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Tag: Nigeria

Economy featured

Imported goods stunting Nigeria’s domestic production – Presidency

Bisola David     The Special Adviser to the President on Media and Publicity, Femi Adesina has said that Nigerian consumers should adopt a different mentality and support locally made items, particularly in the agricultural sector, to increase revenue and jobs.   The Punch reported that he said this while speaking at a one-day seminar and […]

Business featured

Nigeria, India commerce volume hit $14b in 2022

Nigeria and the Republic of India conducted $14.95 billion worth of commerce in 2022. At the 74th Republic Day of India, in Abuja, the Indian High Commissioner to Nigeria, Gangadharan Balasubramanian, revealed this. According to Balasubramanian, between 2021 and 2022, India bought ten and a half billion dollars’ worth of oil from Nigeria. According to […]

News

Nigeria’s inflation drops 21 per cent

For the first time in 11 months, Nigeria’s inflation rate decreased to 21.34 percent. Prior to November 2022, when it hit 21.47 percent, the country’s inflation rate had climbed for 10 consecutive months. In its most recent report, the National Bureau of Statistics stated that the country’s inflation rate decreased by 0.13 percent between November […]

Economy

Nigeria’s free trade zones attract $46.4bn investment

  Nigeria’s free trade zones have attracted more than $46.6 billion in investment into the country’s economy. According to the News Agency of Nigeria, this was disclosed by the Managing Director of the Nigeria Export Processing Zones Authority, Adesoji Adesugba, and his counterpart from the Oil and Gas Free Zones Authority, Tijjani Kaura, in Abuja […]

Buhari
Economy Uncategorized

Nigeria ranks 13th on GII’s most innovative economies

Nigeria fell behind the likes of Rwanda, Mauritius and Madagascar on the list of most innovative economies in Sub-Saharan Africa, according to the 2022 Global Innovation Index. BusinessDay reported that the index ranked Nigeria, Africa’s largest economy, 13th on the list just as the country ranked 114th in the World Intellectual Property Organization’s annual index. […]

Nigeria gained $2.6bn from non-oil export six months
News

Nigeria gained $2.6bn from non-oil export six months

The Chief Executive Officer, Nigerian Export Promotion Council, Dr. Ezra Yakusak, has announced that Nigeria’s non-oil export sector gained $2.6bn in the first six months of 2022. He made this known in Ado Ekiti during a two-day Export hand-holding programme organised by NEPC for youth entrepreneurs in Ekiti State. According to The Punch, he stated […]

Why Ethiopia halted visa-on-arrival for Nigerians - FG
Aviation Uncategorized

Why Ethiopia halted visa-on-arrival for Nigerians – FG

The Nigerian government said that Ethiopia stopped allowing Nigerians to enter under its “visa on arrival” policy because of security concerns, an escalating political climate brought on by the Tigray War, and other factors. This was revealed in a statement released on Thursday by the Nigerian Ministry of Foreign Affairs. They further stated that, in […]

Naira fall'll worsen Nigeria’s food, energy crisis — W’Bank
Economy

Nigeria’s economy to decline 2023 – World Bank

World Bank has predicted a 3.3 per cent to 3.2 per cent drop in Nigeria’s economy in 2023, blaming the decline on inflationary pressures. The report tagged Africa’s Pulse published on Tuesday in Washington DC says the economic growth decline will extend till 2024. “The Nigerian economy is projected to slow in 2023, down to […]

Cashew processing: US, Nigeria partner, target 4,500 jobs
Agribusiness

Cashew processing: US, Nigeria partner, target 4,500 jobs

The United States Department of Agriculture on Monday disclosed its plans to partner with Nigeria in cashew processing, creating 4,500 jobs in the process. This was disclosed during the 16th annual conference of the African Cashew Alliance in Abuja, the event was held between the 12th to 15th of September. As gathered, the conference was […]

World Bank punishes Nigerian firms, individuals for corruption
Economy

Nigeria has low ability to attract investment- World Bank

The World Bank has revealed that Nigeria has a low ability to attract both domestic and foreign investment as the nation’s economic outlook is uncertain. As obtained in a draft report for State Action on Business Enabling Reforms, which is available on its website, the Washington-based bank stated noted that the condition of welfare in Nigeria […]

Nigeria, Morocco commence 5,600km gas pipeline project
Oil and Gas

Nigeria, Morocco commence 5,600km gas pipeline project

Nigeria and Morocco have formally commenced the construction of the long-awaited 5,600km Nigeria-Morocco Gas Pipeline project. A Memorandum of Understanding was signed to that effect by the Nigerian National Petroleum Company Limited and the Office National des Hydrocarbures et des Mines of Morocco on Thursday. According to The PUNCH, the NNPC disclosed that the signing […]

How more taxes'll reduce debt load - FG
News

FG spends N18.4bn on fuel subsidy daily – Minister

The Minister of Finance and National Planning, Zainab Ahmed, on Thursday, revealed that Federal Government spends N18.397 billion daily on payments of subsidy on Premium Motor Spirit (petrol). Ahmed disclosed this while appearing before the House of Representatives Ad Hoc Committee to Investigate the Petroleum Products Subsidy Regime from 2013 to 2022, on Thursday. While […]

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