Economy

Naira strengthens against dollar

Ihesiulo Grace 20 August 2020 0

Barely 24 hours after the naira was forced to a downward trajectory by dollar scarcity, it bounced back, closing at ₦477 to a dollar at the parallel market in Lagos. According to reports, the Pound Sterling and the Euro traded at ₦608 and ₦550, respectively. READ ALSO: Naira declines as

Economy News

Is China transport infrastructure devt loan beneficial to Nigeria?

Ihesiulo Grace 14 August 2020 0

By Taiye Elebiyo-Edeni Nigerian transportation industry which comprises aviation, land (road and rail) and maritime subsectors has faced challenges of infrastructure deficit since independence and successive administrations have taken steps to address these challenges. Since assuming office on May 29, 2015, President Muhammadu Buhari has taken giant strides to address

Economy News

Lawyers express divergent views on China Loan ‘Sovereignty Clause’

Ihesiulo Grace 11 August 2020 0

By Andrew Orolua, Abuja Two Senior Advocates of Nigeria, Chief Mike Ozekhome and Norrison Quarkers have said that the ‘China loan Sovereignty Clause’ is very dangerous and toxic and could mortgage the country to its lenders. Minister of Justice and Attorney General of the Federation, Abubakar Malami (SAN) and his counterpart in the Transportation ministry, […]

Economy

FIRS allegation false, CBN opened the Stamp Duty account – NIPOST

Ihesiulo Grace 9 August 2020 0

FIRS – The Nigerian Postal Service (NIPOST) on Sunday disclosed that its stamp duty account was opened by the Central Bank of Nigeria under the Treasury Single Account. NIPOST made this known in response  to a publication by FIRS alleging that the postal service agency operated an illegal stamp duty account. READ ALSO: Disregard NIPOST […]

Economy Lifestyle News Tourism

4 reasons Ghana should be your next travel destination

Ihesiulo Grace 8 August 2020 0

Ghana is arguably one of Africa’s true jewels, Mutiat Alli reports. Formerly called the Gold Coast, Ghana’s rich tradition means that it is truly one of the best places to visit in West Africa. Throw in a growing tourism industry as well as an incredible energy about the capital Accra that makes it ideal for […]

Economy News

Air Peace, Bristow given 14 days to reinstate sacked workers- NLC

Ihesiulo Grace 7 August 2020 0

Air Peace, Bristow Helicopters and Turkish Airlines two weeks to reinstate all their sacked workers, the Nigeria Labour Congress (NLC) has given This was disclosed in a statement signed by Ayuba Wabba, president of NLC, on Friday. READ ALSO: Why we sacked over 70 pilots and staff – Air Peace According to Wabba, it was […]

Covid-19 Economy

Details of governors’ meeting over opening of economy revealed

Ihesiulo Grace 9 July 2020 0

Due to the novel coronavirus pandemic, Nigeri Governors meet in other to discuss various ways to rejuvenate the Economy. Members of the Nigeria Governors’ Forum (NGF) met on Wednesday to discuss the impact of the coronavirus (COVID-19) pandemic on Nigerians and the economy. At the meeting which held virtually and was presided by the NGF […]

Business Economy

Market forces to determine price of petrol – PPPRA

Ihesiulo Grace 5 June 2020 0

Abuja – The Petroleum Products Pricing Regulatory Agency (PPPRA) has removed the cap on the price of Premium Motor Spirit (PMS) also known as petrol. Also the Nigerian National Petroleum Corporation (NNPC) says it is firming up business portfolios in the power, medical, housing and other sectors that would strengthen the profitability of the state […]

Economy

Nigerians to pay 50 naira stamp duty on electronic receipts

Ihesiulo Grace 30 May 2020 0

Nigerians will now pay stamp duties on all forms of electronic notifications acknowledging receipts of funds. This includes SMS and messages on any electronic platform such as emails and Whatsapp messages. This is according to a circular that was signed by FIRS’ Executive Chairman, Muhammad Nami, as seen on the tax agency’s website. Part of […]

Economy

SGF, Boss Mustapha reveals Nigeria will reopen its economy in phases

Ihesiulo Grace 18 May 2020 0

The reopening of Nigeria’s economy will be done in phases, the Secretary to the Government of the Federation (SGF), Boss Mustapha, has said. The Nigerian economy has been shut for about four weeks as businesses were closed, airports shut, schools shut and lockdown imposed in many states of the federation, including the commercial capital, Lagos, […]

Business Covid-19 Economy

Reduce Interest Rates, provide Tax Reliefs – Tinubu urges Banks, FG

Ihesiulo Grace 4 May 2020 0

The national leader of the All Progressives Congress (APC), Bola Tinubu, is of the opinion that if the COVID-19 crisis is to have any positive economic aspect, then it should be that Nigeria used this moment to drive down interest rates. Tinubu in a lengthy communique on Sunday, advised the Federal Government to avail tax […]

Economy

US Q1 economy contracts 4.8 per cent amid coronavirus fallout

Ihesiulo Grace 29 April 2020 0

US gross domestic product shrank 4.8 per cent in the first quarter, at an annual rate, the Bureau of Economic Analysis (BEA) said on Wednesday, coming in worse than analysts’ expectations. The numbers show the worst contraction since the global financial crisis in the last quarter of 2008. The economy, particularly in the last weeks […]

Economy

Post-COVID-19: Nigeria would have had it better if during surplus … – don

Ihesiulo Grace 24 April 2020 0

Ibadan – A don, Dr Olugbenga Alayande, on Friday, urged the Federal Government to use the current global economic downturn, occasioned by the COVID-19 pandemic, to develop Nigeria’s technological capacity. Alayande, who is the acting Director, Intellectual Property and Technology Transfer, The Technical University, Ibadan, stated this in an interview in Ibadan. The

Economy

Coronavirus: Dangote mobilizes private sector operators

Ihesiulo Grace 25 March 2020 0

 Mr Aliko Dangote, President, Dangote Industries Ltd., and Mr Herbert Wigwe, Managing Director, Access Bank Group, are spearheading a coalition of private sector organisations to support governments’ ongoing efforts at tackling the (COVID-19) menace. The industry giants made this known in a statement to the News Agency of Nigeria (NAN) on Wednesday in Lagos. The […]

Business Economy Featured

FG postpones Afrika business and investment forum

Ihesiulo Grace 21 March 2020 0

The Federal Ministry of Industry, Trade and Investment has postponed the proposed Afrika Business and Investment Forum in compliance with global health safety standards on Coronavirus. A statement, Mrs Olukemi Arodudu, Director, Investment Promotion of the Ministry, noted that the move was a  precautionary measure to prevent the spread of coronavirus pandemic.

Economy

European, Australian shares regain some ground as Asians tumble

Ihesiulo Grace 13 March 2020 0

European stock markets regained some ground on Friday after heavy losses the day before, even though some Asian markets fell sharply as the economic implications of the new coronavirus continued to weigh on values. London’s key FTSE 100 index rebounded in opening trading, gaining 4.6 per cent after Thursday marked its biggest daily fall since […]

Economy

Stop borrowing from foreign countries – Economist warns FG

Ihesiulo Grace 20 February 2020 0

A Professor of  Financial Economics, Prof. Ndubisi Nwokoma, on Thursday advised the Federal Government to be careful with external borrowing. Nwokoma, Director, Centre for Economic Policy Analysis and Research, University of Lagos, gave the advice in an interview with the News Agency of Nigeria (NAN) in Lagos. Nwokoma was reacting to plans by the government […]

Business Economy Foreign

Turkish central bank slashes key interest rate to 11%

Ihesiulo Grace 19 February 2020 0

Turkey’s central bank on Wednesday lowered its benchmark interest rate to 10.75 per cent, marking a dramatic policy change since last summer. The bank said it cut its one-week repo rate from 11.25 per cent to 10.75 per cent, the sixth consecutive rate cut since July when the rate was at 24 per cent. In […]

Economy

Alaba market organises fire prevention workshop

Ihesiulo Grace 31 January 2020 0

Against the backdrop of fire outbreaks in some Nigerian markets, the Industrial Section of the Alaba International Market (AIM) Lagos State, on Friday organised a workshop on fire prevention for traders in the area. The programme, facilitated by Safety First Global, distributors of fire hardware, focused on fire prevention, handling of fire extinguisher and how […]

Economy

Financial experts say CRR raise necessary to tame inflation

Ihesiulo Grace 25 January 2020 0

Financial experts on Saturday said that the upward review of the Cash Reserve Ratio (CRR) by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) was necessary to tame inflation. They spoke with newsmen in Lagos, while reacting to the outcome of the first MPC meeting of the year. READ ALSO: Delta […]