Economy

4.5 million need food assistance in northern Nigeria, says UN

The United Nations’ World Food Program is warning that the number of people in need of food assistance in northeast Nigeria has risen to 4.5 million – nearly twice as many as in March. U.N. spokesman Stephane Dujarric said on Tuesday that a worsening economy could cause this figure to rise by another 1 million […]

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FG, CBN policies: $10bn trapped outside Nigeria – OPS

The organised private sector, comprised of manufacturers and small businesses in the country, said on Tuesday, that the policies of the Federal Government and the Central Bank of Nigeria, CBN, are killing businesses in the country, stating that due to the unfavourable policies, businesses have refused to repatriate about $10 billion into the country. This […]

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IMF rating will dampen investors’ confidence on Nigeria, says expert

The recent International Monetary Fund ranking of Nigeria’s economy will dampen the confidence of foreign investors who attach importance to the size of an economy, an Economist, Mr Uche Uwaleke has said Uwaleke, an Associate Professor and Head, Banking and Finance Department, Nasarawa State University, stated this in Abuja on Tuesday. South Africa is now […]

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Economy Boost: CBN direct wants banks to give 60% of forex to manufacturers

The Central Bank of Nigeria (CBN), has directed commercial banks in the country to allocate 60% of their foreign exchange purchases to manufacturers, in a bid to boost the ability of the real sector operators to pay for imports so as to boost the economy. Widespread dollar shortages, caused by a fall in oil revenues, […]

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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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