European Union hurt by Nigeria’s dairy import restriction, Okonjo-Iweala says
Onome Amuge
March 18, 2021
Emefiele justifies import policy, seeks WTO’s support Onome Amuge Ngozi Okonjo-Iweala, the director general, World Trade Organisation (WTO), during her first official visit to Nigeria divulged that the European Union had written to the intergovernmental organisation to complain about Nigeria’s milk and dairy restriction policy. The EU, she said, accused Nigeria of violating the Balance […]
Nigeria’s total trade dip 10.3% y/y to N32.42trn in 2020 but the trade deficit still on the rise to N7.38trn due to pandemic, border closure
Online EditorMarch 9, 2021
Total import reached a record high at N19.89trn; exports declined to N12.52trn Charles Abuede Nigeria’s total trade fell to N32.42 trillion in 2020 and showing a negative foreign trade deficit in the sum of N7.38 trillion. The latest figures from the National Bureau of Statistics (NBS), Nigeria showed. The NBS, in the latest […]
Nigerian Cocoa: Troubled on different fronts
Onome AmugeSeptember 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 […]