe inflation soars to 540 per cent

Zimbabwe's annual inflation soared to over 500 per cent in February, the country's statistical agency said Monday, releasing its first consumer price data since June last year.
Waziri Adio NEITI

NEITI: Nigeria earned N69.47 billion from solid minerals sector in 2018

The Nigeria Extractive Industries Transparency Initiatives (NEITI) said on Sunday the country earned N69.47 billion from the Solid Mineral sector in 2018.

Oil price crash: Experts call for immediate, purposeful development of non-oil sector

Some economic experts, on Thursday, expressed the need for the Federal Government to immediately and purposefully develop the non-oil sector to mitigate the effect of slump in oil price in the international market.
Demand for products like hand sanitisers, face masks, and cleaning wipes have spiked since Friday when Africa’s most populous nation confirmed its first case of coronavirus.

Official: Nigeria considers forex restriction for importation of hand sanitisers

Hand sanitizers and other anti-viral protective and hygiene products may soon be included in the list of items the Central Bank of Nigeria (CBN) has banned from accessing foreign exchange for their importation.
The minister of Finance, Budget and National Planning Mrs Zainab Ahmed disclosed this on Tuesday during her maiden meeting with top officials of the two merged ministries at the headquarters of Budget and National Planning in Abuja.

Oil price crash a shock to Nigeria – minister

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed said the crash in oil price on Monday was a shock to the country.
Acting Finance Minister of Finance Zainab Ahmed

Coronavirus: Nigeria to cut down 2020 budget – minister

President Muhammadu Buhari on Monday constituted a committee to assess the impact of the Corona virus outbreak on Nigeria’s economy with a view to cut down the size of the 2020 budget and reduce the 75 dollars oil benchmark.
Former President Goodluck Jonathan and Delta State Governor, Dr. Ifeanyi Okowa, have expressed confidence that the former Minister of Finance, Dr. Ngozi Okonjo-Iweala would deliver on her appointment as a member of South Africa’s Presidential Economic Advisory Council.

Ex-President Jonathan, Senator Okowa hail Ngozi Okonjo-Iweala’s appointment in South Africa

Former President Goodluck Jonathan and Delta State Governor, Dr. Ifeanyi Okowa, have expressed confidence that the former Minister of Finance, Dr. Ngozi Okonjo-Iweala, would deliver on her appointment as a member of South Africa’s Presidential Economic Advisory Council.

Chamber urges Nigerian government to support completion of fair complex in Enugu

The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) has appealed to the Federal Government to support the completion of the Enugu International Trade Fair complex to boost Nigeria economy.

Moody’s cuts South Africa’s 2020 GDP growth forecast after coronavirus

Ratings agency Moody’s on Friday cut its 2020 growth forecast for South Africa to 0.4% from 0.7%, one of several countries it saw as having lower growth prospects in a new report because of the coronavirus outbreak.
Nigeria has overtaken South Africa as the continent’s largest economy, a report by Bloomberg has shown.

Nigeria overtakes South Africa as Africa’s largest economy

Nigeria’s re-emergence as Africa’s biggest economy followed South Africa’s slump into its second recession in two years, as severe rolling power blackouts frustrate President Cyril Ramaphosa’s attempt to revive growth.
Nigeria overtakes South Africa as Africa’s biggest economy. As if a recession wasn’t enough bad news for South Africa, it’s now confirmed as the continent’s second-largest economy.

Nigeria becomes Africa’s largest economy, overtakes South Africa

Nigeria’s economic growth beat forecasts in the fourth quarter, helping its economy to expand the most in four years in 2019 as oil output increased and the central bank took steps to boost credit growth. GDP in the West African country stood at $476 billion or $402 billion, depending on the rate used. =
South Africa's President Cyril Ramaphosa has appointed 50 percent women in his new cabinet, a first for Africa's second biggest economy.

South Africa slips into second recession in two years

South Africa slipped into recession in the final three months of 2019, the country’s statistics bureau said on Tuesday, the second contraction to hit the economy in as many years.
European Union’s statistics agency, Eurostat, on Tuesday said unemployment in the eurozone has fallen to 7.7 per cent in March from 7.8 per cent in February.

Coronavirus: Eurozone cuts oil prices, slows inflation

Eurozone consumer prices grew more slowly in February than in January, as expected, data from the European Union’s statistics office showed on Tuesday, as the spread of the coronavirus around the world depressed oil prices.

Lagos Chamber: Nigeria’s growth rate can’t address job, poverty crisis

The Lagos Chamber of Commerce and Industry (LCCI) rated the latest 2.27 per cent Gross Domestic Product (GDP) growth recorded in the nation’s economy as sluggish and incapable of creating jobs and lifting millions of Nigerians out of the poverty trap.
Guest Lecturer at the event, Prof. Jonathan Aremu during his presentation said Nigeria’s trade policy is outdated and not globally compliant.

AfCFTA: Experts seek review of Nigeria’s trade policy

The Federal government has been urged to review Nigeria’s trade policy to achieve the objectives of the African Continental Free Trade Agreement (AfCFTA) pact.
Singapore, on Tuesday announced its 2020 budget, pledging 5.6 billion Singapore dollars (or 4.02 billion U.S. dollars) to assist businesses and households affected financially by the coronavirus outbreak.

Coronavirus’ effect on world economy grows more alarming

Concerns about the coronavirus outbreak’s threat to the world economy grew Saturday, even after United States, President Donald Trump, denounced criticism of his response to the threat as a “hoax” cooked up by his political enemies.
The Executive Chairman of the FIRS, Mohammed Nami, who was guest on a breakfast programme of the Nigerian Television Authority, urged all businesses to ensure that they register with the FIRS for VAT purpose.

House of Reps queries FIRS boss over non submission of audited funds

Public Accounts Committee, PAC, of the House of Representatives on Thursday queried the Executive Chairman of the Federal Inland Revenue Commission, FIRS, Alhaji Mohammed Nami, over late and non submission of the audited accounts.

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Some Aba residents on Tuesday flouted the stay-at-home executive order of the Abia government, which is meant to check the possible spread of Coronavirus into the state.

Lockdown: Aba residents flout stay-at-home order

Some Aba residents on Tuesday flouted the stay-at-home executive order of the Abia government, which is meant to check the possible spread of Coronavirus into the state.
Barcelona are ready to sell Antoine Griezmann, less than one year after signing him from Atletico Madrid, according to Sport.

Barcelona begin Manchester United swap deal talks ahead of summer transfer window

Barcelona are holding internal talks about possibly swapping players with Manchester United and Juventus this summer, it has been claimed.

WHO appreciates front-line health workers in Nigeria

The World Health Organisation (WHO) Office in Nigeria, Abuja on Tuesday appreciated the contribution of front-line health workers fighting the novel Coronavirus (COVID-19) around the world.

Ondo PDP senator commends governor for paying predecessor’s appointees entitlements

Sen. Nicholas Tofowomo, representing Ondo South Senatorial District at the National Assembly, has thanked Gov. Oluwarotimi Akeredolu over the payment of two months entitlements of all political appointees under former Gov. Olusegun Mimiko.
Kemi Adepoju, a dressmaker, sews a dress with a sewing machine in her shop amid the spread of the coronavirus disease (COVID-19) in Lagos, Nigeria April 5, 2020. REUTERS-Seun Sanni

Lockdowns: Saving lives, but ruining livelihoods in Africa

In a dark ground-floor room in Lagos, dressmaker Kemi Adepoju gazes at a pile of dresses she has made but which cannot be collected due to the lockdown in force to slow the spread of the new coronavirus.