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Economic Outlook

The Nigeria Economic Summit Group (NESG) has advised the Federal Government to always consider its economic policy choices, before taking decision, in order to FastTrack economic growth, its recently launched 2021 Economic Outlook has said.

Report: NESG describes closure of land borders as wrong policy choice

The Nigeria Economic Summit Group (NESG) has advised the Federal Government to always consider its economic policy choices, before taking decision, in order to FastTrack economic growth, its recently launched 2021 Economic Outlook has said.
Oil prices dived Thursday on demand fears as more nations go into lockdown to staunch the spread of the coronavirus, while stock prices attempted a modest rebound.

Oil prices slide in lockdown-driven rout

Oil prices dived Thursday on demand fears as more nations go into lockdown to staunch the spread of the coronavirus, while stock prices attempted a modest rebound.

Exxon Mobil, Chevron report losses on weak oil prices

Exxon Mobil and Chevron suffered losses in the latest quarter as the weakened economic outlook due to the coronavirus pandemic pressures the industry to double down on cost cuts.
The Central Bank of Nigeria (CBN) as said that its staff in Jos Branch, on Tuesday averted what would have been another major fire disaster in the country.

MAN welcomes CBN’s unification of exchange rates

The Manufacturers Association of Nigeria (MAN) says the unification of the country’s exchange rate is a welcome development that will engender increased investment inflow in the real sector of the economy.
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: Coronavirus could cause set back on decade of progress in Africa

The coronavirus pandemic could set back incomes in sub-Saharan Africa by a decade as weak oil prices, a tourism standstill and business lockdowns shrink the region’s economy 3.2 percent in 2020, an IMF official said Monday.
The Kenyan central bank’s Monetary Policy Committee will hold its next meeting on April 29, it said on Tuesday, changing it from the initial scheduled date of April 27.

Kenya’s central bank cuts benchmark lending rate again

Kenya’s central bank cut its benchmark lending rate again on Wednesday, to 7.0% from 7.25%, saying measures to tackle the impact of the coronavirus were having an effect but it needed to do more due to the adverse economic outlook.
South Africa’s rand traded slightly firmer early on Friday, recovering from a sharp dip in the previous session after the country confirmed its first case of coronavirus.

South Africa’s rand on the ropes as economic fears grow

South Africa’s rand weakened for a third session in a row early on Friday as the growing likelihood of a global recession due to the spreading coronavirus compounded an already gloomy local economic outlook.

IMF: Zimbabwe risks ‘deep humanitarian’ crisis

Zimbabwe faces a grim economic outlook this year and is also at risk of an extreme humanitarian crisis, the International Monetary Fund warned Thursday.

Nigeria on steady economic growth – central bank chief

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, said on Monday that Nigeria’s economic outlook remained positives despite the current global uncertainties.
The International Monetary Fund (IMF) has backed Nigeria’s closure of its borders with some neighbouring countries over issues bordering on illegal trade.

IMF: Nigeria’s border closure hurting Benin, Niger economies

The International Monetary Fund (IMF) has said the sustained closure of the Nigerian land borders is hurting economies of Benin Republic and Niger Republic.
Vice President Yemi Osinbajo attended a church service on Sunday at the RCCG Regional Parish in New York, United States, where he gave a sermon and also prayed fervently for Nigeria 3

VP Osinbajo: Young entrepreneurs will change narrative about Africa

Vice-President Yemi Osinbajo has said young African entrepreneurs will change the perception about Africa and the continent’s economic outlook.

ABCON: Predictions on Naira devaluation speculative, sabotage

Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), on Monday in Lagos described prediction that the naira would fall to N415 to the dollar by the end of the year as speculative and act of sabotage.
Institute of Chartered Accountants of Nigeria (ICAN)

ICAN: Delayed passage of 2019 budget may sabotage growth prospects

Institute of Chartered Accountants of Nigeria (ICAN) have said that the delayed passage of the 2019 budget and slow investment choices that may arise as a result of expectations from the general elections may stall Nigeria’s growth prospects in 2019.
Nigeria's Budget Minister Udoma Udo Udoma speaks during the public presentation and breakdown of 2018 Appropriation Act in Abuja, Nigeria.

Minister: Nigeria’s economy will increase its growth trajectory in 2019

The Minister of Budget and National Planning, Senator Udoma Udo Udoma is optimistic that the Nigerian economy will continue to maintain its recovery in 2019 as the real GDP growth is expected to increase from 0.8% in 2017 to 2.1% in 2018 and 3.01% in 2019, with the sustained implementation of the ERGP.
Manufacturers Association of Nigeria (MAN)

MAN praises federal government on AfCFTA

The Manufacturers Association of Nigeria (MAN) has released its 2019 Economic Outlook report and acknowledged government’s efforts at carrying the private sector along on the issue of African Continental Free Trade Agreement (AfCFTA).

Oil prices fall on global growth concerns

Oil fell on Wednesday as a swelling supply glut and signs of an economic slowdown weighed on crude prices a day ahead of an OPEC meeting at which the producer club is expected to decide supply cuts.

IMF: Nigeria to grow by 1.9% due to fewer disruptions in oil production

The International Monetary Fund (IMF), says Nigeria is expected to grow by 1.9 per cent in 2018, up from 0.8 per cent in 2017, mostly owing to fewer disruptions in oil production.
Akinwumi Ambode - AfDB

African investment forum kicks off in Johannesburg

The Africa Investment Forum dubbed game changing event aimed at attracting multi-billion-dollar deals across the continent, kicked off on Monday in South Africa.

IMF: Nigeria’s economic recovery still challenging

The International Monetary Fund (IMF) says Nigeria’s economic outlook for 2018 remains challenging as private sector lending remains low and foreign exchange inflows are mostly short-term.

Senator Udoma: Nigeria’s economic outlook for 2018 positive

Minister of Budget and National Planning says Nigeria’s economic outlook for 2018 and over the medium term is very positive.

2018: LCCI forecasts 3-4% GDP growth, 13% inflation rate

The Lagos Chamber of Commerce and Industry (LCCI) has predicted a Gross Domestic Product (GDP) growth rate of between three and four per cent for 2018.

LCCI predicts 4 per cent GDP growth for 2018

The Lagos Chamber of Commerce and Industry (LCCI) has predicted a Gross Domestic Product (GDP) growth rate of between three and four per cent for 2018.

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Ahead of the March 6 Delta State local government council polls, Deputy Senate President, Senator Ovie Omo-Agege, weekend, reiterated that the elections could only be rigged if electorates go to sleep, insisting that “every vote must count”.

Senator Omo-Agege: Delta council polls can only be rigged if electorates sleep

Ahead of the March 6 Delta State local government council polls, Deputy Senate President, Senator Ovie Omo-Agege, weekend, reiterated that the elections could only be rigged if electorates go to sleep, insisting that “every vote must count”.
Israel’s top court ruled Tuesday the government must curb its use of the domestic spy agency to track coronavirus infections, saying “draconian” surveillance constituted a blow to democracy.

Israeli court limits use of spy agency to track coronavirus cases

Israel’s top court ruled Tuesday the government must curb its use of the domestic spy agency to track coronavirus infections, saying “draconian” surveillance constituted a blow to democracy.
Okomu Oil company has given out cheques of N90,000 each to no fewer than 35 students of tertiary institutions from about 20 host communities in three local government areas where it operates in Edo.

Okomu Oil Palm wants central bank to review anchor borrowers programme

Okomu Oil Palm Company Plc. wants a review of CBN’s Anchor Borrowers Programme (ABP) to accommodate more farmers and to shore up the nation’s foreign earnings from agriculture.
The Minister of State for Health, Senator Olorunnimbe Mamora, confirmed this during a chat with newsmen on Monday.

Minister: Nigerians who received coronavirus vaccines abroad must get tested upon arrival

The minister of state for health, Olorunnimbe Mamora, says Nigerians who have received COVID-19 vaccines abroad will still be required to take polymerase chain reaction (PCR) tests upon arrival in the country.
The Northern Governors Forum says the current system of open grazing, operated by herders in the country, is no longer sustainable.

Fulani group warns members against negative acts as herders flock to Kwara

The Fulani Community Association in Kwara has advised its members to avoid negative tendencies capable of undermining the peaceful coexistence of the state.

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Abia PDP: We are not threatened by opposition

The Peoples Democratic Party, PDP, Abia State chapter, has said that it won’t be moved by the threat of the opposition in the state to take over power in 2023, saying that the opposition is not on ground in the state but only making noise.
The National President of the Senior Staff Association of Nigerian Universities (SSANU), Mohammed Ibrahim, says the union might embark on an industrial action if the Federal Government does not listen to their demands.

Strike: SSANU, NASU demand N20 billion as earned allowance

The ongoing strike by the Senior Staff Association of Nigerian Universities, SSANU, and the Non-Academic Staff Union of Educational and Associated Institutions, NASU, may only be called off if the government agrees to pay members of the two unions N20 billion as Earned Allowance.
The Federal Executive Council (FEC), presided over by President Muhammadu Buhari, on Wednesday, mourned the death of former Lagos State governor, Alhaji Lateef Jakande, with a minute silence.

President Buhari urges Nigerians to stop ethnic profiling, vows to deal with criminals

President Muhammadu Buhari yesterday cautioned against ethnic profiling in the battle against insecurity in the country, vowing to deal with insurgents, bandits, kidnappers and other criminals threatening national security.
Dr Hakeem Baba-Ahmed

Northern elders: Nigerians have lost faith in federal government’s ability to tackle criminals

The Northern Elders Forum (NEF) has condemned the abduction of 317 school children in Zamfara state, regretting that in spite of assurances from the federal government that it will end banditry and kidnappings, the lives of Nigerians are becoming more endangered everyday.
FILE PHOTO - The Pentagon logo is seen behind the podium in the briefing room at the Pentagon in Arlington, Virginia, U.S., January 8, 2020. REUTERS-Al Drago

U.S. air strikes on Iran-backed militias in Syria kill at least one fighter

U.S. air strikes against Iran-backed militias in eastern Syria killed at least one fighter and wounded several others in what U.S. officials said was a calibrated response to rocket attacks against American personnel in Iraq.