The statement credited to the Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajia Sa’adiya Umar Farouq, that her ministry will ensure that President Muhammadu Buhari’s promise to take 100 million Nigerians out of poverty within 10 years is achieved is quite reassuring. This is more so considering the despondency of the mass of the people, no thanks Read More
The International Monetary Bank (IMF) is urging banks to stop satisfying shareholders now and face a bleak future when recession take its toil on potential buffers. Instead, the international bank has advised shareholders to rather sow in tears now, and reap in joy when the expected storm is over. Kristalina Georgieve, IMF managing director said, “but as we brace ourselves Read More
With the double effect of Covid-19 and oil price crash, Nigeria’s economy is teetering towards recession and Nigerians, again, are jittery. BENJAMIN UMUTEME in this report seeks remedies. As the coronavirus pandemic has forced global economies to shut down, analysts are of the view that it is only a matter of time before Nigeria slips into another recession, especially with Read More
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said Thursday that the country has recorded N125.52 billion drop in oil revenue in the first quarter of 2020. Addressing State House correspondents at the end of the National Economic Council (NEC) meeting at the Presidential Villa in Abuja, the minister said the drop was one of the impacts of Read More
Ahead of the rescheduled meeting of the Organisation of Petroleum Exporting Countries (OPEC) on Thursday, the federal government says it is ready for work for the stability of the oil market. The price war between Saudi Arabia and Russia has drove down oil price to as low as $22 per barrel. However, with hope of an agreement, crude prices have rose Read More
Mankind is at war with an invisible, seemingly inanimate substance which has wrecked more havoc on the United States of America (USA), the world’s largest economy, than the Japanese invasion of Pearl Harbour in December 7, 1941. The coronavirus pandemic (Covid-19) has sent shock waves down the spines of the entire human race. For the first time in human history Read More
In mid 2014, when the price of crude dropped to less than $30 per barrels globally, Nigeria’s revenue dipped by 70 per cent as oil was its main revenue source. With coronavirus pandemic and the Saudi-Russia trade war, analysts fear that Nigeria might just be on the precipice of another recession; BENJAMIN UNUTEME reports. When in June 2014, global price Read More
Money, the wag says, gets attention any time, anywhere. So did it happen that on August 21, this got my instant attention: “Nigeria heading into fiscal crisis – presidency warns.” Mallam Garba Shehu, the president’s senior special media adviser, gave the warning on behalf of the federal government. I cancelled my decision to nap. I was actually jolted out Read More
The President Mohammadu Buhari’s administration showed remarkable strength when the economy slipped into recession, the first in 25 years, but was quickly able to bounce out in the last two years. The economy of Africa biggest oil producer contracted in 2016 for the first time in 25 years as oil output slumped. While the economy expanded in the last two years, Read More
Central Bank of Nigeria (CBN), Godwin Emefiele, Wednesday expressed concern over high rate of unemployment and warned that it may slide the country back to recession if not urgently addressed. Emefiele said Nigeria luckily exited recession which according to him, “has seen recession pending downward to about 18.72 percent in 2017 to about 11. 37 percent today”. “We have seen reserve moving up. But Read More
Chairman of the Nigeria Governors’ Forum (NGF) Abdulaziz Yari has said Nigeria risked another round of recession between 2020/2021. To this end, he said the newly elected governors should brace up for the challenges to be posed by such development. Yari, who is also the Zamfara state governor, said this Monday at the opening ceremony of an induction of new Read More
Renowned economists and academics Tuesday proffered strategies for the federal government to sustain the path of economic growth that had so far been gained since it overcame the 2016 recession. These economics experts spoke at the 2019 Annual Conference, organised by the Lagos State University (LASU), Faculty of Management Sciences, holding from April 1 to April 3, with the theme, “Strategies Read More
A militant group in Nigeria’s oil-rich southern Niger Delta threatened on Thursday to cripple Africa’s top oil producer if President Muhammadu Buhari is re-elected in a vote due to be held on Saturday. The Niger Delta Avengers Thursday threatened to cripple Nigeria’s economy if President Muhammadu Buhari is re-elected tomorrow. The group in a statement said they hoped to end Read More
The Minister of Budget and National Planning, Sen. Udoma Udo Udoma says Nigeria’s economy is firmly on the path of growth. Udoma, in a statement in Abuja said, the country’s Gross Domestic Product (GDP) for the fourth quarter, 2018 showed the strongest performance since the economy emerged from recession. The minister made this known at a gathering of media professionals Read More
Speaking at a media parley organised by the First City Monument Bank (FCMB) Plc in Abuja, CEO of RTC Advisory Services, Mr. Opeyemi Agbaje, in a presentation ‘The Nigerian Economy and Financial Sector in 2018,’ warned that the government’s debt led strategy is a disaster waiting to happen, BENJAMIN UMUTEME reports. Nigeria existed recession in the third quarter of 2017, Read More
Mr. Victor Eburajolo is a renown industrial relations expert and Group Deputy Managing Director, Kewalram Chanrai Group. In a chat with journalists, the labour expert speaks on the agitation for a new minimum wage and how its non-implementation is affecting the manufacturing sector, among others. MOSES JOHN reports. Business environment in a recession We are just beginning to crawl out Read More
Former Vice President and chieftain of the All Progressives Congress, (APC), Atiku Abubakar, has cautioned that while Nigerians must rejoice over the official emergence of the country from recession, it’s also important to recognize that the economic weakness at the bottom of the pyramid remains, adding that ‘inflation is still high.’ Atiku, who is an investor and employer of labour, Read More
Following the National Bureau of Statistics (NBS) announcement that the country has exited economic recession, some Nigerians have doubted the claim saying their daily hardship experiences have not improved for better. Our Correspondent who visited some densely populated areas in the Federal Capital Territory, Abuja on Wednesday, was told by most of the respondents that they were still waiting for Read More
The Action Democratic Party (ADP) has described as a political statement an official statement by the federal government that the country is now out of recession, saying such claim “too bogus without fact and data.” Also reacting to the development, the Social Democratic Party (SDP) said the claim does not call for celebration yet. The National Bureau of Statistics (NBS) Read More
Our government should do something concerning the present condition of the economy and the excruciating suff ering that Nigerians are subjected to on a daily basis. Th e eff ects of this recession upon us are unbearable, calamitous and a disaster to everyone. It is a very critical moment for Nigerians now; everybody was living under intense hardship before, now Read More
Ikeja Electric has said that the current economic recession is having adverse eff ect on its business, especially as it aff ects mass metering programme. Accordingly, it said the constraint has prompted the management to alter its original meter roll-out plan. Th is came as the company lamented huge defi cit in its books owing to customer debt portfolio of Read More
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