Nigeria’s economic growth slows to 2.25% in Q3 2022
business AM
November 24, 2022
By Business AM Nigeria’s economic growth slowed in the third quarter of 2022 compared to a year earlier amid lower oil production and tighter monetary policy to curb soaring inflation. The Gross Domestic Product (GDP) of Africa’s biggest economy grew by 2.25 percent (year-on-year) in real terms in the three months to September […]
CBN insists on cashless economy as Buhari unveils new naira notes
business AMNovember 23, 2022
By Business AM Nigeria’s President Muhammadu Buhari has unveiled the country’s redesigned N200, N500 and N1,000 banknotes. The unveiling, which took place on Wednesday morning at the Council Chambers of the State House shortly before the start of this week’s Federal Executive Council (FEC) meeting, is in line with the projections of the Central Bank […]
CBN hikes MPR for fourth time in a row amid soaring inflation
business AMNovember 23, 2022
By Business AM The Central Bank of Nigeria (CBN) on Tuesday raised the benchmark interest rate, or Monetary Policy Rate (MPR), for the fourth time in a row in a continued attempt to tame the country’s rising inflation rate. This comes after previous increases in the MPR have failed to rein in the soaring inflation. At the […]
Nigeria’s inflation quickens for ninth consecutive month to 21.09% in October
Onome AmugeNovember 15, 2022
By Onome Amuge Nigeria’s inflation rate rose for the ninth consecutive month to a new 17-year high of 21.09 percent in October, recording a 0.32 percentage points surge against 20.77 percent reported in the previous month of September 2022, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics […]
CBN MPC maintains policy in line with analysts’ expectations
Charles AbuedeMarch 23, 2021
Charles Abuede The 278th convention of the CBN’s Monetary Policy Committee (MPC) held on Monday and Tuesday in Abuja in the light of lingering uncertainties associated with the COVID-19 pandemic, the existence of unsavoury inflation numbers at 17.33 per cent, economic recession, saw the committee maintain all policy levers at 11.50 per cent for the third […]
Nigeria’s oil-rich Rivers State to spend N448bn in 2021 in pursuit of inclusive growth
Ben EguzozieDecember 3, 2020
Finance commissioner fails to list sectoral allocations State to spend N2.75bn on LG elections New budget 49.37% higher than revised 2020 budget Oil-rich Rivers State has budgeted N448 billion (Four hundred and forty-eight billion, six hundred and sixty million, seven hundred and seventy-three thousand, four hundred and seventy-six naira (or N448,660,773.476) for the 2021 fiscal […]
Finally, Nigeria ratifiesits membership of AfCFTA
Hamid AyodejiNovember 12, 2020
By Hamid Ayodeji The Federal Executive Council (FEC), the Nigerian government highest decision making body, on Wednesday announced it has approved the African Continental Free Trade Agreement (AfCFTA) instrument of ratification to the African Union Council (AUC), which generates a single continental market for goods and services, free movement of business persons and investments, […]
Coumantaros, Flours Mills chief, canvasses adequate infrastructure, policy consistency for economic growth
Hamid AyodejiNovember 11, 2020
By Hamid Ayodeji John Coumantaros, one of Nigeria’s biggest industrialists and investors, and chairman of Flour Mills of Nigeria, has said that adequate infrastructural development and enforcement of prosperous policies and regulations by the Nigerian government are crucial for the sustainable development of the agricultural sector, and the economy as a whole,as they make […]
NLC orders Nigeria insurance, bankers’ union to join planned strike
Charles AbuedeSeptember 23, 2020
By Charles Abuede The National Union of Banks, Insurance and Financial Institutions Employees have been directed by the National Executive Council (NEC) of the Nigeria Labour Congress (NLC) to ensure total compliance with the planned nationwide strike action which begins from Monday 28th September, 2020. A general circular issued and signed by Mohammed […]
Nigeria’s central bank bankrolls country’s economic sustainability plan with N1.8trn
Charles AbuedeSeptember 23, 2020
By Charles Abuede The Central Bank of Nigeria (CBN) has revealed that it will contribute over N1.8 trillion of the total sums of the N2.30 trillion needed for Nigeria’s one year Economic Sustainability Plan (ESP). Godwin Emefiele, the CBN governor made this disclosure on in Abuja while reading out the decisions made by the bank’s monetary policy committee […]