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
Economy
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
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 […]
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.
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 […]
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 […]
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 […]
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 […]
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 […]
The President of African Development Bank (AfDB) Dr Akinwumi Adesina has called for more robust trade between United Kingdom and Africa as trade between UK and the continent is trending downward. The AfDB’s Communication and External Relations Department quoted Adesina as saying this in a statement on Tuesday at the UK-Africa Investment Summit, Sustainable Infrastructure
China’s e-commerce logistics rebounded in November thanks to the annual online shopping spree in the same month, industrial data showed. READ ALSO: China, Nigeria sign MoU for construction of 5,200 housing units The index tracking e-commerce logistics activities rose by 2.6 points over October to reach 113.5 points in November, according to the China Federation […]
Abuja – The Buhari Media Organisation (BMO) says Nigeria has recorded steady growth in its economy due to the political will of the President Muhammadu Buhari-led administration. In a statement signed by its Chairman, Niyi Akinsiju in Abuja on Monday, BMO said the country had recorded a number of positives on the economic front. “We […]
Capital market operators on Tuesday urged the new Federal Inland Revenue Service (FIRS) chairman to ensure removal of Value Added Tax on capital market transactions to boost investment in the country. They said this in separate interviews with News Agency of Nigeria (NAN) in Lagos, while reacting to the appointment of Mr Muhammad Nami as […]
Mr Sunday Olaoye, the Chairman, Association of National Accountants of Nigeria (ANAN), Osun Branch, says the accounting profession is not meant for corrupt people. Olaoye made the statement at a news conference to announce the programme of events for the association’s Mandatory Continuing Professional Development Programme (MCPD) in Osogbo on Saturday. READ ALSO:
The Federal Government on Thursday expressed readiness to provide an enabling environment that would stimulate and boost competitiveness in the Nigerian capital market.Otunba Niyi Adebayo, Minister of Industry, Trade and Investment, stated this in a keynote speech at the 23rd Annual Conference of the Chaterred Institute of Stockbrokers (CIS) in Lagos. READ ALSO: Why
Lagos State Governor, Mr Babajide Sanwo-Olu, on Sunday declared the 2019 Lagos International Trade Fair closed, assuring investors that the government would continue to create the enabling environment for businesses to thrive. The 33rd Edition of the fair, which began on Nov. 1 at Tafawa Balewa Square, Lagos, had the theme: “Connecting Businesses, Creating Value.” […]
The Central Bank of Nigeria (CBN) governor, Mr Godwin Emefiele says Edo can generate more than 200,000 jobs and millions of dollars in foreign exchange from supporting cultivation and processing of palm oil. Emefiele, said this at the first convocation lecture of Edo State University, Iyamho, Auchi, on Friday. READ ALSO: CBN, banks to boost employment […]
Mr Muideen Ibrahim, Managing Director, BAMIB Resources and Investment Company Limited, has called on the Federal Government to support the company to increase its production to 450 million of pencil dozen per annual. Ibrahim told the News Agency of Nigeria (NAN) in Abuja that the company currently produced 2.4 million dozen per annual. He also […]
The Central Bank of Nigeria (CBN) on Wednesday, said that a total of 119,663 pieces of counterfeit notes with a nominal value of N98.82 million was recorded in 2018. The bank said this in the Currency Operations 2018 Annual Report, posted on its website. READ ALSO: Delta Govt. proposes N389bn for 2020 The CBN said […]
President Muhammadu Buhari on Tuesday in Abuja has called on various groups to access government interventions, loans and schemes to promote agriculture with the view of ending poverty. Buhari, represented by the Vice-Chairman, National Food Security Council and Gov. Atiku Bagudu of Kebbi State, made the appeal during the second National Unity Food Fair, organised […]
