Nigeria spent a sum of N2.05 trillion to service its domestic debts in the year 2021, representing an increase of 10.8 percent compared to the N1.85 trillion incurred in the previous year. According to the report on Nigeria’s debt service, released by the Debt Management Office (DMO), the amount spent on servicing domestic debts in 2021 is the highest on Read More
The Minister of Science, Technology and Innovation, Dr Ogbonnaya Onu, said Nigeria’s global competitiveness ranking improved from the 124 out of 140 countries in 2015/2016 115 out of 140 countries in 2018/ 2019. Onu made this statement during the opening session of the National Council on Science, Technology and Innovation Thursday in Abuja. He said many of the policies being Read More
The Director-General of the National Research Institute for Chemical Technology (NARICT) Prof. Jeffrey Barminas has said that his agency which is pioneering chemical technology in Nigeria is crucial in generating soci-economic benefits to Nigeria. Prof. Barminas said this at the Chemical Technology special day at the ongoing STI EXPO in Eagle Square Abuja. The Theme of the Chemical Day is Read More
The Central Bank of Nigeria, (CBN) has reiterated its commitment to fully diversify Nigeria’s economy with its various intervention programmes to stall problems created by fluctuations in the prices of oil globally. Governor of CBN, Godwin Emefiele, who stated this in Asaba during the opening of a two-day CBN Fair for stakeholders in Delta, said the bank has the mandate Read More
Mobilisation of domestic savings for capital formation and investment has been identified as a critical success factor for harnessing the true growth potential of the Nigerian economy. This was stated by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, during the submission of report of the Working Group on National Savings Scheme in Abuja, Tuesday. The Minister Read More
The Minister of Science, Technology and Innovation, Dr. Ogbonnaya Onu has said that the federal government will deepen efforts to diversify the economy through the application of Science, Technology and Innovation. Onu said this, when he received the newly appointed Chief of Defence Space Administration, Rear Admiral Nnamdi Muogilim in his office in Abuja Thursday. The Minister commended the centre Read More
The Minister of Science, Technology and Innovation, Dr. Ogbonnaya Onu has said that the robust relationship between the Energy Commission of Nigeria (ECN) and the tertiary institutions will not only benefit the duo, but the nation at large, through the Energy Research Centres, to promote research and innovation for sustainable economic development in the country. The minister said this, during Read More
Vibrant economy is the live wire of any nation. Globally, where the economy is buoyant, the benefits are sure to trickle down on citizens. For Nigeria, the story of economic prospects has been that of a mixed bag of misfortune. This is due to the inability or unwillingness of Nigeria’s successive leaders to diversify the economy away from oil. Oil Read More
The Senator representing Oyo South Senatorial District, Senator Kola Balogun Monday advocated immediate diversification of Nigeria economy to agriculture. Senator Balogun made the call in Ibadan while speaking with journalists at a training workshop organised for 1,300 women and youth in his constituency as part of his empowerment programme. He stated that there is the need to make agriculture the Read More
Stakeholders who gathered at the Deloitte dialogue on Nigeria economy have commended the Federal Government on its implementation of its economic plans. Deloitte hosted its 2022 economic dialogue last week, themed “Sustainable Economic Growth and National Development Agenda” to provide insights into the macro-economic and financial market in Nigeria for the year. The West African CEO, Deloitte, Fatai Folarin giving Read More
The Minister of Science, technology and Innovation, Dr. Ogbonnaya Onu has said that Nigeria’s economy has been diversified due to policies of the Federal Government, he added that efforts are ongoing to deepen the diversification of the nation’s economy. Onu disclosed this at the validation workshop on the draft revised 2022 National Science, Technology and Innovation (STI) policy in Abuja Read More
The Nigerian Economic Summit Group (NESG) said Nigeria is rapidly consolidating its recovery from the pandemic-induced recession, but the pre-COVID-19 narrative of poor inclusiveness and macroeconomic instability still persists. Despite a Gross Domestic Product (GDP) growth of 3.2 per cent in the first three quarters of 2021, data from the National Bureau of Statistics (NBS) show that average prices of Read More
The dawn of a new year, as always, presents an opportunity to take stock of events of the past year and strategise for a more economic productive year activities. Unfortunately, last year was indeed very challenging for Nigerians especially with surging inflation, unemployment, COVID-19 pandemic and insecurity. In today’s world, complex technology innovation is the biggest sector that generates employment. Read More
The Chief Executive Officer, Financial Derivative Company Limited, Bismarck Rewane has said that increased infrastructure spending in rails, roads will boost the growth of the economy. Rewane who made this statement in its presentations on the Nigeria’s Economic Outlook webinar organised by First Bank of Nigeria Limited also said that cost reflective electricity tariffs will boost power supply & productivity. Read More
The World Bank has warned that high inflation is frustrating Nigeria’s economic recovery and eroding the purchasing power of the most vulnerable households in the country, noting that country is expected to have the highest inflation rates in the world and the seventh highest in Sub-Saharan Africa in 2022. The global financial institution stated this in its latest edition of Read More
The global impact of the COVID-19 Omicron variant, if not nipped in the bud will adversely affect Nigeria’s fragile economy, analysts at CSL Research said in a publication yesterday. The immediate effect of the new variant is sending negative ripples already. Already, the forecast for the international price of crude oil going into 2022 appears biased towards a decline, which Read More
Vice-President Yemi Osinbajo has assured the business community of the federal government’s unrelenting efforts to restore the country to a path of economic growth. He said on Friday in Lagos that the target was to make the growth rate higher than population growth rate. Osinbajo gave the assurance at the 2021 Presidential Policy Dialogue organised by the Lagos Chamber of Read More
The bad news is that our national economy remains stubbornly defiant. Past and present efforts to solve its inherent historical problems and cure it of its burgeoning weaknesses have not succeeded in changing the economic fortunes of this giant of Africa from being a potentially great nation to a great nation. And the World Bank continues to dish out the Read More
Speaking as a respected leader concerned with the development of his continent, not his country, President Muhammadu Buhari has said that African countries have the capacity to redouble their internal trade by 2030 and reduce their reliance on imports. The President spoke during the 2nd Intra-African Trade Fair 2021 in Durban, South Africa.According to him, most of Africa’s existing challenges, Read More
Former Senate Leader, Victor Ndoma-Egba, has said there are bottlenecks on the clamour for restructuring, adding that many Nigerians have different understanding of what they want. Ndoma-Egba, who was also chairman of the Niger Delta Development Commission (NDDC), in a telephone chat, Tuesday, called for common grounds if the agitation should see the light of day. He said: “There however Read More
Standard Bank has partnered withFlutterwave, Africa’s payments technology company, to enhance digital payments experiences for its customers in Nigeria, Zambia, Tanzania, Uganda, Ghana, Mauritius, Cote D’Ivoire and Malawi. Flutterwave and Standard Bank are collaborating to build e-commerce, card issuing, payments, collections, USSD, lending, and buy-now-pay-later capabilities for millions of Africans, both parties said. They said the integration will help customers Read More
‘No rubber, No Nigeria’ is a popular mantra among stakeholders in the rubber sub-sector in Nigeria. It is indeed an unassailable fact that the rubber sub – sector has tremendous potentials to help in reviving the economy of the country. Rubber, which used to be the fourth largest foreign exchange earner for Nigeria after crude oil, hide and skin and Read More
Regrettably, naira depreciation does not hold any assurance of better things economically for Nigerians. There is obviously misguided and unrealistic call that the naira be devalued in expectation that matching “official rates with parallel market exchange rates will attract foreign investors or ensure competitiveness of the Nigerian economy”. Conversely, foreign investors are ‘smart guys’ investing chiefly in economically and minimally Read More
Rite Foods, Nigeria’s leading food and beverage company, marks this year’s World Food Day with the commitment of providing consumers with its portfolio of quality brands to keep them refreshed and stay healthy. With the 2021 theme as “Safe food now for a healthy tomorrow,” World Food Day, which is celebrated yearly on October 16, commemorates the date of the Read More
President Muhammadu Buhari Thursday in Abuja directed Ministries, Departments and Agencies (MDA) to give priority to indigenous professionals for planning, design and execution of national projects, admonishing that foreign professionals should only be considered where it had been certified that the expertise was not available. Speaking at the inauguration of the Presidential Monitoring and Evaluation Council of the Executive Order Read More
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