Nigeria’s Gross Domestic Product (GDP) grew by 3.11 per cent (year-on-year) in real terms in the first quarter (Q1) of 2022, the National Bureau of Statistics (NBS) has said. In its latest report published on Monday, the NBS revealed that the figure showed sustained positive growth for the sixth...
Economy
A Lagos-based legal practitioner, Festus Ogun on Monday filed a lawsuit against President Muhammadu Buhari at the Federal High Court in Lagos over the excessive pain, hardship and agony Nigerians went through as a result of the fuel scarcity experienced earlier this year. The legal practitioner said he solemnly...
By BENJAMIN ORISEMEKE, Abuja – The economy of Europe and Central Asia is expected to shrink by 4.1 percent this year, compared with the pre-war forecast of 3 percent growth, as the economic shocks from the war compound the ongoing impacts of the COVID-19 pandemic. In its Economic Update...
By JOY ADARA, Abuja – The 36 states governors under the aegis of the Nigeria Governors Forum (NGF) would, on Wednesday, hold their virtual NGF meeting to deliberate on pressing national issues. The meeting which is the third of its type this year would focus on the energy crisis,...
By BENJAMIN ORISEMEKE, Abuja – The International Monetary Fund (IMF) says Nigeria and other countries that have very close economic links with Ukraine and Russia are at risk of scarcity and supply disruptions. It added that poor households across the world would suffer from the increase in food and...
The Director- General, Bureau of Public Service Reforms (BPSR), Dr Dasuki Arabi, has said the Federal Government will further boost the solid minerals sector to diversify the nation’s economy. Dr. Arabi made this known during the lunch time reform seminar featuring the Executive Secretary Solid Minerals Development Fund (SMDF),...
By HARUNA AHMED, SOKOTO – The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has pledged the Bank’s support for the manufacturing sector in Nigeria and pushed for a reduction in the prices of building materials in the country in order to making housing more affordable....
Experts have urged the Federal Government to invest in Small and Medium Enterprises (SMEs) and the agriculture sector to tackle poverty in the country. They said this in separate interviews with the News Agency of Nigeria (NAN) on Thursday in Lagos. They spoke against the backdrop of the Federal...
Vice President Yemi Osinbajo (SAN) has said that beyond providing interest-free microcredit loans to petty traders, the various social intervention schemes of the Buhari administration have made a significant impact in the lives of millions of ordinary Nigerians. According to Osinbajo, the government in furtherance of its determination to...
The Federal Government, the Independent National Electoral Commission and various political parties have been urged to eschew any act that may trigger violence in the 2023 elections campaign. Mr Akeem Oyewale, the Chartered Institute of Stockbrokers (CIS) Chairman, Research and Technical, said this at the institute’s Annual National Economic...
President Muhammadu Buhari on Wednesday defended his government’s decision to source loans from China, saying anyone willing to help Nigeria’s infrastructure is welcome. According to data from the Debt Management Office, Nigeria has borrowed $2.02 billion as loans from China from 2015 and the country’s debt portfolio from China...
By LEKAN AGBOOLA, Ilorin – Kwara State Government has approved the dualization of Yebumot Al -Hikma University-Adeta Roundabout-Oloje Road to ease traffic gridlock, lessen travel time and support industrialization potentials of the state. The approval for the construction of the road was given on Tuesday morning at a meeting...
The African Development Bank (AfDB) says the newly launched Agro-Industrial Processing Zones in Nigeria has the potential to solve the country’s poverty, hunger and foreign exchange challenges. In an interview with the News Agency of Nigeria (NAN), Prof. Banji Oyelaran-Oyeyinka, Special Adviser on Industrialisation to the President of the...
It qualifies as exemplary and a right step taken in the right direction, the recent report by the Director-General of the Fund, Mr Joseph Ari, that the federal government is partnering with the Industrial Training Fund (ITF) to inject N381 trillion into the economy to cushion the growing rate...
South Africa’s economy shrank for the first time in a year in the third quarter as the country was hit by riots and tighter Covid restrictions, official statistics showed Tuesday. After four consecutive quarters of growth, the economy contracted by 1.5 percent between July and September compared to the...
President Muhammadu Buhari says Nigeria remains the most viable and attractive investment destination in Africa. He says also that the country is on the path of becoming the continent’s leading industrial and trading nation. The president made the declarations when he addressed a trade and investments forum at the...
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has raised an alarm over the increasing cost of food and cooking gas in the country. In a statement jointly signed by its President – Festus Osifo, and General Secretary – Lumumba Okugbawa, the union lamented that the...
By MARY RONKE, Ilorin – Kwara State Governor, AbdulRahman AbdulRazaq has said that he would issue an Executive Order for ease on doing business in the state. Governor AbdulRazaq stated this on Tuesday when he formally declared open the 8th Kwara Trade Fair in Ilorin. The trade fair, which...
The Pentecostal Fellowship of Nigeria has told the Federal Government that removing fuel subsidy will worsen the suffering of the majority of Nigerians who are already impoverished. The President of PFN, Bishop Wale Oke, urged the government to shelve the proposed policy in order not to worsen the hardship...
An economist, Dr Abayomi Awujola, has said that cooperative societies contributed over N500 billion to Nigeria’s Gross Domestic Product (GDP) in 2020. Awujola, Head of Department, Economics, Bingham University, Abuja, stated this during a paper presentation at the North East regional meeting of Presidents of the Cooperative Societies of...