NIGERIA – the minister of finance and coordinating minister of the economy, Wale Edun, says the federal executive council (FEC) has approved a $1.58 billion loan request. Edun said the loan request is split into two; $1.5 billion from the World Bank and $80 million from the African Development Bank (AfDB). The minister revealed the approval after […]
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Bismarck Rewane, chief executive officer of Financial Derivatives, says Nigeria’s economy is expected to experience growth in the first quarter of 2024. Rewane, who was a guest on Arise News on Saturday, said Nigerians will have to endure “more pain” before next year. “The bad news is that there is pain and they will be […]
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Tasked with an immediate need to reform the financial sector, President Bola Ahmed Tinubu, on Friday suspended Godwin Emefiele, the governor of Central Bank of Nigeria, CBN from office with immediate effect. The suspension of the CBN Governor was announced in a statement by signd by Willie Bassey, Director of Information, for the Secretary to […]
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Former governor of Anambra state and presidential candidate of the Labour Party, Peter Obi, has said the Dangote Petroleum Refinery and Petrochemicals will be beneficial to the country’s economy. Recall that President Muhammadu Buhari, inaugurated the refinery, which is currently the world’s largest single-train petroleum refiner, in Lagos State on Monday. Top government officials from […]
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Nigeria free trade zones attracted over 46.6 billion dollar investments into the nation’s economy. The Managing Director, Nigeria Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba and his counterpart from the Oil and Gas Free Zones Authority (OGFZA), Sen. Tijjani Kaura said this at the 30th anniversary of free trade zones scheme in Nigeria on […]
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Nigerians are are likely to face another fuel scarcity as members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) on Wednesday threatened to pull out its entire workforce from oil and gas installations nationwide in protest of the increasing oil theft and vandalism. Speaking of the development, the President of PENGASSAN, […]
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National Bureau of Statistics (NBS) has revealed that Nigeria’s inflation rate is now at 19.64 percent. The latest report by the consumer price index (CPI), which measures the rate of change in prices of goods and services, shows that inflation surged to 19.64 percent in July 2022, up from 18.60 percent in June. 19.64 percent is […]
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The World Bank has predicted that global economy will grow by 4 per cent in 2021, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year. The economic forecast was revealed in a statement issued in Washington D.C. on Tuesday at the presentation of the January 2021 Global Economic Prospects. It added that the […]
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The Federal Government is planning to spend N2.3 trillion to reposition the country’s economy as part of the Nigeria Economic Sustainability Plan to cushion the effects of the novel coronavirus (COVID-19). This was disclosed by Femi Adesina, the Special Adviser to the President on Media and Publicity, at the 2nd Annual Conference and General Meeting […]
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The Presidency says the Second Quarters 2020 Gross Domestic Product (GDP) estimates released by the National Bureau of Statistics (NBS) is relatively far better than many other countries recorded during the same quarter. Mr Femi Adesina, the Special Adviser to the President on Media and Publicity, stated this in a statement in Abuja on Wednesday. […]
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