News

Recession will be short-lived, Federal Govt pledges

Ihesiulo Grace 5 January 2021 0

The Federal Government has reassured that the latest economic recession the country slid into owing to the impact of COVID-19 will be short-lived. The Minister of Information and Culture, Alhaji Lai Mohammed, gave the assurance on Monday in Lagos at a New Year media briefing. Nigeria officially

News

Nigeria’s recession will be shortlived, finance minister assures

Ihesiulo Grace 24 November 2020 0

The minister of Finance, Budget and National Planning, Zainab Ahmed has disclosed that Nigeria will exit recession in no time. She stated this on Monday in Abuja at the 26 edition of the Nigerian Economic Summit. She stated this on Monday in Abuja at the 26 edition of the Nigerian Economic Summit. Nigeria recorded it’s […]

News

‘Nigeria can shorten her worst recession in 33 yrs’

Ihesiulo Grace 23 November 2020 0

By Tunde Shorunke & Tunde Opalana Following the announcement by the National Bureau of Statistics (NBS) that Nigeria has slipped into its worst recession since 1987, industry experts have outlined how the country can easily cut short the latest economic downturn. The NBS latest figure has shown that the nation’s Gross Domestic Product (GDP) in […]

News

Lawan raises the alarm on looming recession as revenue gap hits $14bn

Ihesiulo Grace 30 September 2020 0

By Tunde Opalana President of the Senate, Ahmad Lawan on Tuesday raised the alarm that if the Federal Government fail to close the $14 billion revenue generation gap, the nation’s economy may once again go into recession. He also raised the hope of an early processing of the 2021 appropriation bill which he said would […]

News

Nigeria risks worst recession in 40 years, says NACCIMA

Ihesiulo Grace 5 September 2020 0

By Tunde Shorunke Director-General of Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Amb Ayo Olukanni, has said Nigeria could experience its worst recession in 40 years, as federal government hiked ex-depot price of petrol and increased electricity tariff within one week. He pointed out that the policies aimed at boosting revenue

Economy

‘World economy heading towards recession’

Ihesiulo Grace 2 September 2020 0

By Godwin Anyebe The Chief Executive Officer of Mascot IT, an ICT firm, Agbolade Omowole, has said that the global economy may be heading towards a recession post COVID-19. Agbolade who made this known during a two days virtual meeting held by Mascot IT with the aim to help Nigerians navigate through the storm that […]

News

Recession looms amid debt crisis, forex scarcity, others

Ihesiulo Grace 30 August 2020 0

By Motolani Oseni & Tunde Shorunke Why debt servicing may hit N3.8trn in 2020 ‘Nigeria will be characterized by large budget deficit’ We’re heading back to recession, expert warns Nigeria may be closer to its second recession in four years than expected as Africa’s biggest economy continues to struggle with high debt servicing, foreignexchange scarcity, […]

Business News

Second recession in four years is plausible, says FG

Ihesiulo Grace 14 August 2020 0

According to the Federal Government of Nigeria, the country may be plunging into another recession in the Third Quarter of 2020, making it the second time within four years. The Minister of State for Finance, Budget and National Planning, Clement Agba, said this in Abuja on Thursday at the beginning of a five-day interactive session […]

Editorial News Opinion

OPINION: How Nigeria can avert economic recession in 2020

Ihesiulo Grace 3 August 2020 0

A renowned economist and Nigeria’s first Professor of capital markets, Prof. Uche Joseph Uwaleke, has said most countries of the World are at risk of economic recession occasioned by COVID-19. He however expressed optimism that Nigeria would get a better deal. Speaking with The Daily Times an exclusive interview, Prof. Uwaleke explained that the International […]

Business Featured

COVID-19: Nigeria may go into severe recession, World Bank warns

Ihesiulo Grace 25 June 2020 0

ABUJA – The World Bank says collapse in oil prices coupled with the COVID-19 pandemic is expected to plunge the Nigerian economy into a severe economic recession, the worst since the 1980s. The World Bank made this known in a statement in Abuja on Thursday as part of its latest Nigeria Development Update (NDU). The […]

Business Featured Headlines

Declining GDP: Recession looms as Nigeria’s economy grows marginally by 1.87%

Ihesiulo Grace 26 May 2020 0

…Agriculture, ICT major non-oil contributors in Q1 2020 …Experts urge FG to direct credit facilities to critical sectors of economy …NECA projects economic contraction in Q2 2020 Philip Clement, Abuja There are clear indications that Nigeria may be heading for another recession due to the global economic downturn, even as the nation’s Gross Domestic

Featured Headlines

Nigeria’s economy heading towards recession – Ahmed

Ihesiulo Grace 22 May 2020 0

…Says COVID-19 pandemic has negatively impacted crude oil prices, federation’s revenues …States to get $1.5bn from World Bank as economic stimulus to cushion impact of pandemic Motolani Oseni with agency report The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, on Thursday, said Nigeria’s economy is heading towards a recession. The

Foreign

Japanese economy falls into recession amid virus crisis, tax hike

Ihesiulo Grace 18 May 2020 0

The Japanese economy has plunged into recession as the coronavirus pandemic and a consumption tax hike from last year ravaged the world’s third-largest economy.  Japan’s gross domestic product (GDP) contracted at an annualized rate of 3.4 per cent in the first quarter of 2020, according to a report released by the Cabinet Office.  Economic growth […]

News

World economic recession: Jimoh Ibrahim alerts FG, calls for MDAs merger

Ihesiulo Grace 24 September 2018 0

Ahead of the acclaimed world economic recession, a business magnet, Jimoh Ibrahim, has cautioned Nigerian Government to prepare for the reported economic world recession, saying if the people likes or not, it will come to pass before December this year. Ibrahim revealed that already, one of the leading economies in the world, America’s balance sheet […]

Business News

Nigeria records first strong GDP growth after recession

Ihesiulo Grace 27 August 2018 0

The Nigerian Bureau of Statistics (NBS) has reported that for the first time since Nigeria’s exit from recession, the Gross Domestic Product (GDP) has recorded growth. Driven by the non-oil sector, GDP which grew by 2.05 per cent in the second quarters of 2018 represented the strongest growth in non-oil GDP since fourth quarter of […]

Food & Nutrition

How the recession affected the cost of feeding in Nigeria

Ihesiulo Grace 28 March 2018 0

The trend in the hike of food prices in Nigeria, has made a lot of consumers settle for smaller brands The present pattern demonstrates that as the purchasing power of Nigerians is diminishing, a beam of light is that in spite of the fact that the costs of items they look to buy are ceaselessly […]

Headlines News

IMF: Nigeria’s economy remains vulnerable despite exit from recession

Ihesiulo Grace 8 March 2018 0

• Says economic growth will pick up to 2.1 % in 2018 • Warns that debt services to revenue ratio remains high The International Monetary Fund (IMF) has said that the Nigerian economy has exited from recession but remains vulnerable. Economic growth reached 0.8 percent in 2017, driven mainly by recovering oil production, while inflation […]

Headlines News

We’ve exited recession for good – FG

Ihesiulo Grace 8 March 2018 0

The Federal Government has insisted that based on the recent data released by the National Bureau of Statistics (NBS), the country has fully exited recession. Minister of Budget and National Planning, Udoma Udoma, disclosed this on Wednesday when he briefed the Federal Executive Council (FEC) on the most recent Gross Domestic Product and other related […]

Business

CIBN, others calls on Nigeria’s govt to empower non-oil sector to avoid another recession

Ihesiulo Grace 17 January 2018 0

The Chartered Institute of Bankers of Nigeria and some financial analysts on Tuesday said the Federal Government must empower the non-oil sector to prevent sliding into economic recession again. They gave the advice at the Fourth Economic Outlook on Tuesday in Lagos, noting that the economy was still fragile. The News Agency of Nigeria (NAN) […]

News Nigeria

Dickson approves N5.6bn to pay salary arrears in Bayelsa

Ihesiulo Grace 6 January 2018 0

Bayelsa State Government has approved the release of N5.6 billion from the Paris Club Debt refunds received in the state in December to pay one and half months salary arrears owed workers during the peak of the economic recession in the country in 2016. In a statement issued on Friday by the Special Adviser to […]