Business Economy

Experts task FG on strengthening monetary, fiscal policies; pathways to recession exit

Ihesiulo Grace 6 September 2017 0

Financial experts Wednesday advised the Federal Government to strengthen the current monetary and fiscal policies which exited the country out of economic recession. The experts gave the advice in separate interviews with the News Agency of Nigeria (NAN) in Lagos while reacting to the second

Economy News Nigeria Top Stories

End of recession elicits mixed reactions

Ihesiulo Grace 6 September 2017 Post a comment

Data released by the Nigerian Bureau of Statistics yesterday shows that Nigeria’s economy is finally out of recession. GDP growth for Q2 of 2017 was 0.55 percent, halting five quarters of negative growth. The previous two quarters had been -0.91 percent (revised) in Q1 2017 and -1.49 percent in Q2 2016. A statement from the […]

Economy

The lies we must NOT tell now that we are out of recession

Ihesiulo Grace 5 September 2017 0

Finally, after five painful quarters in the red zone, the Nigerian economy eventually inched its way out of recession, expanding by 0.55 percent year-on-year in the second quarter of 2017. The country made its way out of the worst economic recession since Ibrahim Badamosi Babangida. According to World Bank figures, the last time Nigeria’s gross […]

Business Economy

Nigeria needs strong domestic market to grow its international tourism, says DG, NTDC

Ihesiulo Grace 5 September 2017 0

Folarin Coker, Director General of the Nigerian Tourism Development Corporation (NTDC),  said that for the largest Africa economy needs a strong domestic market to see its international tourism market grow. He made the remark from the perspective that domestic tourism is the only form of sustainable tourism, during his keynote address with the theme “Maximizing the

Business Economy

Nigeria forex reserves regain 2-1/2 year high of $31.6 bn, CBN data shows

Ihesiulo Grace 31 August 2017 0

Nigeria’s foreign exchange reserves stood at a two and a half-year high of $31.59 billion as of August 18, according to central bank data Thursday. Nigeria’s dollar reserves have climbed back to a level they last reached in January 2015, the data showed, shortly before general elections in Africa’s biggest economy. According to report by […]

Economy Top Stories

Nigeria’s economy is improving, data from space hint

Ihesiulo Grace 30 August 2017 0

Nigeria’s struggling economy improved between April and June, according to San Francisco-based satellite data. In a report by Bloomberg, SpaceKnow’s Nigeria Night Light Index, which measures light intensity and provides an indication of electricity usage, rose 29 percent year-on-year in that period, the first time it has shown a positive reading since the final three

Economy

Nigeria’s naira records significant gains against the dollar

Ihesiulo Grace 29 August 2017 0

The Nigerian naira has made interesting improvement against the dollar as it continues its recovery. The Naira Tuesday appreciated against the dollar at the parallel market. The Nigerian currency gained N2 to exchange at N365 to the dollar, stronger than N367 posted on Monday while the Pound Sterling and the Euro closed at N475 and […]

Economy Nigeria

Apprehension as CBN fails to update external reserves figures for two weeks

Ihesiulo Grace 28 August 2017 0

All eyes are on the Central Bank of Nigeria (CBN) for the release of the latest foreign exchange reserve figures. The apex bank is yet to update the most recent figures on its website for over two weeks, the last being August 18 2017. The external reserves data is updated nearly every day. The most […]

Business Economy Top Stories

Lagos is foreign investors’ favourite destination in Nigeria

Ihesiulo Grace 23 August 2017 0

The National Bureau of Statistics on Tuesday released the capital importation report, stating that investment inflows into the country rose by 95.02 percent from $884.1m in the first quarter of this year to $1.79bn in the second quarter. While on year on year, this was an increase of 43.6% from the $1.042.2 recorded in Q2 […]

Business Economy News

Heritage Bank not under investigation

Ihesiulo Grace 23 August 2017 0

Contrary to a social media reports, Heritage Bank Plc is not under investigation by the operatives of the Economic and Financial Crimes Commission (EFCC). People on social media had alleged that the operatives of the commission raided the head office of the bank in Lagos on Tuesday, claiming that an official of the bank was […]

Aviation Business Economy News

Delta to begin JFK to Lagos flights next year

Ihesiulo Grace 21 August 2017 0

Delta Air lines would be offering customers a new way to reach Lagos, beginning March 24, 2018 via new service from the airline’s New York-JFK hub. A company statement added that flights will operate three times weekly, complementing the existing four-times-weekly service from Atlanta. The thrice a week service would feature a departing schedule from […]

Economy Money News Nigeria

Nigeria signs major multilateral agreements with OECD

Ihesiulo Grace 18 August 2017 0

Tunde Fowler, Executive Chairman of the Federal Inland Revenue Service of Nigeria, Thursday, August 17, signed two major multilateral agreements at the Organisation for Economic Co-operation and Development (OECD). The agreement; Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the MLI) and the CRS Multilateral

Aviation Business Economy News

Nigeria’s aviation industry creates 650k jobs

Ihesiulo Grace 17 August 2017 0

The International Air Travel Agency (IATA) has revealed that the aviation industry in Nigeria has created over 650,000 jobs and contributes $8.2 billion to the domestic economy. IATA Vice President Ali Bakri made the assertion when he met with industry operators in the country recently. However, the aviation industry in Nigeria is plagued by several […]

Business Economy News Nigeria Top Stories

No hiding place for tax defaulters as states, FIRS, Joint Tax Board reach agreement

Ihesiulo Grace 15 August 2017 0

High net worth individuals who have been avoiding tax will find it harder to hide as the Federal Inland Revenue Service (FIRS) and Joint Tax Board will start sharing data. This means that people who have been dodging taxes will have no place to hide as their names will have to be in either one […]

Business Economy Telecoms

Zenith helps 9Mobile out

Ihesiulo Grace 15 August 2017 0

Zenith Bank says it has made a provision of 30 percent on its loan to 9mobile, the country’s fourth largest telecoms company. “We have taken about 30 percent … as a provision which we believe is very prudent as the company is undergoing restructuring to prepare for a new investor,” the bank’s Chief Executive Officer, […]

Business Economy Features Interviews Jobs

How Low-Paying Jobs and Weak Safety Nets Reduce Innovation and Productivity

Ihesiulo Grace 11 August 2017 0

Given the structure of our social safety net, automation tends to increase poverty and inequality rather than unemployment. People are worried about robots taking jobs. Driverless cars are around the corner. Restaurants and shops increasingly carry the option to order by touchscreen. Google’s clever algorithms provide instant translations that are remarkably good. But the

Economy News

Nigeria fails to follow up on European corruption investigation

Ihesiulo Grace 10 August 2017 0

It has emerged that an undisclosed European company secured a $356 million contract for the rehabilitation of Lot 3 of the Nigerian Railway Corporation’s Eastern line from Calabar to Maiduguri in November 2011. The contract was said to have been awarded during the administration of former president Goodluck Jonathan by the Federal Executive Council. According […]

Economy News

FG to present 2018 Budget in October

Ihesiulo Grace 7 August 2017 0

The Director General, Budget Office of the Federation, Ben Akabueze, on Monday said the 2018 Executive Budget proposal would be submitted to the National Assembly in October. He announced this at the opening of the National Training for Personnel of Ministries, Departments and Agencies, MDAs, on 2018 Budget Preparation, using Government Integrated Financial Management

Economy

For The Records: President Buhari’s Address At The Launch Of ERGP

Ihesiulo Grace 5 April 2017 0

Address by Mhummadu Buhari, GCFR President, Federal Republic of Nigeria at the Council Chambers, State House, Abuja, Abuja 5TH April, 2017 PROTOCOLS I am very pleased to launch our “Economic Recovery and Growth Plan” (ERGP: 2017-2020) today. 2. As we all know this Administration inherited numerous challenges. Our political campaign was based on a recognition […]

Economy News

Economy: NBS 2016 4th quarter report shows sign of recovery

Ihesiulo Grace 1 March 2017 0

The National Bureau of Statistics (NBS) on Tuesday released the 2016 4th Quarter Gross Domestic Product (GDP) Report which shows a significant improvement in the country’s economic fundamentals and promising signs that things are beginning to turn for the better. Although the numbers are still negative, indicators in the critical sectors show some encouraging improvements