Economy

Another S/A firm Sun Intnl’ leaves Nigeria over hostile environment

Sun International, which owned 49 percent stake in Federal Palace Hotel, says it is leaving Nigeria, owing to “challenging economic conditions and regulatory dispute”. The hospitality and gaming company, which becomes the fourth major South African company to exit Nigeria in 2016, said the controversial detention of five of its staff by the Economic and […]

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FG urges Islamic bank to assist in rebuilding northeast

Finance minister Kemi Adeosun has called on the Islamic Development Bank (IDB) to support Nigeria in rebuilding the North Eastern part of the country ravaged by Boko Haram. She made the appeal on Monday in Abuja at the inauguration of the IDB Country Gateway office. Adeosun said that Nigeria was striving towards attaining the Sustainable […]

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Economic Downturn: Boko Haram attacks cause hunger to spread in Nigeria – UN

Nigeria’s economic slowdown, compounded by Boko Haram attacks, could mean 5.5 million people needing food aid in the volatile northeast by next month, double the current number, the United Nations warned on Friday. As government troops advance against the militants, the somewhat better access for aid workers under military escort to Borno and Yobe states […]

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‘Nigeria’ll bounce back as Africa’s largest economy’

The Federal Government on Thursday said that the emergence of South Africa as the largest economy in Africa, a position that Nigeria held up until last week would make the government work harder to regain its lost glory. The Minister of Budget and National Planning, Senator Udo Udoma, stated this while speaking shortly after receiving […]

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Pres. Buhari calls to end illicit flow of funds

President Muhammadu Buhari has called on all governors of central banks in Africa to bring to an end all forms of illicit flow of funds out of the continent. The President stated this while speaking at the opening session of the 2016 annual meeting of the Association of African Central Banks. The event held at […]

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First bank, FCMB, Two Other Banks named in Katsina SURE-P N5bn cash withdrawal

Four banks were on Thursday named in the alleged cash withdrawal of over five billion naira belonging to the Katsina State Subsidy Reinvestment and Empowerment Programme during the tenure of former Governor Shehu Shema. They are Sterling Bank, FCMB, First Bank Plc and Fidelity bank. The allegation was made during the continuation of the sitting […]

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Nigeria imported U.S.$227m Sugar in 7 months

Nigeria imported $227 million worth of sugar in the first seven months of this year, a report by the Central Bank of Nigeria (CBN) has revealed. According to the CBN’s compilation of funds used for sugar imports reported by Bloomberg yesterday, the highest monthly value of imports of $79.1 million was recorded in June. The […]

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“We met already meltdown economy”

By: Bisola Adeola, Vice-President Yemi Osinbajo on Monday admitted that the present administration met an already meltdown economy. Although he assured Nigerians that the President Muhammadu Buhari administration was doing its best to salvage the situation, he stressed that the country did not adequately exploit the oil boom era by investing massively in infrastructure and diversifying the economy. […]

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Nigeria, South African firm seal N224.17b agric, real estate deal

The Nigeria Sovereign Investment Authority (NSIA), manager of Nigeria’s sovereign wealth fund, has signed a $700 million (about N224.17 billion) real estate and agriculture deal with South Africa’s Old Mutual Investment Group (OMIG). Under the deal, signed in Abuja at the weekend, NSIA will partner with South Africa’s OMIG UFF Agri-Fund to establish a $500 […]

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Abuja-Kaduna train service rakes N5m revenue in two weeks

The Abuja-Kaduna train service recorded N5 million revenue within the first two weeks of operation, Mr Fidet Ikhiria, Acting Managing Director of Nigerian Railway Corporation (NRC), has said. Ikhiria made this known to reporters while travelling on the train from Abuja to Kaduna on Saturday. The Managing Director of News Agency of Nigeria (NAN), Mr […]

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Exportation of produce enhances Nigeria’s revenue profile – Comptroller

Mr Zakari Nasiru, the Deputy Comptroller (Exports) at Tin Can Island, says export of agricultural products has now enhanced Nigeria’s revenue profile. Nasiru told the News Agency of Nigeria in Lagos on Friday that the Federal Government was making up revenues hitherto being lost due to Nigeria’s inability to export commodities overseas. According to him, […]

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