Economy

Minister of Communications and Digital Economy, Dr. Isa Ali Pantami

Minister excited as ICT contributes 14.07 percent to GDP

The Minister of Communications and Digital Economy, Dr Isa Pantami, has expressed delight over the growth of ICT’s contribution to Nigeria’s GDP in the first quarter of 2020 (Q1 2020).
Lagos State Commissioner for Wealth Creation and Employment, Mrs Yetunde Arobieke,

Lagos supports 2,204 businesses in one year to reduce unemployment

Lagos State Commissioner for Wealth Creation and Employment, Mrs Yetunde Arobieke, said the Lagos State Employment Trust Fund (LSETF) has supported 2,204 businesses to expand with the aim of reducing unemployment in the state.
Nigeria’s total value of capital import stood at $5,854.38 million in the First Quarter of the year, according to the National Bureau of Statistics (NBS).

Nigeria’s Q1 capital import hits $5,854.38 million

Nigeria’s total value of capital import stood at $5,854.38 million in the First Quarter of the year, according to the National Bureau of Statistics (NBS).
National Bureau of Statistics NBS

NBS: Capital importation into Nigeria stands at $5.8 billion in Q1

The National Bureau of Statistics (NBS) has said the total value of capital importation into the country stood at 5.8 billion dollars in the first quarter (Q1) of 2020.
Nigeria has overtaken South Africa as the continent’s largest economy, a report by Bloomberg has shown.

Nigeria’s economy expands 1.87% y/y in Q1 – stats office

Nigeria’s economy grew 1.87% in the first three months of 2020 from a year earlier, the statistics office said on Monday, shrinking from the previous quarter as oil prices and international trade fell due to the coronavirus pandemic.
President Muhammadu Buhari on Monday signed into law the Finance Bill 2019 (now Finance Act), which among other objectives, seeks to increase government revenue while supporting struggling small businesses in Africa’s largest economy.

Nigeria’s economy grow by nearly 2 percent in Q1 despite lockdown

Nigeria’s Gross Domestic Product (GDP) grew by 1.87% on a year-on-year basis in the first quarter of 2020 despite many economic contractions around the world, a new by National Bureau of Statistics report has shown.
S&P Global Ratings on Friday said it projects South Africa’s economy to shrink by 4.5% this year as a result of the COVID-19 pandemic that has impacted production and consumption.

S&P forecasts South Africa’s economy to shrink 4.5 percent in 2020

S&P Global Ratings on Friday said it projects South Africa’s economy to shrink by 4.5% this year as a result of the COVID-19 pandemic that has impacted production and consumption.
Tunisia’s GDP shrank by 1.7% year-on year in the first quarter of 2020, the State Statistics Institute said on Friday, as the vital tourism sector has been hit hard by the coronavirus crisis.

Tunisia’s GDP shrank 1.7 percent in the first quarter of 2020

Tunisia’s GDP shrank by 1.7% year-on year in the first quarter of 2020, the State Statistics Institute said on Friday, as the vital tourism sector has been hit hard by the coronavirus crisis.
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.

Minister: Nigeria is heading towards recession

Nigeria’s Finance Minister, Zainab Ahmed, has revealed that the coronavirus pandemic and falling oil prices are set to force the county’s economy into recession.
National Bureau of Statistics NBS

NBS: Inflation rises to 12.34 percent in April

The National Bureau of Statistics (NBS) says the Consumer Price Index (CPI), which measures inflation, increased by 12.34 per cent year-on-year in April 2020.
President Muhammadu Buhari on Monday signed into law the Finance Bill 2019 (now Finance Act), which among other objectives, seeks to increase government revenue while supporting struggling small businesses in Africa’s largest economy.

NBS: Nigerian annual inflation at 12.34 percent in April

Annual inflation in Nigeria stood at 12.34% in April, compared with 12.26% in March, the National Bureau of Statistics said on Thursday.

Fitch: 417,000bpd oil cut’ll deepen Nigeria’s recession

A global credit ratings agency, Fitch Ratings, has said Nigeria’s compliance with the oil production cut deal led by the Organisation of Petroleum Exporting Countries will lead to deeper economic contraction and fiscal deficits.
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: Uganda’s reserves will decline sharply without external help

Without external help, Uganda’s foreign exchange reserves will fall to under 2 months of import cover in 2020/21 and leave the country in a vulnerable position, the International Monetary Fund said in a statement issued on Friday.

Finland’s industrial output grows by 2.8% in March

Finnish industrial output rose 2.8 per cent in March from a year earlier in of spite the coronavirus outbreak with chemicals surging, data from Statistics Finland showed on Friday.
Mr Stephen Karingi, Director, Regional Trade and Integration, United Nations Economic Commission for Africa (UNECA), says African economy will lose 65 billion dollars if there is a full lockdown of the continent due to COVID-19.

UNECA: Africa will lose $65 billion to full lockdown

Mr Stephen Karingi, Director, Regional Trade and Integration, United Nations Economic Commission for Africa (UNECA), says African economy will lose 65 billion dollars if there is a full lockdown of the continent due to COVID-19.
NECA’s Director-General, Mr Timothy Olawale, who made the call on Tuesday in Lagos, called for more specific and direct business sustainability schemes, to save the private sector.

2020 budget: OPS backs proposed $20 oil price benchmark

Members of the organised private sector (OPS) and some analysts have hailed the plan by the federal government to further review downward the oil price benchmark in the 2020 budget to $20 per barrel.
Mine workers are seen under ground at the end of their shift at Cullinan mine, near Pretoria, South Africa, February 1, 2019. REUTERS-Siphiwe Sibeko-File Photo

Coronavirus lockdown pushes South African PMI to record low in April

South African private sector activity fell to a new record low in April, a business survey showed on Wednesday, as company closures due to a nationwide coronavirus lockdown led to a collapse in demand.
Mrs Toki Mabogunje, President LCCI said this at the Chamber’s second quarterly briefing on the state of the economy on Tuesday in Lagos.

Lagos chamber educates private sector on post coronavirus economy

The Lagos Chamber of Commerce and Industry (LCCI) has advised organised private sector to leverage creativity and innovation to rebuild a competitive economy post-COVID-19.

Recent Stories

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.