Amid a projection by the Federal Government to spend a whopping sum of N6.7tn on fuel subsidy next year and a major shortfall in government oil revenue this year, economic and energy experts have predicted tougher days ahead for the economy, states and Nigerians. The Minister of Finance, Zainab Ahmed, had on Thursday released the […]
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MPC contemplates lesser evil, appraises intervention framework amid downturn Monetary committee has no relevance to ordinary Nigerians, says Olusoga NBS inflation report contradicts Buhari’s claim on economy In the face of economic and financial challenges, members of the rate-fixing arm of the Central Bank of Nigeria (CBN), the Monetary Policy Committee (MPC), will face tough […]
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The International Monetary Fund has said inflation, debt, and forex crisis are pushing the Nigerian economy and other African economies to the brink. The Managing Director of the IMF, Kristalina Georgieva, said ministers of finance and central bank governors on the continent disclosed this to her this week. She added that most countries on the […]
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Lekki Deep Seaport Three Ship-to-Shore cranes and 10 Rubber-Tyred Gantries critical to the commencement of operations of the Lekki Deep Seaport arrived in Nigeria on Friday, the News Agency of Nigeria (NAN) reports. Their arrival, according to Mr Mohammed Bello-Koko, Managing Director of the Nigerian Ports Authority(NPA), represents a major step toward birthing Nigeria’s first […]
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World Bank calls for sovereign debt changes ahead of looming recession Cold attitude to reforms harming domestic investment outlook, experts say ‘Challenge western countries but with better policy options’ Nigeria’s Eurobond rises by about 100% in six months Nigeria is gradually inching towards a financial ‘blockade’ at the international financial market, as its working relationship […]
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The pressure on the foreign exchange market continued on Tuesday, with the dollar exchanging at N615 at the parallel market in Lagos and Abuja. This is even as the percentage of local raw materials sourced by Nigerian manufacturers declined to 52.4 per cent in 2021, from 57.5 per cent obtained in 2020, according to data […]
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The Manufacturers Association of Nigeria, MAN, Lagos Chamber of Commerce and Industry, LCCI, and economists on Wednesday countered the claim by President Muhammadu Buhari that the economy under him is better than it was in 2015. Chairman of the Gas Group, MAN, Mr Ola Adebayo, said Buhari’s administration’s policies have not translated into positive economy […]
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Wheat farm Industry leaders have called on the Federal Government to take swift and deliberate action to cushion the effects of the disruption in the global wheat market on Nigeria’s wheat value chain. The analysts made the call in a published review on the global wheat market following the war between the two top wheat-exporting […]
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CBN Governor, Godwin Emefiele Foreign exchange inflows into the country fell by 36.7 per cent in one month to $4.36bn in January, figures obtained from the Central Bank of Nigeria have shown. The CBN revealed in its report on ‘Foreign exchange flows through the economy’ that the economy recorded lower net foreign exchange inflow in […]
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Less than two weeks to the presidential primaries of the political parties ahead of the 2023 elections, the US dollar has broken the N600/$ mark at the parallel market and set the tone for a possible uptick in the coming days. The black market rate had traded between N570/$ and N590/$ since the beginning of […]
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