Acting President Osinbajo expresses concern over country’s economy, says it’s Nigeria’s “worst challenge”

Nigeria’s acting president, Yemi Osinbajo reveals on Monday that the country’s economy is the “biggest challenge of all” for the government. This was said at an event to celebrate two years of the administration of President Muhammadu Buhari, whose repeated periods of medical leave have nevertheless raised concerns. The economy has contracted for five quarters in […]

Nigeria produced 5.7 million tons of rice in 2016

The total paddy production in Nigeria in 2016 has been estimated at 17,487,562 metric tons, leaving a balance of about 11.4 million metric tons after accounting for 12.4 per cent of rice production wasted due to post-harvest losses. It left a total of 5.7 million metric tons of milled rice, bringing Nigeria’s rice production closer […]

G7 leaders divided on climate change, closer on trade issues

Under pressure from Group of Seven allies, U.S. President Donald Trump backed a pledge to fight protectionism on Saturday, but refused to endorse a global climate change accord, saying he needed more time to decide. The summit of G7 wealthy nations pitted Trump against the leaders of Germany, France, Britain, Italy, Canada and Japan on […]

Africa ‘hemorrhaging’ billions in illicit financial flows- Experts

Africa loses an estimated $50 billion a year to illicit financial flows, leaving governments strapped for cash and dependent on development aid. The continent is “hemorrhaging” money because of the failure of countries to enact strong legislation to check money flows, says Rose Acha, Cameroon’s supreme state audit minister and secretary general of the African […]

Nigeria oil governance bill aims to split NNPC

The long-awaited oil governance bill passed by Nigeria’s upper chamber of parliament proposes breaking up the state oil company, NNPC into three commercial entities supported by a regulatory body and a fund to oversee the distribution of money. The Petroleum Industry Governance Bill, passed on Thursday by the Senate, is part of planned reforms that […]

“Challenging” talks expected as Trump, other G7 leaders meet in Sicily

Talks between U.S. President Donald Trump and other leaders of the world’s rich nations at the G7 summit on Friday were expected to be “robust” and “challenging” after he had lambasted NATO allies and condemned German trade policies a day earlier. Trump’s confrontational remarks in Brussels, on the eve of the two-day summit in the […]

Diversify revenues, not economy, SBM Intel report urges government

Kemi Adeosun, the finance minister, Kemi Adeosun's Resignation

The Federal Government has been urged to understand that its biggest challenge is not diversifying an already diversified economy, but diversifying its revenues, according to a report on the assessment of the current administration made available to businessamlive. The report indicated that going by the recent Q1 2017 gross domestic product (GDP) figures released by […]

Senate passes petroleum industry governance bill into law

The Senate, Thursday, passed the petroleum industry governance (PIG) bill into law, which may eventually pave way for the passage of other bills under the contentious and unbundled petroleum industry bill (PIB). The upper house passage of the bill is coming after a 17-year wait. Bukola Saraki Senate President, while commenting on the bill said […]

Nigeria’s economic metrics seen to trend positive in 2017 on forex availability, stable oil prices

Barring plunges in oil prices and production cuts, major indicators of the Nigerian economy may be trending towards improvement in 2017, according to the International Monetary Fund (IMF), research analysts, the central bank and most government officials. Though the country’s per-capita GDP fell to around $1,740 in first quarter 2017, from over $3,000 in 2014, […]