Nigeria Economy

statistician general of the federation dr yemi kale

Inflation rate drops fifth consecutive time to 16.1 pct

The National Bureau of Statistics, today released the Consumer Price Index which measures inflation with the index dropping from 16.25 per cent in May to 16.1 per cent as at the end of June. The bureau in the report made available to our correspondent in Abuja said this is the fifth consecutive decline in inflation […]

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ICT in Lagos; threatened by growth in insecurity

Experts have said that the growth of the Information and Communications Technology in Lagos State is being threatened by the rise in insecurity in the state. They said on Friday that the insecurity challenges, such as the Ikorodu killings and kidnapping, were also a threat to its Gross Domestic Product of $136bn. In April 2017, […]

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U.S. to get away with $144m in Nigeria oil industry bribery case

The U.S. Justice Department on Friday filed a lawsuit seeking to recover assets that include a $50 million Manhattan apartment and an $80 million yacht that it said were bought using money generated from a scheme to pay millions of dollars in bribes to a former Nigerian oil minister. The civil lawsuit, filed in federal […]

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2017 budget will not pull Nigeria’s economy out of recession: expert

As controversies continue to trail the allocation of ₦350 billion for capital projects in 2017 ₦7.441 trillion budget, at a time Nigeria is facing the challenge of huge infrastructure deficit, many financial experts are calling on government to increase allocation for capital projects to over 50 percent of the total budget, in order to ensure […]

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Nigeria Customs Service, NCS

NCS vows to arraign, prosecute fraudulent bidders in e-auction

The Nigeria Customs Service (NCS) has vowed to arrest and prosecute those it described as undesirable elements who invaded the recently launched e-auction platform to make fraudulent and unrealistic bids with the sole intent of polluting the system. The Public Relations Officer of Customs, Joseph Attah, who disclosed this in Abuja yesterday said the management […]

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FG targets 10.6 pct growth rate for manufacturing sector

The Federal Government has set average growth rate target of 8.5 per cent to 10.6 per cent for the manufacturing sector over the next four years under the Economic Recovery and Growth Plan, ERGP. Minister of Budget and National Planning, Sen. Udoma Udo Udoma, disclosed this while addressing industrialists during the 60th annual general meeting […]

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Standards Organisation of Nigeria, SON

SON promises to clear Nigeria of imported used tyres

The Coordinator of Standard Organisation of Nigeria (SON) in Kwara, Mr. Sunday Yashim, says SON is determined to rid Nigeria of imported fairly used and expired tyres. Yashim reiterated the commitment yesterday in Ilorin while speaking with newsmen after a raid on tyre shops where over 1, 000 units of tyre were confiscated. The raid […]

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150 wealthy Nigerians face asset, tax probe

The Federal Government has engaged Kroll, a United Kingdom-based forensic and assets-tracing firm, and some other foreign firms to trace the assets of very wealthy Nigerians at home and abroad. According to reports, the names of 150 very wealthy Nigerians are on the list for the first batch of the exercise, which is expected to […]

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Yemi Osinbajo

Nigeria economy will bounce back in 18 months – Osinbajo

The Acting President, Professor Yemi Osinbajo has promised a major turnaround for Nigeria in the next 12 to 18 months. To achieve this, Professor Osinbajo has asked the private sector to partner with the Federal Government and help upscale the nation’s economy. The Acting President made the call on Tuesday at the fourth Presidential Quarterly […]

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“We cannot borrow anymore”, says finance minister

Nigeria must not borrow more to fund its budget and should instead raise any more money it needs by other means such as taxes, the country’s finance minister said on Tuesday. According to Reuters, Finance Minister Kemi Adeosun made the comments while speaking at a business forum in the capital of Abuja. “We cannot borrow […]

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Fix bureaucracy to make Nigeria business ready, Elumelu charges FG

Chairman, Heirs Holdings, Tony O. Elumelu, CON, charged the public sector to urgently fix bureaucracy and the process of doing business in Nigeria to promote, attract and retain willing investment partners in the country. He made this call yesterday while discussing the topic “Nigeria Open for Business” at the 2017 National Insurance Conference organised by […]

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Nigeria to insure national assets – Finance minister

The Federal Government of Nigeria has made its intentions known to ensure adequate insurance of all assets. The Minister of Finance, Mrs. Kemi Adeosun, said this during the National Insurance Conference of the Insurance Industry Consultative Council with the theme: ‘Nigeria open for business’, in Abuja on Monday. Adeosun said, “Foreign investors have shown great […]

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