Nigerian Economy

The Central Bank of Nigeria (CBN) has unveiled series of guidelines for Non-Interest Financial Institutions under its Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS), Micro, Small and Medium Enterprises Development Fund (MSMEDF), the Accelerated Agricultural Development Scheme (AADS) and seven other intervention schemes in its bouquet.

The Women in Energy Network (WIEN) has accused the Petroleum Products Pricing Regulatory Agency (PPPRA) of secrecy in the computation of the indices guiding pump prices of petroleum products.

Hajia Zainab Ahmed, the Minister of Finance, Budget and National Planning, on Thursday presented the draft 2021 to 2023 Medium Term Expenditure Framework(MTEF) as well as the Fiscal Strategy Paper to the National Economic Council (NEC).

The Federal Inland Revenue Service (FIRS) has further extended the closing date of its waiver of penalty and interest window on tax debts owed by individuals and businesses from June 30, 2020 to August 31st, 2020.

The Central Bank of Nigeria on Tuesday adjusted the value of the naira to exchange to the dollar at N381, as parts of measures to converge the nation’s multiple exchange rates and ensure stability.

The Director General of the Securities and Exchange Commission, SEC, Lamido Yuguda, has stated that the capital market has a lot of potentials for growth and development of Nigeria post COVID-19 and beyond.

The Federal Government has inaugurated the Joint Planning Committee (JPC) for the 26th Nigerian Economic Summit (NES#26) scheduled to hold in October 2020.

National Information Technology Development Agency (NITDA) has put numerous efforts in creating an enabling environment for the purpose of cushioning the effect of the pandemic and creating more jobs, the director-general of NITDA, Mallam Kashifu Inuwa has said.

Nigerian stocks closed the first half down with average loss of 8.80 per cent, equivalent to net capital depreciation of N1.14 trillion as investors struggled with a threesome of domestic macroeconomic uncertainties, global decline in crude oil price and trade wars and the ravaging COVID-19 pandemic.

Nigeria’s first professor of the Capital Market and former Imo State Finance Commissioner, Prof Uche Uwaleke, on Wednesday described the hike in petrol price from N123.50k/litre to a price band of N140.80 to N143.80 as an indication that the Federal Government was ready to gradually exit the fuel subsidy regime.

The collapse in crude oil prices, coupled with the COVID-19 pandemic, is expected to “plunge the Nigerian economy into a severe recession, the worst since the 1980s”, the World Bank said on Thursday.

The Central Bank of Nigeria on Wednesday said it would not be deterred in its effort to steer the Nigerian economy away from the looming recession due to the impact of COVID-19.

Varied reactions greeted Friday’s roll-out of guidelines for Lagos State post-lock down businesses re-opening by Governor Babajide Sanwo-Olu.

Polaris Bank plans to leverage its investment in cutting-edge information technology to harness emerging opportunities and mitigate the disruptive effect of the COVID-19 pandemic on its business.

The Muslim Rights Concern, MURIC, on Wednesday, advised State governments to consider “giving special palliatives to Imams and pastors” in order to cushion the effect of the lockdown occasioned by COVID-19.

The Senate Tuesday asked the Federal Government to as a matter of urgency, expedite action towards the completion of the Ajaokuta steel plant.

The Senate on Tuesday commenced legislative work on a critical bill to ensure food security for Nigeria with the establishment of the Food Reserve Agency to avert any form of emergency food crises in the future.

Nigeria can longer depend on the oil sector for survival after the COVID-19 pandemic, the Plateau State Commissioner for Agriculture, Dr Hosea Istifanus Finangwai, warned on Monday.