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Naira falls N777 against dollar after CBN announcement
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Nigeria’s gas revolution will lift West Africa’s energy

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Tag: Economy

FG unveils plan to revamp cooperative sector, targets $1trn economy
News

FG unveils plan to revamp cooperative sector, targets $1trn economy

The Federal Government has launched a bold initiative aimed at revitalising Nigeria’s cooperative sector, with a long-term goal of positioning it as a key contributor to building a $1 trillion economy within the next decade. Speaking at the flag-off ceremony of a national training workshop for cooperative stakeholders in Enugu, Minister of State for Agriculture […]

Nigeria expecting $2.2bn loans from World Bank - Minister
News

Nigeria expecting $2.2bn loans from World Bank – Minister

The Federal Government is anticipating approximately $2.2 billion in single-digit interest loans from the World Bank, along with a budget support facility from the African Development Bank. This was revealed by Finance Minister Wale Edun during a press briefing at the conclusion of Nigeria’s participation in the World Bank/IMF Spring Meetings in Washington DC, USA, […]

90% of Nigeria's tax revenue comes from nine sources – Wale Edun
News

90% of Nigeria’s tax revenue comes from nine sources – Wale Edun

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has highlighted that approximately 90% of tax revenue flowing into the government treasury originates from just nine tax heads. Despite Nigeria having around 80 different taxes and levies, these nine sources significantly contribute to the Gross Domestic Product. Edun emphasized the government’s objective […]

National assembly proposes CBN capital base increase to N1trn
News

National assembly proposes CBN capital base increase to N1trn

Melvin Onwubuke The National Assembly has made attempts with a proposal that could drive the CBN capital base to a staggering N1 trillion. This proposal was part of a larger legislative effort summed up in a bill which recently progressed to its second reading on the floor of the Senate. The bill titled, “Bill for […]

Nigeria's external reserves reach 22-month high amid weak Naira
Economy

Nigeria’s foreign reserves to drop 2024 – IMF

The International Monetary Fund has predicted that Nigeria’s foreign reserve is expected to decrease significantly, falling to $24 billion in 2024. “Through 2024–25, the financial account is likely to deteriorate, with no projected issuance of Eurobonds, large Fund and Eurobond repayments of $3.5 billion, and portfolio outflows,” IMF stated in its report. The IMF’s latest […]

Price of satchet water may rise to N100 - Producers
News

Enugu table, sachet water producers shut down over harsh economy

By Onwubuke Melvin   Enugu table, sachet water producers shut down over harsh economy The Association of Table Water Producers in Enugu State stated that it has commenced a temporary shutdown of its water production factories as a result of the high cost of production. After an emergency meeting on February 8, 2024, ATWAP suspended […]

Dangote refinery urges NUPENG, PTD to resolve conflict
News

FG hails Dangote over efforts to diversify economy

The Federal Government has praised the Dangote Group for contributing to the government’s efforts to diversify the country’s economy, as well as the company’s commitment to promoting best practices across all of its enterprises. The PUNCH reported that he appreciated Dangote Group at the same time that the Ogun State Government announced that Dangote Cement, which […]

Equity market recovers, gains N902bn
Business

Equity market recovers, gains N902bn

Positive trading returned to the stock market on Thursday, resulting in a gain of N902 billion. The PUNCH reported that this followed two sessions of bearish trading due to profit-taking. Following the Federal Reserve’s decision to maintain interest rates, stocks on the NASDAQ, Dow Jones Industrial Average, and S&P 500 saw a similar trajectory on […]

BUA Foods sale hits N728 bn
Economy

BUA Foods sale hits N728 bn

Fortified Sugar generated the most income for BUA Foods among its several business sectors in 2023. The PUNCH revealed that the company’s overall sales increased by 74.13% to N728.48 billion in 2023 from N418.35 billion the year before, driven mostly by a 153% increase in revenue from fortified sugar to N327.55 billion. The unaudited financial results […]

Agric dealers create team to address unethical behaviour
Agribusiness

Agric dealers create team to address unethical behaviour

Agric dealers create team to address unethical behaviour Dealers of agricultural inputs established a compliance monitoring team on Thursday in an effort to address the persistent instances of malpractice in the distribution and sale of agricultural commodities around the country. The PUNCH reported that the task force was introduced in Abuja by operators working under the […]

Real estate lunk agriculture with $900bn dead capital - PwC
Real Estate

Real estate lunk agriculture with $900bn dead capital – PwC

PricewaterhouseCoopers Nigeria has stated that Nigeria may have dead capital stashed away in residential and agricultural real estate valued up to $900 billion. The PUNCH reported that this was said in a recent research by the worldwide professional services network titled “Nigeria Economic Outlook: Seven trends that will shape the Nigerian economy in 2024.” It […]