Nigeria will need 15 years to transform economy – World Bank VP
The World Bank says that Nigeria must sustain its current economic reforms over the next 10 to 15 years to position itself as a leading global economic power, not only in sub-Saharan Africa but worldwide.
Upside impact of CBN’s interventions emerges
….Analysts, manufacturers show pain points By Emeka Anaeto, Business Editor As Nigeria strives through one of the toughest times in its recent economic history, all eyes are on the public policy executives entrusted with the responsibility to shepherd the system and drive the ship to safe anchor. The Central Bank of Nigeria, CBN, appears to […]
FIRS collects N438bn non-oil revenue in July
Despite the negative impact of the COVID-19 pandemic on the nation’s economy, the Federal Inland Revenue Service (FIRS) said it collected the sum of N438 billion from the non-oil sector July 2020, representing about 89.4 percent of the N490 billion total revenue collected in the month.
Nigeria spends N1.1trn to service foreign debt in Q2’20
The National Bureau of Statistics (NBS) yesterday said Nigeria spent $287 million, about N1.1 trillion, to service its foreign debt in the second quarter of the year (Q2’20).
Manufacturers spent 38% production cost on power in 2019
Manufacturing companies Ounder the aegis of Manufacturers Association of Nigeria (MAN) expended 38 percent of their production cost on energy in 2019, while inventory of unsold manufactured goods stood at an all time high of N402.42 billion, about 7.2 percent rise compared to N375.42 billion in 2018.
Firm introduces solar-powered refrigerators to empower SMEs
By Nkiruka Nnorom Koolboks Limited, a tech start-up, has unveiled solar-powered refrigeration system that is able to generate continuous cooling in the absence of power in its bid to empower small businesses and save consumers the disruptions caused by constant power outage. The product, KoolHome Freezer, is fitted with ice battery that stores energy in […]
Presidency pressures ministers, others over N2.3trn stimulus package
By Peter Egwuatu There are indications that the Presidency is pressurizing ministries and departments of the Federal Government to begin implementation of the N2.3 trillion stimulus package earmarked to tackle the economic distortions and hardships caused by the COVID-19 pandemic, under the government’s National Economic Sustainability Plan, NESP. The office of the Vice President, Yemi […]
Agency to invest N100m to drive industry digital resource
BlackHouse Media (BHM), a Public Relations firm, has said it is investing N100million over the next couple of years, in a digital resource, Qomms, that will transform public relations and communications in Africa.
Amber Energy drink to empower 400 Nigerians
Amber Energy Drinks Limited, manufacturers of Amber Energy Drink, said it has embarked on an empowerment programme that will ameliorate the harsh economic conditions of 400 Nigerians who will serve as sales ambassadors for the product.
Inflation hits 11 months high to 12.82% in July — NBS
…Food inflation up 0.30% By Elizabeth Adegbesan Nigeria’s inflation rate rose year-on-year (YoY) by 0.26 percentage point to 12.82 percent in July this year from 12.56 percent in June. This represents the eleventh consecutive monthly rise in inflation rate since October 2019. Similarly, food inflation rose by 0.3 percentage point to 15.48 percent in July […]
VAT revenue rises 9% to N651.8bn in H1’20
The Federal Government has generated N651.8 billion as Value Added Tax (VAT) from 28 sectors in the economy in the first half of the year (H1’20).
