Economy

S’Africa took back ‘Africa’s Largest’ title from Nigeria

South Africa’s economy regained the position of Africa’s largest in dollar terms more than two years after losing it to Nigeria as the value of the nations’ currencies moved in opposite directions, report according to IMF. The size of South Africa’s economy is $301 billion at the rand’s current exchange rate, while Nigeria’s GDP is […]

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FG: We’ve paid N700bn for road projects

The Federal Government said it has paid about N700 billion out of the N2.1 trillion liabilities for the construction of 206 road projects across the country, according to the Minister of Power, Works and Housing, Babatunde Fashola. Although the minister was not specific if it was the present government that paid the sum, he, however, […]

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NLNG subsidiary to cut employee salaries by 50%

Seafarers in the employment of the Nigerian Liquefied Natural Gas Ship Management Limited, a subsidiary of the Nigeria LNG Limited, will from September 1 receive half of their current salaries. The development according to a source in the company was as a result of the more than 60 per cent reduction in the company’s revenues occasioned by […]

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Despite Nigeria’s recovery; Angola remains top oil producer

Five months after it overtook Nigeria as Africa’s top oil producer, Angola retained the status in July despite a reported increase of 147,400 barrels per day in Nigeria’s production, data from the Organisation of Petroleum Exporting Countries have shown. OPEC, in its Monthly Oil Market Report for August, which was released on Wednesday, put crude […]

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Dollar Scarcity: Textile companies urge FG to sell gas to them in Naira

Textile manufacturers in the Nation have urged the Federal Government to start selling them gas in Nigeria Naira and not in Dollars. According to them, the payment of the gas tariff in the United States dollar is counter-productive to local manufacturers, a development that has made the commodity unaffordable to many businesses. Speaking under the aegis of the Nigerian […]

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Lagos plans to build 187, 000 houses annually

The Lagos State Government plans to build 187,000 housing units yearly over the next five years to address the 2.5 million housing deficit, the Commissioner for Housing, Prince Gbolahan Lawal, has said. Lawal, who stated this during a courtesy visit to the office of the Acting Deputy British High Commissioner to Nigeria, Mr. Ahmed Bashir, […]

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We are not out to kill businesses – AMCON

The Asset Management Corporation of Nigeria (AMCON) on Friday restated its commitment to support the country’s economy by helping businesses to grow. Mr Ahmed Kuru, Managing Director, AMCON made the assertion at a media parley in Lagos. Kuru recalled that AMCON was set up during the 2008/2009 global recession to assist businesses in the country […]

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FX Regime: 3 million maritime employee may lose jobs

Maritime activities closed on Friday with the President, Shippers Association Lagos State, Mr Jonathan Nicol, saying that the floating exchange rate might shed three million staff strength in the maritime sector. Nicol said that the new forex regime had distorted import projections which had now been on decline, reports by News Agency of Nigeria. According to […]

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Recession: Economists urges Govt to boost exports level

Economists on Wednesday called on the Federal Government to stimulate the level of exports of goods and services in order to take the country out of recession. According to reports, the economists said at a monthly round-table in Abuja on the Nigerian economy, that while the country had enough resources to support the diversification strategy […]

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LAMATA, Japan to build $1bn Lagos urban rail

The Lagos State Government says it will partner the private sector, speficically Japan International Cooperation Agency, to construct a $1bn urban rail line. The state Commissioner for Transportation, Dr. Dayo Mobereola, said this during a seminar by the Lagos Metropolitan Area Transport Authority in conjunction with the Japanese firm in Lagos. According to LAMATA, a […]

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Franca do të bashkëpunojë me Kosovën në ekonomi.

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