Tinubu’s Economic and Financial Reforms: Gains, Pains, and Missed Targets
CBN also implemented wide ranging foreign exchange reforms, chiefly the elimination of multiple exchange rates to curb arbitrage, enhance transparency and boost investors’ confidence.
Capital importation falls 54% to $875m in Q2’21
By Elizabeth Adegbesan The value of capital importation into the country fell quarter-on-quarter ,QoQ, to $875.62 million in the second quarter of this year (Q2’21). This represents a 54 per cent decline when compared to $1.91 billion recorded in Q1’21.In its Nigerian Capital Importation Q1/Q2 2021 report released today, the National Bureau of Statistics (NBS) […]
Inflation reverses 19-month trend, drops marginally to 18.12%
Headline inflation fell to 18.12 percent in April representing 0.05 percent point year-on-year (YoY) decline when compared to 18.17 percent recorded in March.
Nigeria debt-to-revenue ratio to rise 395% in 2022 — Fitch
Fitch Ratings, world’s major credit rating agency, has projected that Nigeria’s debt- to-revenue ratio will rise to 395 percent by 2022, indicating that growth rate in public debt would far outstrip its revenue.
Nigeria Sovereign Wealth fund cuts USA’s treasury exposure
The Nigeria Sovereign Investment Authority, NSIA, yesterday, indicated it has cut its United State of America’s treasury (bond) exposure to less than 20 per cent following concern over soaring yields and expensive valuations for some of the world’s largest firms.
COVID’19: 58% households reduce food consumption in 6 months — NBS
ANational Bureau of Statistics (NBS) survey has shown that 58 percent of households in the country reduced their food consumption between July and December 2020 in order to cope with shocks caused by COVID’19.
US companies invest $3.8bn in Nigeria in 5yrs
Companies of United States of America (USA) origin operating in Nigeria invested a total of $3.75billion to expand their operations in the country in the last five years and plans to invest another $2.75 billion in the next three years, a survey by American Business Council (ABC) has shown.
Investors lose N145bn in 3 days as bearish trend persists
Investors on the stock market have lost over N145 billion in three trading days of this week as bearish trend continued.
NSIA signs $1. 4bn deal with Moroccan investors
By Emma Ujah, Abuja Bureau Chief ECONOMY The Nigeria Sovereign Investment Authority (NSIA) has signed an agreement with OCP of Morocco, for the development of a $1.4 billion plant to produce Ammonia and Diammonium Phosphate, under its Gas Industrialization Strategy. According to the NSIA, “The Multipurpose Industrial Platform Project is a backward […]
Court dismisses insurance firm’s bid to appeal bank’s possession of Ashake Estate
ECONOMY By Innocent Anaba A Federal High Court sitting in Lagos has dismissed an application seeking leave of court to appeal a February 11, 2020, judgment which granted First City Monument Bank, FCMB, Limited possession of Ashake Estate at Oniru, Victoria Island, Lagos. Trial judge, Justice A. Liman agreed with FCMB that the application by […]
Nigeria’s economy rebounds with 0.11% GDP growth in Q4’20
By Yinka Kolawole & Elizabeth Adegbesan Nigeria’s economy re-bounded in the fourth quarter of last year (Q4’20) as the nation’s Gross Domestic Product (GDP) grew year-on-year (y/y) by 0.11 percent, with aggregate GDP at N43.5trillion. The development represents the first positive growth in the last three quarters of 2020 where GDP stood at 1.87 percent, […]
IMF backs CBN on Cryptocurrency ban
Cautions against hike in tax rate By Emma Ujah, Abuja Bureau Chief MONEY MARKET The International Monetary Fund (IMF) has expressed support for the directive of the Central Bank of Nigeria (CBN) that banks should close all accounts related to cryptocurrency transactions. However, the IMF cautioned the Federal Government (FG) against increasing the […]
WTO: African trade unions set agenda for Okonjo-Iweala
By Victor Ahiuma-Young ECONOMY African Trade Unions have called on the newly appointed Director General of the World Trade Organisation (WTO), Dr Okonjo-Iweala, to ensure that global trade agreements promote workers’ rights, eradicate poverty and guarantee sustainable industrial development in the world. They made this appeal in a congratulatory message to the new WTO Director […]
Firm launches auto parts platform to enhance sector
By Providence Adeyinka ECONOMY A firm, 234Parts.com has introduced online platform for the automobile sector, to connect spare parts buyers and sellers, dealers, auto workshops and car owners. A statement from the Managing Director of 234Parts.com, Mr. Godson Madu, said that the site boasts of over 370,000 car parts listings with 28,000 unique products from […]
NIRSAL facilitates N148b into agric sector
By Emma Ujah, Abuja Bureau Chief ECONOMY The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending, (NIRSAL PLC) has facilitated over N148 billion in finance and investments for agriculture and agribusiness. Managing Director of the company, Mr. Aliyu Abdulhameed, disclosed this at a media briefing in Abuja. He said that NIRSAL, a wholly-owned […]
SRGI 2.0: FG to move from revenue collection to tax compliance
By Yinka Kolawole The Federal Government is set to shift focus from revenue collection to tax compliance under the second phase of its Strategic Revenue Growth Initiative (SRGI 2.0). Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, stated this yesterday, at a webinar on economic outlook organised by Delloite, an audit, consulting and […]
