Nigeria to emerge second largest rice importer in 2019-USDA
Businessam Staff
November 28, 2018
Nigeria’s rice imports will jump 13 percent next year to 3.4 million metric tons, making Africa’s most populous country the world’s biggest rice importer after China, according to the U.S. Department of Agriculture. “China and Nigeria are projected to remain the largest rice importing countries in 2019, followed by the EU, Cote d’Ivoire, and Iran,” […]
ECA to work with member states on improving social-economic wellbeing of Africa
Businessam StaffJuly 25, 2018
The Economic Commission for Africa (ECA) primary focus is to support member states in their quest for sustainable development that promotes inclusive prosperity, economic opportunity and greater social wellbeing, says Sylvain Boko, principal regional advisor on planning and statistics at the ECA’s capacity development division. Speaking at the beginning of a two-day National Policy Dialogue […]
DHL, MallforAfrica join forces to take African products to global markets
Justice OkamgbaJuly 16, 2018
Global express services provider, DHL, has announced a partnership a trangement with e-commerce giant, MallforAfrica’s new platform, Marketplace Africa, to help online retailers bring African-made products to the US and global market. According to a statement issued Monday by DHL, the partnership is geared at removing the barriers of isolation which African crafts people experience […]
A little inflation will not hurt Nigeria’s economy, investment analyst says
Adesola AfolabiMay 28, 2018
The hawkish monetary policy stance of the Central Bank of Nigeria (CBN) by holding benchmark lending rate constant at high 14 percent for almost two years based on the need to ensure sustained price and foreign exchange stability is having detrimental impact on productivity, according to Lekan Shitta-Bey, an investment banking analyst and managing consultant […]
Rising oil prices sustain Nigeria’s economic growth for the fourth quarter
Businessam StaffMay 21, 2018
Rising oil prices have contributed largely to Nigeria’s economy, which expanded for a fourth straight quarter in the first three months of 2018. According to growth figures released by the Nigerian statistical agency, the National Bureau of Statistics, gross domestic product expanded 1.95 percent in the three months through March, though slowing 0.16 percent quarter […]
World Bank pledges $8.8bn Nigeria investment
Joel EneogweMay 14, 2018
The World Bank has announced a pledge of $8.8 billion (N2.7 trillion) investment strategy to Nigeria for the 2019 fiscal year following the just concluded visit to Nigeria. The investment strategy, made in a statement monitored on Premium Times, would be implemented under the World Bank’s Nigeria Country Partnership Strategy (NCPS) through the International Development […]
Nigeria govt spent N1.5trn on capital projects in 2017, finance minister says
Businessam StaffMay 14, 2018
Kemi Adeosun, Nigeria’s finance minister, said Sunday that the country’s government spent more than N1.5 trillion on capital infrastructure in 2017. The minister stated this via her official Twitter handle, @HMKemiAdeosun, noting that the figure is higher than what was achieved in the 2016 budget. said the Federal Government’s debt management strategy was yielding the […]
Remittances to low, middle-income countries reach $466bn in 2017, Nigeria receives $22bn
Goddey OdinApril 24, 2018
The World Bank revealed Monday that remittances to low-and-middle-income countries rebounded to a record level of $466 billion in 2017 after two consecutive years of decline as Nigerians living abroad sent home $22 billion, the highest in the Sub-Saharan region, and the fifth highest in the world. Remittance is a transfer of money by a […]
Nigeria’s Adeosun, Emefiele optimistic about economy sustaining positive growth
Businessam StaffApril 23, 2018
Kemi Adeosun, Nigeria’s minister of finance, and Godwin Emefiele, the governor, Central Bank of Nigeria, on Sunday showed optimism about the country’s economy sustaining its positive growth outlook. The two government officials gave the assurance at a joint press briefing at the end of the 2018 International Monetary Fund and World Bank’s Spring Meetings in […]
Nigeria’s increasing population, enormous threat to economy- UK envoy
Businessam StaffMarch 21, 2018
Paul Arkwright, UK high commissioner to Nigeria, said Tuesday that Nigeria’s increasing population could be a big disaster to the country if not checked. The UK envoy said this at an event organised by the African Peace Building Network of the Social Science Research Council and African Leadership Centre of the Kings College London in […]