Nigerian Cocoa: Troubled on different fronts
Onome Amuge
September 14, 2020
Onome Amuge Farmers, stakeholders on production plunge Nigeria’s leading agricultural export and cash crop, cocoa, has suffered a major setback as the commodity witnessed a shortfall while West African contenders in the cocoa export business, Côte d’Ivoire and Ghana, are enjoying a boom despite possessing lesser numbers of production hectares compared to Nigeria. The United […]
Price fixing not consistent with deregulation — LCCI
Businessam StaffJuly 15, 2020
The Lagos Chamber of Commerce and Industry (LCCI) has condemned the Petroleum Products Pricing Regulatory Agency for continuing to fix the price of petrol after the deregulation of the downstream oil sector. It described the action as inconsistent with deregulation. Toki Mabogunje, president of the LCCI said, “Price fixing by the Petroleum Product Pricing Regulatory […]
CBN survey among Nigerians establishes correlation between rising inflation and weak economy
Businessam StaffJuly 13, 2020
There is a prevailing negative sentiment among Nigerians that inflationary pressure will foster on the nation a weaker economy. This is the result of a survey conducted by the Central Bank of Nigeria. The statistics department of the CBN disclosed this in its ‘Q2 2020 Inflation Attitudes Survey Report’. The CBN said the survey was […]
Economy may contract in Q2, NECA warns
Buinessam StaffMay 26, 2020
The Nigeria Employers Consultative Association has called on the fiscal and monetary authorities to develop more aggressive and decisive policies to sustain economic recovery in the wake of a further decrease in oil price. Timothy Olawale, the director-general of NECA, made the call on Monday in a statement made available to our correspondent. He said […]
OPS backs proposed $20 oil price benchmark in 2020 budget
Businessam StaffMay 7, 2020
Members of the organised private sector (OPS) and some analysts have hailed the plan by the federal government to further review downward the oil price benchmark in the 2020 budget to $20 per barrel. The federal government had last month proposed a review of the oil price benchmark from $57 per barrel to $30 per […]
IMF disburses $3.4bn emergency fund to Nigeria at 1% interest rate
Omobayo AzeezMay 6, 2020
By Omobayo Azeez Following a recent approval by the board of International Monetary Fund (IMF), Nigeria has received the sum of $3.4 billion disbursed to the Central Bank of Nigeria (CBN) by the IMF. This was disclosed by Kristalina Georgieva, the managing director of IMF, during an interview with CNBC Africa, on Tuesday, May 5, […]
Cut interest rates to boost economy, says Tinubu
Businessam StaffMay 4, 2020
Asiwaju Bola Tinubu, the national leader of the All Progressives Congress, has said the Central Bank of Nigeria should seize the opportunity of the coronavirus crisis to lower interest rates in a bid to boost the nation’s economy. Tinubu also urged the federal government to demand a renegotiation of existing loans or debt relief from […]
Rising inflation signifies tougher times ahead –LCCI, NECA, ASBON
Businesam StaffApril 23, 2020
The Lagos Chamber of Commerce and Industry, Nigeria Employers’ Consultative Association, and the Association of Small Business Owners of Nigeria have warned that unless the federal government take some measures to reposition the economy, tougher times await Nigerians. This warning came on the heels of the inflation rate increasing by 0.06 per cent from February […]
Nigerian economy to contract by 3.5% – McKinsey
Businessam StaffApril 3, 2020
By Omobayo Azeez Doom has been spelled on the Nigerian economy, which according to McKinsey & Company, could contract as much as 3.5 percent in 2020 even if the country manages to curb the spread of coronavirus (COVID-19). According to the New-York based global consulting firm, this translates to a decline of almost 6 per […]
Inflation hits 12.20% YoY in February; 0.07% higher than January rate
Omobayo AzeezMarch 18, 2020
By Omobayo Azeez The consumer price index, (CPI), which measures inflation, increased by 12.20 per cent on a year-on-year (YoY) basis in February 2020. This, according to the latest report by the National Bureau of Statistics, is 0.07 per cent points higher than the rate recorded in January 2020 at 12.13 per cent. The rise […]