Economy Top Stories

IMF borrowed money from Nigeria in 1974, former minister says, bemoans present state of country’s economy

Ihesiulo Grace 22 September 2017 0

Abubakar Alhaji who served as the minister of finance in the second republic has disclosed that the International Monetary Fund (IMF) borrowed money from Nigeria in 1974. Abubakar who blamed country’s over-dependence on oil for the economic problems, said while in the position, he signed

Business Economy

Nigerian mining sector generates N14.9bn in two years – RMAFC

Ihesiulo Grace 21 September 2017 0

Shettima Abba-Gana, Acting Chairman, Revenue Mobilisation Allocation and Fiscal Commission ( RMAFC ) says the mining sector was generating less than capacity due to activities of illegal mining. In an interview with the News Agency of Nigeria ( NAN ) Thursday in Abuja, Abba-Gana said the sector generated only N14.9 billion between 2015 and 2016. […]

Business Economy

Nigeria remains Indonesia’s largest trading partner

Ihesiulo Grace 21 September 2017 0

Harry Purwanto, Indonesia’s Ambassador to Nigeria said Wednesday, that Nigeria remained Indonesia’s largest trade partner in spite of fall in trade volume between the two countries. Purwanto, who stated this at a news conference on the forthcoming 72nd Independence Day of Indonesia in Abuja, said that the embassy was committed to strengthening economic ties between […]

Business Economy

Nigeria’s debt rises by $4.33bn in 2 yrs, hot $15.05 bn in 2017- NBS

Ihesiulo Grace 20 September 2017 0

Nigeria’s total debt rose by $4.33 billion in two years to hit $15.05 billion in 2017. This was disclosed in the foreign and domestic debt statistics of the country as at June 2017 released Wednesday by the National Bureau of Statistics (NBS) in Abuja. The apex statistical body reported that country’s domestic and foreign debts […]

Business Economy

Onyeama woos US investors, says more investment returns are abound in Nigeria

Ihesiulo Grace 19 September 2017 0

Geoffrey Onyeama, Nigeria’s minister of foreign affairs, said investors from the United States will get a higher return on investment from the country than anywhere else in the world. According to NAN’s report, the minister made this statement while speaking at the Nigeria-US Business and Investment Forum in New York alongside Okechukwu Enelamah, minister of

Economy

FG sets to employ 7,500 graduates, 5,000 non-graduates

Ihesiulo Grace 15 September 2017 0

Nigeria’s Federal Government has disclosed its plans to recruit 7,500 graduates as Community Tax Liaison Officers across the country. Kemi Adeosun, country’s Minister of Finance alongside Babatunde Fowler, the Chairman, Federal Inland Revenue Service, FIRS who made this known during a press conference in Abuja.The government explained that the recruits will

Business Economy

Nigerian inflation slows for 7th month in August to 16.01 percent

Ihesiulo Grace 15 September 2017 0

Annual inflation in Nigeria slowed for a seventh month in August, easing to 16.01 percent, the National Bureau of Statistics (NBS) said Friday. The rate of annual inflation was 0.04 percent lower than in July. “The highest increases were recorded in clothing materials and articles of clothing, garments, passenger transport by air, motorcycles, shoes and […]

Business Economy

Tax research network launched in Nigeria

Ihesiulo Grace 13 September 2017 0

The Nigerian Tax Research Network has been launched in Abuja. Set up with funding from the Bill and Melinda Gates Foundation, the International Centre for Tax and Development (ICTD) is driving this network. Speaking at the event, Ifueko Omoigui-Okauru, former chairman of the Federal Inland Revenue Service, FIRS, said that research is very important in […]

Agriculture Economy

Olam to boost Nigeria’s food business with $150mn investment

Ihesiulo Grace 13 September 2017 0

Global food trader, Olam International Ltd. invested $150 million in animal-feed mills and poultry farms in Nigeria as it seeks to boost its agribusiness venture in Africa’s biggest food market by population. These include bird- and fish-feed mills with the capacity for 360,000 metric tons each, according to Bloomberg, located in the northern Kaduna and […]

Economy Top Stories

“I am a threat to the economy….?” Atiku responds to tweet

Ihesiulo Grace 12 September 2017 0

Atiku Abubakar, a former Nigerian vice president in response to a Twitter user, who wrote “You and your likes are the biggest threat to our economy,” asked how he has only been a threat to the economy, considering he has created over 50,000 jobs for Nigerians. Atiku had cited a report that the economy was […]

Business Economy

FG, states’ public debt stock hits N19.6trn, says DMO

Ihesiulo Grace 12 September 2017 Post a comment

Nigeria’s public debt stock for both the Federal Government and the states as at June 30 stood at N19.63 trillion, a document by the Debt Management Office (DMO) says. The document obtained from the DMO website Monday, according to NAN said the domestic debt of states stood at N3 trillion, as the Federal Government spent N253.3 […]

Economy Nigeria Top Stories

Following the end of the recession, what next?

Ihesiulo Grace 12 September 2017 0

The news that the Nigerian economy had exited 5 quarters of recession came as a relief because the recession had dragged on for longer than most initially imagine. The question now is what next? In a report presented at the Franco-Nigerian Chamber of Commerce in February, geopolitical analysis organisation, SBM Intelligence, had advised that the […]

Business Economy

Nigeria reforms capital importation to attract foreign investors

Ihesiulo Grace 11 September 2017 0

Nigeria’s central bank Monday will start issuing electronic certificates for capital imported into the country, in a bid to improve its currency transfer process, it said. The new certificate will replace a hard copy now issued when capital is imported, according to a circular from the central bank. The bank said the move would enhance […]

Business Economy

Nigeria’s tough times are not over despite exit from economy recession, Oyegun says

Ihesiulo Grace 11 September 2017 0

John Odigie-Oyegun, national chairman of the ruling All Progressives Congress (APC) said though, Nigeria has officially exited economy recession according to National Bureau of Statistics but that doesn’t mean tough times are over. In a report credited to DailyTrust, the APC chairman made the statement during his address to the second plenary of the Catholic […]

Economy Top Stories

Nigeria out of stagnation not recession, Onovo faults NBS’ report on country’s economy

Ihesiulo Grace 11 September 2017 0

Chief Martin Onovo, a former presidential candidate has faulted the National Bureau of Statistics (NBS) report concerning Nigeria’s economy out of recession. Onovo, who contested the 2015 presidential elections on the platform of the National Conscience Party, said that Nigeria was in a season of stagnation, rather than being in a recession, according to NAN’s

Business Economy

Niger Delta militants accuse FG of exploiting region’s oil wealth, threaten to return Nigeria into recession

Ihesiulo Grace 11 September 2017 0

A coalition of 10 militant groups in the Niger Delta region have threatened to resume fresh attacks on oil installations across the region which could pose serious problems for the county’s economy. The threat issued Sunday, September 10, by the Reformed Niger Delta Avengers (RNDA) said it was working in coalition with nine other militant […]

Business Economy

Reasons commodities prices still high amid improved economy- MAN chief

Ihesiulo Grace 8 September 2017 0

Frank Jacob, an industrialist, and president of Manufacturers Association of Nigeria (MAN) said Friday that the prices of domestic commodities still remain high because the naira-dollar exchange rate is still high. Jacob told the News Agency of Nigeria (NAN) in Lagos that manufacturers are still burdened by the high cost of importation, as the current exchange rate […]

Economy

What Kills Inequality – Part 2

Ihesiulo Grace 8 September 2017 0

Some countries have found ways to reduce inequality without a catastrophe. Giant corporations also play massive roles in advanced democracies. In these countries, the military and the police are constrained by various institutions, and politicians must maintain popular support to stay in power. But it is one thing for citizens to have the right to […]

Business Economy

NNPC, ExxonMobil in talks on operational portfolio expansion

Ihesiulo Grace 7 September 2017 0

The Nigerian National Petroleum Corporation (NNPC) and its upstream joint venture partner, are seeking new measures to expand existing operational portfolio with a view to increasing crude oil production and availability of gas for power generation. Speaking in Abuja after a meeting with a high-powered ExxonMobil delegation led by Mr. Jack Williams, Senior Vice-President

Business Economy

Nigeria was faced with depression, says ex-CBN Director

Ihesiulo Grace 6 September 2017 0

Titus Okunronmu, a former Director, Budgetary Department, Central Bank of Nigeria (CBN), said on Wednesday that Nigeria’s economy had been experiencing depression rather than recession since 2015. According to NAN, Okunronmu, while responding to questions concerning the country’s economy in Ota, Ogun state, said that a recession could only last for a quarter or two,