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The House of Representatives on Wednesday urged the Federal Government to initiate a process of bailing out critical industries in the country, to reduce unemployment among the youth. The house also urged the Federal Government to devise strategies that would lead to improved power supply to serve the industries. The resolution followed the adoption of […]
The President of the Chartered Institute of Bankers of Nigeria (CIBN), Prof. Segun Ajibola has advised commercial banks in the country to increase credit to the private sector to grow the economy. Ajibola said this at an inaugural lecture he delivered at Caleb University, Imota, Lagos, a copy of which was made available to us. […]
The travails of Nigeria’s textile industry were rehashed recently at a seminar organised by the Nigerian Institute of Social and Economic Research, Ibadan. For a once thriving industrial sub-sector that has defied various policy measures to resuscitate, ongoing and other measures suggested signpost some hope. Success will, however, depend on tested initiatives, creativity and strong […]
The Governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele yesterday said the country’s foreign reserve had risen to $35.2 billion from $23 billion in October last year. Emefiele spoke at the 47th Convocation of the University of Nigeria Nsukka, UNN, in Enugu State. The theme of his lecture was “A mind set […]
Nigeria’s non-oil sector is growing with N261.92 billion earnings in the second quarter of the year from agric exports, Minister of Agriculture and Rural Development Audu Ogbeh has said. Ogbeh spoke at official unveiling of the Nigeria Agribusiness Resource Centre for Agricultural Investment at the weekend in Abuja. He said agricultural export increased by 82 […]
The President Muhammadu Buhari-led Federal Government has assured that as Nigeria’s economy continues to improve, prices of food items will soon “tumble.” Minister of Information and Culture, Lai Mohammed said Nigerians will soon begin to feel the impact of the country’s improved economy in their daily lives. Speaking in Lagos, Mohammed highlighted how the Federal […]
Equities trading activities on the floor of the Nigerian Stock Exchange (NSE) finished the 10 months of the year on the positive trajectory with a record of N3.448 trillion. Also, investors gained N44 billion from their investments in stocks for the month of October. Market players, while being optimistic, have described the market performance as […]
The African Development Bank has denied as untrue reports that it called off loans it granted to Nigeria. The AfBD had in November, 2016, approved a $600million loan to support Nigeria’s efforts to cope with macroeconomic and fiscal shocks that arose from the massive decline in price of crude oil. In a statement, yesterday, AfDB’s […]
The Central Bank of Nigeria (CBN) on Monday, injected the sum of $195million into the inter-bank Foreign Exchange Market. Details of the new release showed that $100million was offered to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million. Those requiring […]
The National Economic Council (NEC) committee on Export Promotion has revealed that through improving Small and Medium Scale Enterprises (SMEs) in agriculture, it intends to achieve the Zero Oil Plan (ZOP) of the federal government which is aimed at achieving self-sufficiency and growing non-oil exports from $5billion to $30billion by 2025. Speaking at the inauguration […]
•Explains why country keeps borrowing •Advises CBN to deepen forex market Nigeria needs a new policy on taxation in view of its very low level of revenue mobilization capabilities, the International Monetary Fund’s (IMF’s) Director of African Department Abebe Selassie said yesterday He told reporters at the ongoing IMF/World Bank Annual Meetings in Washington, D.C, […]
Minis- ter of Finance in the Second Republic, Alhaji Abubakar Alhaji, said yesterday the International Monetary Fund, IMF, borrowed money from Nigeria in 1974. Alhaji, who revealed this when Senator Shehu Sani paid him a private visit in his residence in Sokoto, said he signed the loan agreement when he was Permanent Secretary at the […]
The Chairman, MTN Nigeria, Dr Pacal Dozie, on Monday said that Nigeria’s failure to prioritise agriculture over proceeds from oil had positioned the country wrongly. Dozie in Lagos said that the time had come for Nigeria to de-emphasise its over-dependence on oil, and urgently begin to glamorise agriculture. “We have over these years positioned Nigeria […]
The Federal Government has assured U.S. investors of the favourable investment climate in Nigeria, promising the highest returns on investments, more than anywhere else in the world. The Minister of Trade, Industry and Investment Okechukwu Enelamah and his Foreign Affairs counterpart Geoffrey Onyeama, stated this at the Nigeria-U.S. Business and Investment Forum in New York. […]
The United States military yesterday warned that the Nigerian economy remains under great threat following the surge in criminal activities in the Niger Delta and the threats by militants to resume bombing of oil facilities in the region. The rise in lawless activities around the Gulf of Guinea was also identified as another threat to […]