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.
Nigeria, Middle East trade volume hits $19.3bn
ECONOMY By Princewill Ekwujuru The bilateral trade volume between Nigeria and the Middle East reached $19.3 billion in 2019 while Nigeria’s export to China was about $2billion in the form of mineral oils and fuels, oil seeds, plastics, rubber, animal products, shipping vessels and fruits. Vice President, Strategy and Partnerships, MIE Groups, Zahoor Ahmed, revealed […]
Nigeria’s Company Income Tax revenue down 28.9% in Q4’20
By Yinka Kolawole The Company Income Tax CIT) generated in Nigeria decreased by 28.91 percent, quarter-on-quater (QoQ), to N295.72 billion in the fourth quarter of 2020 (Q4’20) from N416.01 billion in Q3’20. Disclosing this in its report on the sectoral distribution of CIT for Q4’20 released yesterday, the National Bureau of Statistics (NBS) further noted […]
Nigeria’s trade deficit rises 11% to $1.27bn
*As capital inflow drops 71% By Elizabeth Adegbesan ECONOMY The nation’s trade deficit rose month-on-month (MoM) by 11 percent to $1.27 billion in October from $1.14 billion in September 2020, just as capital inflow fell by 71 percent to $19 million from $27 million within the same period. The fall in capital inflow was due […]
AfDB, EIB sign Joint Action Plan for Africa
The African Development Bank, AfDB, and the European Investment Bank, EIB, have signed a Joint Partnership Action Plan (JPAP) to fast-track development in the African continent.
Anchor Borrowers Programme: Farmers to release 300,000mt maize next month
By Babajide Komolafe ECONOMY Maize farmers under the Anchor Borrowers’ Programme (ABP) of the Central Bank of Nigeria (CBN) are set to release about 300,000 metric tonnes of maize which watchers believe will reduce the current price of maize. The huge supply boost according to stakeholders is aimed at inducing a decline in the price […]
