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FG backs revival of Kolmani oil field exploration

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FG backs revival of Kolmani oil field exploration

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Tag: Economy

Stakeholders praise NSC over planned Nasarawa dry port
Business

Stakeholders praise NSC over planned Nasarawa dry port

Maritime players have applauded the Nigerian Shippers Council’s plans to build an inland dry port in Nasarawa State. The PUNCH reported that Rotimi Hassan, the Managing Director of Kaduna Inland Dry Port, Rotimi Hassan, praised the NSC’s decision. He said, “It is a good move by the government, but I would also advise the government to look […]

Companies that exited Nigeria amid economic challenges
Business featured

2023: Companies that exited Nigeria amid economic challenges

Throughout 2023, Nigeria’s business environment grappled with unprecedented challenges, chiefly influenced by the complexities of an election year. Uncertainties surrounding election outcomes and policy directions led investors to adopt a cautious stance, influencing significant long-term investment decisions. The year kicked off with artificial cash scarcity and a botched currency note redesign, initially hampering consumer spending. […]

Nigerian businesses to face worse economic conditions - PwC
Economy

Nigerian businesses to face worse economic conditions – PwC

PwC Nigeria’s financial analysts predicted that the effects of the government’s most recent economic changes will result in increased business expenses and decreased revenue for Nigerian companies. Nairametrics reported that the analysts who made this claim in a paper titled “Nigeria Economic Outlook” claimed that the medium-term real economic growth may be slowed by ongoing inflationary […]

Court strikes out N1bn suit against Buhari, Emefiele over Naira redesign
News

Emefiele: ‘Foreign investors may lose faith in Nigeria’s economy’

  By Wilson Adekumola   The Agbor professionals business Group has criticized the suspension of the Central Bank Governor, Mr. Godwin Emefiele, noting it can make foreign investor lost faith in Nigeria’s economy. The group made this disclosure in a statement signed by its coordinator Mr.Tony Ugbejie, explaining that this is becoming a pattern as […]

Minister of Labour and Employment, Chris Ngige
Business

Nigerians will not die of economic hardship – Ngige

The Minister of Labour and Employment, Chris Ngige, has stated that Nigerians will not die but adapt to the economic hardships in the country. In a statement issued on Sunday, he noted that economic hardships were not unique to Nigeria, but a global phenomenon caused by the COVID-19 pandemic and other economic crises. Ngige who […]

NNPCL fuel subsidy gains not fully remitted - World Bank
featured

How Nigeria can stabilize economy – World Bank

Increased oil revenues are one strategy the Nigerian government can use to regain macroeconomic stability, according to the World Bank. This was stated in the April 2023 Macro Poverty Outlook by the World Bank. According to this, the government may improve the economy by enacting some measures; Increase oil and non-oil revenues, tighten monetary policies to […]

Economy

Why Nigeria’s economic development will drop in 2023 – KPMG

From the KPMG Nigeria 2023 Annual CFO Outlook Survey, 41% of CFOs think there won’t be any discernible growth at all. The delayed withdrawal of fuel subsidies, an unstable foreign currency environment, a high rate of inflation, insecurity, and the tax and regulatory environment are some of the reasons the CFOs provided for the lackluster […]

Nigerians in the UK face job loss over sponsorship eligibility
Business

Uk recorded zero economic growth in February – Report 

The UK economy did not grow in February despite experiencing an economic growth surge of 0.4% in January.   According to BBC, the Office for National Statistics said that growth in the construction industry was counteracted by falls in public sector services due to strikes.   In January, there was an unexpected 0.4% surge in […]

US adds over 500,000 jobs despite global workforce reduction
Business

Weekly jobless claims in US drops below prediction

The number of Americans submitting new unemployment benefit claims dropped more than anticipated last week, indicating ongoing labor market strength in the country. The Labour department said on Thursday that, “Initial claims for state unemployment benefits dropped 20,000 to a seasonally adjusted 192,000 for the week ended March 11.” Meanwhile, Reuters’ survey of economists predicted […]

United States Flag attached to a building
Business

US business inventory declines first time in two years

U.S. business inventories declined  for the first time in close to two years in January, possibly setting the stage for inventory investment to slow first-quarter economic growth. This was disclosed by the Commerce Department on Wednesday. It said the drop was about 0.1% It was the first decrease and the worst reading since April 2021, […]

TETFund urges FG to increase education tax
Economy

Offer duty-free market access, Buhari urges developed nations

In order to ensure the 46 least developed countries’ integration into regional and global value chains, the President, Major General Muhammadu Buhari (retd.), has urged developed and developing countries to offer duty-free and quota-free market access for their goods. The News Agency of Nigeria reported that according to a statement from the president’s spokesperson, Garba […]

United Nation's logo
Business

UN agency projects 50% increase in Africa’s e-commerce

The United Nations Economic Commission for Africa has said that Africa’s  e-commerce is projected to increase by 50 percent by 2025 The Punch reported that the Acting Executive Secretary, UNECA, Mr Antonio Pedro, disclosed this at the opening of the 9th Session of the Africa Regional Forum on Sustainable Development in Niamey, Niger. He added […]

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