GDP
Economic expert frowns at Nigeria’s debt servicing figures
An renowned economist, Dr Paul Alaje, has frowned at a situation whereby Nigeria spends up to 60% of its revenue on debt servicing, describing the development as disturbing and worrisome.
India exits recession with 0.4 percent quarterly growth
India’s economy grew 0.4 per cent year-on-year in the final quarter of 2020, official data showed Friday, ending its first recession since independence as easing coronavirus restrictions sparked a modest recovery. The country has struggled...
Nigeria receives new aircraft for coronavirus vaccines distribution
The Minister of Aviation, Sen. Hadi Sirika, on Thursday received a new aircraft brought by Allied Air at the Nnamdi Azikiwe International Airport, Abuja for the distribution of COVID-19 vaccines across the country.
CBN boss pledges accommodative monetary policy to boost economic growth
Emefiele, said this on Friday, while speaking at a CBN/Bankers’ Committee’s initiative for economic growth, which is a one-day special summit on the economy by bank chief executive officers.
Odua Investment: Southwest GDP worth over $80 billion
With a population of over 40 million people, the South West Gross Domestic Product (GDP) is estimated to be worth over $80 billion.
Nigerian government plans supplementary budget as coronavirus vaccines arrive next week
The Minister of Finance, Budget and National Planning, Zainab Ahmed, Thursday said a supplementary budget would be presented to the National Assembly for COVID-19 vaccines and vaccination of frontline workers.
Minister: Nigeria won’t stop borrowing
Notwithstanding Nigeria owing $86.39 billion (N32.9 trillion) to external creditors, the nation will continue to borrow to finance infrastructural development, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said yesterday.
Minister: Unifying Naira’s exchange rate will take time
The total borrowing of the country as of 31 December is 21.6 per cent of the GDP. So, if we were not looking at adding the other category of loans that I mentioned, we don’t even need to increase that at this time As of 2019, the debt to GDP ratio was 19.2 per cent so only two per cent was added.
Nigerian government celebrates rising price of crude oil in the global market
The federal government has described as a welcome development, the rising price of crude oil in the global market, saying, “this is a good omen for Nigeria”.
Fitch revises Nigeria’s 2021 GDP forecast to 1.6%
It pointed out that rising oil exports would be the main growth driver for the country in 2021, while consumer spending and business investment were likely to be subdued because of persistently high inflation and the slow rollout of a Covid-19 vaccine.
NCC highlights role of telecoms in Nigeria’s exit from recession
The Nigerian Communications Commission (NCC) has highlighted the role played by the telecommunications sector in lifting the country out of recession in the recently released fourth quarter Gross Domestic Product (GDP) figures for the fourth quarter of 2020.
Nigerian government plans tolling on 12 highways
In its bid to ensure the regular maintenance of its road network across Nigeria, the Federal Ministry of Works and Housing plans to concession no fewer than 12 federal highways to private entities to manage.
Presidency: Exit from recession key indicator of sustainability plan’s performance
Nigeria’s prompt exit from recession is a key indicator of the success of the ongoing Economic Sustainability Plan (ESP) approved by the Federal Government, the Presidency has said in a statement on Sunday in Abuja.
Atiku Abubakar commends Nigerian government’s ‘plan’ to privatize refineries, others
Former Vice President, Alhaji Atiku Abubakar has commended President Muhammadu Buhari’s willingness to privatize the nation’s existing refineries and other assets to revamp the country’s economy.
Minister: Nigeria did not exit recession by accident
The Minister of Information and Culture, Alhaji Lai Mohammed, says Nigeria did not exit the latest recession by accident, but with “hard work, foresight and deliberate planning by the government.”
NEPC chief: Nigeria to exit dependence on oil revenue in 10 years
The Executive Director/CEO of the Nigerian Export Promotion Council, NEPC, Mr Segun Awolowo, yesterday assured that given the steps being taken to improve the non-oil exports, Nigeria will exit its dependence on crude oil revenue in the next 10 years.
South Africa’s economic rebound expected to trim budget deficits
South Africa’s consolidated fiscal deficit is expected to narrow this year because of an economic rebound, although the long-term trend of higher debt remains unchanged due to COVID-19 and pre-existing spending, a Reuters poll forecast on Friday.
Economic expert: Key lessons learnt from exiting recession
Economic expert, Prof Uche Uwaleke has listed four major lessons to be learnt from National Bureau of Statistics (NBS) report which stated that Nigeria has exited the current economic recession.
Nigeria rebounds from recession with 0.11% GDP growth
The National Bureau of Statistics (NBS) says Nigeria’s GDP grew by 0.11 per cent in Quarter Four (Q4) 2020, from the 6.11 per cent contraction in Q3, signalling a gradual recovery from recession.
IMF endorses CBN’s policy on cryptocurrency, seeks FX rates unification
The International Monetary Fund (IMF) has expressed its support for the recent directive of the Central Bank of Nigeria (CBN) to financial institutions to ban transactions with cryptocurrency.
Mexico urges rich countries to stop ‘hoarding’ coronavirus vaccines
Mexico on Wednesday made a plea at the U.N. Security Council for countries to stop hoarding vaccines against COVID-19 as poorer ones fall behind in the race to vaccinate their citizens.
NLC: Nigeria’s insecurity, poverty getting out of control
The Nigeria Labour Congress (NLC) on Wednesday held their National Executive Council (NEC) meeting, at the Nigerian Airforce Conference Centre, Abuja, where they lamented the precarious state of insecurity and economic woes in the country.
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Twitter opens its audio chat room Spaces to Android users
Twitter introduced a limited version of the Clubhouse competitor on iOS in January. While any users of Twitter’s iOS app can join and listen to Spaces, only a few can host them at the moment.
Bauchi, Benue governors reconcile in Port Harcourt
Rivers State Governor, Nyesom Wike, on Tuesday, brokered a truce between the Governor of Benue State, Samuel Ortom and Governor of Bauchi State, Senator Bala Mohammed in Port Harcourt.
Barcelona, Atletico Madrid ordered to further tighten belts by La Liga
FC Barcelona and Atletico Madrid will have to cut down the costs of their squads by more than 35 million euros ($42.14 million) following new salary limits imposed by La Liga on Tuesday to cope with the financial impact of the Covid-19 pandemic.
Bayelsa governor: 2.5% revenue for host communities ‘unacceptable’ to Niger Delta
Gov. Douye Diri of Bayelsa on Tuesday proposed that 10 per cent of derived oil revenue be provided in the Petroleum Industry Bill (PIB) for the host communities.
Police nab five ‘armed robbers’, recover fire arms in Nasarawa
Police in Nasarawa state Tuesday announced the arrest of two suspected notorious armed robbers who have been terrorising Nasarawa and its environs and recovered fire arms from them.
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Nigerian government to disburse N200 million to 100 artisanal miners
The Ministry of Mines and Steel Development is considering disbursing N200 million to 100 artisanal miners to boost mining activities in Nigeria.
Kylian Mbappe makes huge decision on Liverpool switch
Kylian Mbappe will inform Paris Saint-Germain he wants to leave the Ligue 1 giants this summer – with Liverpool his most preferred destination.
Zamfara schoolgirl: Our abductors were young boys, they wanted to ‘touch us’
One of the victims of last Friday’s abduction of Zamfara State Government Girls Secondary School in Jangebe, Hafsat Anka, said the captives threatened to kill, fry and eat them if they misbehaved.
Group condemns arrest, detention of Ogun deputy speaker
A group of youths, under the aegis of the Ogun East Youths for Good Governance, has condemned the arrest and detention of the Deputy Speaker, Ogun State House of Assembly, Rt. Hon. Oludare Kadiri, by the police over alleged invasion and assault.
French minister: Mafia-type gangs likely behind cyber attacks on hospitals
Mafia-type organisations, often based in eastern Europe, are likely to have been behind a recent wave of cyber attacks on French hospitals, rather than foreign powers, said the French minister for digital technology Cedric O on Thursday.