Economy

Demand for local Palm Oil spike on the ban of 41 items

Nigeria’s ban on importers accessing foreign exchange for certain products is proving a boon for the country’s biggest palm-oil producer as it stokes demand for domestic goods. Profit at Presco Plc, a Benin City-based manufacturer of the edible oil, more than doubled in the six months through June as sales jumped 60 percent to 7.5 […]

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Nigeria Senate Assembly

‘Senate gave measures to follow in putting an end to recession’

The Senate has given the Federal Government guidelines to follow in putting an end to the economic recession facing the country. The Senate President, Bukola Saraki, gave the guidelines yesterday in an address to mark the resumption of the lawmakers from a seven-week recess. He lamented that Nigerians were groaning in pains, resulting from the […]

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Recession: Nigeria to sell Refineries, Shares, Presidential Fleet

The Federal Government has concluded arrangements to sell the nation’s critical assets in order to raise $15 billion to rescue the country out of economic recession. Minister of Budget and National Planning, Senator Udoma Udo Udoma, disclosed this at a cabinet retreat hosted at the presidential villa, Abuja. Investigation according to New Telegraph disclosed that some of […]

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Inflation hits 17.6%, thus Naira tumble against USD

The Naira on Friday depreciated in most major segments of the foreign exchange market just as inflation hits 17.6 percent. The Nigerian currency fell by N2.24 to exchange at N308.69 to the dollar at the interbank market, from N306.93 recorded on Thursday. At the Bureau De Change it closed at N420 to the dollar, N550 […]

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Nigeria’s Economy: Under Buhari Investment inflow shrinked by N642bn

The Nigerian economy recorded a total decline of $2.1bn in investment inflow in the first 12 months of the administration of President Muhammadu Buhari. The $2.1bn, when converted based on the N305.5 per dollar official exchange rate of the Central Bank of Nigeria, translates to about N642bn. Investigations by our correspondent showed that since July […]

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Recession: Nigeria FG to swell economy with $1.1bn

The Federal Government is set to inject an additional 350 billion naira (1.1 billion dollars) into the economy and raise 1 billion dollars from Eurobonds by mid-December to ease the recession. The Minister of Finance, Mrs Kemi Adeosun told journalists in Abuja that the additional funding, on top of the initial 420 billion naira released […]

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Nigeria moves to review 2017 fiscal plan to combat recession

In a bid to combat the nation’s current economic recession, the Federal Government is to review its 2017 fiscal plan recently approved by the Federal Executive Council (FEC) but yet to be submitted to the National Assembly. By the move, the government will re-prioritise its spending in such a way as to guarantee a quick […]

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UN to establish aviation security training schools in Nigeria

The United Nation has unveiled plans to set up two aviation security training schools in Nigeria as part of measures aimed at supporting the nation’s over-all counter-terrorism. The move would also assist in providing a robust national aviation security policy that would mitigate the threat posed to civil aviation by terrorist organizations and their operatives. […]

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Naira

Nigeria’s external reserves dipped by $1bn in 5 weeks

Nigeria’s external reserves have been depleted by $1bn in the last five weeks, Central Bank of Nigeria latest statistics have rebealed. According to the apex bank, its daily intervention at the interbank/official foreign exchange market in recent weeks, has been responsible for the development, as chronic dollar shortage continues to weigh on the economy. It […]

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Recession: Let’s export not borrow

The National Treasurer of Allied Congress Party of Nigeria (ACPN), Chief Angus Uzoamaka on Wednesday said only promotion of exports would save the country from recession. Uzoamaka said this in an interview with the News Agency of Nigeria in Abuja while speaking on the state of the economy. He said that it was time for […]

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Elumelu seeks stronger economic ties between Africa and France

Chairman, Heirs Holdings, UBA Plc and Founder of the Tony Elumelu Foundation Mr. Tony Elumelu, has Called on stakeholders in the African continent to take advantage of the enormous economic potential and opportunities offers by the continent to build stronger business relationships between France and the African continent. He made the call at the recent […]

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Nigeria now officially in recession-NBS statistics

The National Bureau of Statistics (NBS) of Nigeria released official Gross Domestic Product (GDP) figures for the second quarter of 2016 on Wednesday, confirming that the Nigerian economy is in recession. According to the statistics released, the GDP contracted by 2.06 percent in the second quarter of 2016, following a contraction of 0.36 percent in […]

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