Saturday, June 19

Tag: Nigeria’s Economy

FG Admits Revenues Crashing, Says Nigeria Faces Hard Times
Politics

FG Admits Revenues Crashing, Says Nigeria Faces Hard Times

The Minister of Finance, Budget and National Planning, Zainab Ahmed, on Monday admitted that Nigeria’s economy was facing a difficult time, saying states must improve their internally generated revenues. Ahmed, who stated this in an interview on a daily breakfast show on the Nigerian Television Authority, Good Morning Nigeria, stated that the money shared at the March Federation Account Allocation Committee was short of N50bn. The minister was speaking on a controversy generated by a claim by the Edo State Governor, Godwin Obaseki, that the Central Bank of Nigeria printed N60bn in March to augment the money shared at March FAAC. But the minister and the CBN Governor last week dismissed Obaseki’s claim. In the interview on the NTA on Monday, the finance minister stated the cou...
Those In Charge Of Nigeria Are Clueless – Babaginda Aliyu
News

Those In Charge Of Nigeria Are Clueless – Babaginda Aliyu

A former governor of Niger State, Dr Muazu Babangida Aliyu, has chided the leadership of the country, saying Nigeria’s economy has been plunged into grave danger in the last six years. Speaking with reporters in Abuja on Friday, Aliyu alleged alleged the country has been weakened by bad policies, poor implementation, wastages and plundering of resources. He said armed bandits and kidnappers have further worsened the state of the economy. “Those in the driver’s seat have been clueless on how to turn the economic wheel around out of its wood and the country has continued to slide into doldrums, greater pains, penury and uncertainty,” he said. He argued that the economic policies put in place in the past six years have been inconsequential and of little effect to redress the w...
Qatar To Invest $5 Billion In Nigeria’s Economy
Politics

Qatar To Invest $5 Billion In Nigeria’s Economy

The FG has disclosed that the Middle-East nation of Qatar is set to invest in the Nigerian economy the sum of $5 billion. The Federal Government has said that the oil-rich state of Qatar plans to invest $5 billion in the Nigerian economy. According to a statement by the Deputy Director of Information, State House, Mr Abiodun Oladunjoye, this disclosure was made by the Federal Minister of Foreign Affairs, Geoffrey Onyema, while speaking at a farewell dinner in honour of Nigeria’s Ambassador-designate to the state of Qatar, Ambassador Yakubu Ahmed, who is also the outgoing Director of Protocol at State House. Onyeama said that there had been discussions with Qatar on partnership with Nigeria’s Sovereign Wealth Fund, for significant investments in the region of $5 billion in the ...
Nigeria’s Economy Remains Weak Despite Exit From Recession – Tinubu
Politics

Nigeria’s Economy Remains Weak Despite Exit From Recession – Tinubu

All Progressives Congress chieftain, Bola Tinubu, says though Nigeria has exited recession, the country’s economy remains weak. Tinubu stated this in Kaduna on Saturday while delivering a speech as the chairman of the 2021 Sardauna Memorial Lecture held in honour of one of Nigeria’s founding fathers, the late Sir, Ahmadu Bello. The PUNCH had earlier reported that the National Bureau of Statistics last month said that Nigeria’s Gross Domestic Product recorded a slight growth of 0.11 per cent in the fourth quarter of 2020, indicating the country’s exit from recession. Speaking on Saturday on the topic, ‘Reduction of the Cost of Governance for Inclusive Growth and Youth Development in Northern Nigeria in a Post-COVID-19 Era’, the former governor of Lagos State said though the reg...
Gas Holds Key Potential For Nigeria’s Economy – Femi Gbajabiamila
Politics

Gas Holds Key Potential For Nigeria’s Economy – Femi Gbajabiamila

The Speaker of the House of Representatives, Rep. Femi Gbajabiamila, has said that the gas sector holds key potential for the Nigerian economy as the world looks outside the box from dependence on crude oil. Gbajabiamila said, for this reason, experts in the gas sector should partner with those in government for the development of the sector to achieve optimum results, noting Nigeria needs to maximize its natural gas resource. Speaking while receiving a delegation of the Nigerian Liquified Natural Gas (NLNG) in his office on Wednesday, Gbajabiamila said the on-going process of passing the Petroleum Industry Bill (PIB) had provided an opportunity for the experts to collaborate with the House to incorporate futuristic gas legislation that would be beneficial to Nigeria and Nigerian...
$1.5 Billion To Renovate The Port Harcourt Refinery Is Suspicious – Atiku
Politics

$1.5 Billion To Renovate The Port Harcourt Refinery Is Suspicious – Atiku

That Nigeria’s economy is in dire straits is a fact well known both to the nation and to our international partners. Unemployment has just reached an all-time high of 33%, while inflation has hit another record high of 17%. At this critical period, we must as a nation be prudent with the use of whatever revenue we can generate, and even if we must borrow, we must do so with the utmost responsibility and discipline. To therefore budget the sum of $1.5 billion to renovate or turn around the Port Harcourt Refinery would appear to be an unwise use of scarce funds at this critical juncture for an assortment of reasons. First of all, our refineries have been loss-making for multiple years, and indeed, it is questionable wisdom to throw good money after bad. At other times, I have co...
Dangote Refinery Can Bail Nigeria Out Of Economic Recession – IMF
Business

Dangote Refinery Can Bail Nigeria Out Of Economic Recession – IMF

The International Monetary Fund, IMF, the global financial watchdog, is projecting that Nigeria’s Dangote Refinery would provide an elixir for the country’s economy when it is completed and start production by 2022. In its latest report on Nigeria’s economy, the Fund raised the hope that the start of production from the refinery, solely owned by Africa’s richest man, Aliko Dangote could help Nigeria improve its Current Account balance. It said Dangote Refinery has “the potential to catalyze more domestic crude oil production and boost GDP growth.” “On the upside, the Dangote refinery, if commencing production in 2022 as planned, could meet the full demand for domestic consumption of refined petroleum products—which are almost all imported at present—thereby improving the CA ba...
Recession: Buhari To Spend Highest Amount On Presidential Villa Since Elected
Politics

Recession: Buhari To Spend Highest Amount On Presidential Villa Since Elected

Nigeria’s economy may be in a recession and the country may not have enough money to fund its 2021 budget but this has not deterred the Muhammadu Buhari administration from allocating its highest amount ever to the State House including the ‘presidential wing’ of a hospital the president seldom uses. President Muhammadu Buhari will spend N17.3 billion this year to run the State House, Nigeria’s seat of power, details of the assented 2021 budget have shown. About N3.4 billion of this approved expenditure will be spent on feeding and travel expenses for the offices of the president and the vice president. The former gets about N2.6 billion and the latter, about N873 million. The N17.3 billion is the highest amount budgeted for running of the nation’s headquarters since Mr Buhari...
Recession: Nigeria’s Economy Doing Well Compared To Others – Lai Mohammed
Politics

Recession: Nigeria’s Economy Doing Well Compared To Others – Lai Mohammed

Minister of Information and Culture, Lai Mohammed, says the Nigerian economy is doing well compared to the economies of South Africa, Russia and other countries in recession. He said the recession is inevitable due to the global collapse in oil prices occasioned by the coronavirus pandemic. The minister spoke Wednesday on NTA Good Morning Nigeria Show monitored by The PUNCH. The PUNCH had reported that amid a rising debt profile, inflation and unemployment, the Nigerian economy shrank again in the third quarter of this year. This year’s recession is the worst in 36 years as data obtained from the World Bank indicated that the country’s Gross Domestic Product dropped by 10.92 per cent in 1983 and 1.2 per cent in 1984. The National Bureau of Statistics, in its report for t...
Government Is Open To New, Creative Ideas In Growing Nigeria’s Economy – Osinbajo
Politics

Government Is Open To New, Creative Ideas In Growing Nigeria’s Economy – Osinbajo

Vice President Yemi Osinbajo says a major feature of Nigeria’s economic response to the COVID-19 pandemic as indicated in the Economic Sustainability Plan (ESP) currently being implemented, has been an openness to new and creative ideas. Osinbajo’s spokesman, Laolu Akande, in a statement on Tuesday in Abuja said the vice president spoke at a webinar with some French business leaders under the aegis of the Franco-Nigeria Chamber of Commerce and Industry. The vice president said that the approach was in a bid to save jobs, protect businesses, and attract new investments He said that part of what the Federal Government had done in its response to the pandemic was to build a business environment that would be supportive of domestic and foreign investors. “It is important to recognise th...
Nigeria’s Economy Will Be 21% Digital Driven By 2021 – Isa Pantami
Politics

Nigeria’s Economy Will Be 21% Digital Driven By 2021 – Isa Pantami

The Minister of Communication and Digital Economy, Dr Isa Ali Pantami, has predicted that the Nigerian economy would be 21 per cent digital come 2021, because digitalisation is becoming the most adopted economy globally. The minister, while speaking at the Chartered Institute of Bankers of Nigeria’s (CIBN) 2020 Graduates’ Induction and Prize Award’s Day, said the COVID-19 pandemic has shown the importance of the digitalization in the growth of any nation’s economy. Pantami noted that there has never been a more urgent time to fast track digital transformation in Nigeria, saying that the digital economy drive is aimed at rapidly enhancing digital identification, broadband penetration, how bank accounts are run, etc. While stressing the need for professionals to develop more innovat...
World Bank Predicts Growth Of 2.1% For Nigeria’s Economy
News

World Bank Predicts Growth Of 2.1% For Nigeria’s Economy

Nigeria's economy will grow by 2.1% in 2020, 2021 and 2022, the World Bank has predicted - The global organisation also predicts more positive growth for Kenya - The World Bank says South Africa's economy will grow but there are conditions that should be met It is a positive outlook for Nigeria as the World Bank has predicted economic growth of 2.1% for the three consecutive years of 2020, 2021 and 2023. The World Bank’s January 2020 global economic prospects released on Wednesday, January 8, said Kenya would witness a 6% increase in its own economy during the same period. The report, while putting the economic growth of Sub-Saharan Africa at 2.9% in 2020, it lamented Nigeria’s macro-economic framework saying this was not conducive to confidence. The Nation, which analyses the report...
How NEC, Newly Formed EAC Would Work Together – Osinbajo
Politics

How NEC, Newly Formed EAC Would Work Together – Osinbajo

In response to a request for clarification by members of the National Economic Council regarding NEC’s relationship with the newly announced Economic Advisory Council, EAC, Vice President Yemi Osinbajo, SAN, has said both councils are for the benefit of the President. Prof. Osinbajo spoke at the 97th NEC meeting today at the Council Chambers. “If NEC want to be briefed regularly by the Economic Advisory Council, EAC, we will request the President to do that,” the VP explained to the Council observing that such interaction will promote synergy. Below are highlights of NEC deliberations: NEC (5TH IN 2019) 97TH NEC MEETING – THURSDAY, 19TH October, 2019 UPDATE ON THE NATIONAL LIVESTOCK TRANSFORMATION PLAN BY THE GOVERNOR OF EBONYI STATE, DAVE UMAHI, CHAIRMAN OF NEC TECHNICAL ...
Corruption Is Killing Nigeria’s Economy – EFCC Boss, Magu
Politics

Corruption Is Killing Nigeria’s Economy – EFCC Boss, Magu

Acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has said that corruption is killing the country’s growth. Magu said this at the weekend while addressing 328 EFCC detectives superintendent cadet-trainees at the Nigerian Defence Academy (NDA) in Kaduna State, Igbere TV reports. The acting EFCC chair was represented by the EFCC Training Academy Commandant, Prof. Ladi Hamalai. He urged the cadet-trainees to adopt discipline and patriotism as they join the fight against corruption. “Corruption is killing the country. The economy can’t grow and the infrastructure can’t be provided, not because of lack of funds but mainly due to corruption,” Magu began. “This is why I said you are a special force because you need to be mentally ready and pr...
Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele
Uncategorized

Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele

The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, has stated that oil discovery exposed Nigeria’s economy to vulnerability. According to the CBN boss, the increasing reliance on crude oil revenues have led to a severe downturn in the agriculture and manufacturing sectors, and also exposed the economy to vulnerabilities that normally accompanied an increased dependence on a single commodity for survival. Emefiele who disclosed that oil discovery exposed Nigeria’s economy to vulnerability, further revealed in his economic blueprint for the economy for the next five years that if Nigeria had maintained its market dominance in the palm oil industry, which stood at 40 per cent in the 70s, the country would be earning above $20bn annually from the cultivation and processing of pa...
Our Refinery Will Transform Nigeria’s Economy – Dangote
News

Our Refinery Will Transform Nigeria’s Economy – Dangote

Africa’s richest man and President of Dangote Group, Alhaji Aliko Dangote, has said his refinery, one of the world largest, when completed, will transform Nigeria’s economy. He stated this at the weekend at Dangote Group Special Day at the 40th Kaduna International Trade Fair. Represented by the Group Executive Director (GED), Strategy and Government Relations, Dagote Group, Mansur Ahmed, the billionaire businessman also said the Dangote Cement, Salt, Sugar as well as other food products have continued to play key roles in ensuring food security and improve lives of Nigerians. The refinery located in Lekki, Lagos State, is expected to produce 65.4 million litres of petrol, diesel, aviation jet fuel and Kerosene daily in high volumes. He said petroleum products are planned t...
Presidency Lists 10 Things To Know About Nigeria’s Rising Economy
Politics

Presidency Lists 10 Things To Know About Nigeria’s Rising Economy

Below is a statement from the Nigerian Presidency signed by Spokesman, Femi Adesina; "The Fourth Quarter 2018 Gross Domestic Product (GDP) results released recently by the National Bureau of Statistics (NBS) give lots of cause to cheer. Below are salient points to note from the report, as the Muhammadu Buhari administration puts the Nigerian economy on firm, solid footing: 1. The economy has recorded continued progress since it emerged from recession in 2017. Current result shows a Real GDP growth of 2.38% compared to 1.81% in Q3 last year, representing the strongest growth since the economy slipped into recession in 2016. 2. For more than five decades, Nigeria has paid lip service to diversifying the economy, from sole dependence on oil. The latest result shows that econom...
Nigeria’s Economy Attracted $16.8bn Investment Inflow In 2018 – NBS
Uncategorized

Nigeria’s Economy Attracted $16.8bn Investment Inflow In 2018 – NBS

The National Bureau of Statistics on Wednesday released the Capital Importation report for 2018 with the economy attracting a total investment of $16.81bn during the period. The bureau in the report stated that the total value of capital importation into Nigeria stood at $2,140.08 million in the fourth quarter of 2018. This represents a decrease of 25.05% compared to Q3 2018 and 60.24% decrease compared to the fourth quarter of 2017. Similarly, the total value of capital importation into Nigeria stood at $16,812.47 million in 2018 compared to $12,228.57 million capital imported in 2017. This represents 37.49% growth YoY. The largest amount of capital importation by type was received through Portfolio investment, which accounted for 70.20% ($11,802.27m) of total capital importatio...
‘APC Propaganda Destroyed Nigeria’s Economy, Caused Recession’ – Jonathan
Politics

‘APC Propaganda Destroyed Nigeria’s Economy, Caused Recession’ – Jonathan

Former President, Goodluck Jonathan has stated that Nigeria's economy slipped into recession after he left office because of the "Malicious Propaganda" deployed by the All Progressives Congress, APC. he claims that it tore the country's economy to 'Shreds'. Jonathan wrote this is his newly launched book 'My Transition Hours'. PoliticsNGR gathered that Jonathan also wrote that the narrative of inheriting an empty treasury was false. “Recall that the opposition and their sympathisers and campaigners, both local and international, with their malicious propaganda, tore our economy to shreds, threatened our stability and existence as a nation and intimidated our citizens, all in the bid to take over power. Rather than forge a coalition and build on the momentum we had gathered when...
Olawepo Hashim Explained Why CBN Has Failed To Grow Nigeria’s Economy
Politics

Olawepo Hashim Explained Why CBN Has Failed To Grow Nigeria’s Economy

The Peoples Trust (PT) and third force presidential candidate, Mr Olawepo Hashim has set out the criteria to select a Central Bank of Nigeria (CBN) governor to restructure the economy for growth and indigenous technology should he emerge as President of Nigeria in 2019. The global business mogul stated that, the governor of central bank must be somebody who aligns with the vision to completely restructure the Nigerian economy, to make it a productive economy. ‘’You cannot be a central bank governor that is beholding to the interest of money lender almost in the past 20 years and the bankers and money lender have been controlling the central bank and the central bank has been ordered along their interests rather than along the mandate of building a solid productive economy and cre...
Naira Gains As Politicians Pump ‘Election Dollars’ Into Economy
News

Naira Gains As Politicians Pump ‘Election Dollars’ Into Economy

The naira has been firming up in the last few days as politicians pumped stockpiled dollars into the economy for campaigns, The Nation has learnt. The naira, which exchanging at N361 to dollar early last week, firmed at N357 in the parallel market at the weekend, as politicians flooded the market with the greenback. Major political parties have been conducting their governorship primaries. Speaking on the development, President, Association of Bureaux De Change Operators of Nigeria (ABCON) President Aminu Gwadabe said “several customers were seen at the weekend, flooding the market with dollars possibly for primary elections and screening across party lines”. He said the Bureau de Change (BDC) operators were taking advantage of the development to earn commissions from naira exch...
I Will Turn Nigeria’s Economy Around In Two Years – David Mark
Politics

I Will Turn Nigeria’s Economy Around In Two Years – David Mark

"A presidential aspirant on the platform of the Peoples Democratic Party, Senator David Mark, has promised to turn around the economy of the country within two years if elected President of Nigeria in the 2019 general elections. Mark, a former Senate President, made the promise on Tuesday at the PDP secretariat in Lokoja while on a campaign visit to solicit votes of the state delegates to the presidential primaries in October. He pledged to do many things differently to revamp the economy saying, “a lot of research had been done on the economy and if given the chance, he would bring them to bear and turn around things.’’ Economic growth under his watch, he said, would experience tremendous change within 700 days, which would be physical rather than based on paper statistics. ...

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