ECONOMY

Nigeria is in talks with the investment arm of Saudi Arabia-based Islamic Development Bank (IDB) about issuing the country’s first sukuk as the country looks to diversify its sources of funding. “We are engaged in discussions with Nigeria,” Khaled al-Aboodi, Chief Executive Officer of the Islamic Corporation for the Development...

Nigeria has been affirmed by the International Monetary Fund (IMF) as the biggest economy in Africa — ahead of South Africa and Egypt. In August 2016, Nigeria was reported to have lost its spot as Africa’s biggest economy to South Africa, following the recalculation of the country’s gross domestic product...

FITCH Ratings has projected a 2.6 percent growth in Nigeria’s Gross Domestic Product (GDP) for 2017. This was contained in a statement issued on Tuesday by the global rating agency. Though Fitch reduced its forecast for the country’s GDP growth for 2016 to 1.0 percent from 1.5 percent, citing weak...

PwC Nigeria has released a new report titled The Future of Nigeria which identified three critical levers for improving Human Development Index (HDI) which identifies the most critical issues that must be focused on to enable Nigeria reach its HDI target and thereby translate economic growth into real improvements in...

Senate Committee on Banking, Insurance and Other Financial Institutions on Monday expressed satisfaction with the current monetary policy measures adopted by the Central Banking of Nigeria (CBN) to get the nation’s economy out of recession and put it on the path of enduring growth. The Chairman of the Committee, Senator...

Arrangements have been concluded for the commencement of operation in January 2017 of the proposed Development Bank of Nigeria (DBN). Minister of Finance, Mrs Kemi Adeosun who disclosed this on Monday  said Nigeria’s delegation to the just concluded IMF/World Bank meeting in the U.S. was able to secure the commitment...

Professor Pat Utomi has advised the Federal Government to copy economic model of Lagos State for the nation’s economy to witness a turnaround. The renowned economist and financial expert stressed at the weekend that this step is a crucial catalyst for the nation to get out of the present economic...

Nigerian inflation accelerated for the 11th consecutive month in September as food prices rose, strengthening the case for the central bank to maintain a tight monetary stance even as the economy is contracting. The inflation rate in the country increased to 17.9 percent from 17.6 percent in August, the Abuja-based...

A group of financial analysts have projected 18 per cent inflation rate for September from 17.61 per cent recorded by National Bureau of Statistics (NBS) in August. Finance experts have attributed the growth in inflation to hike in price of food items and unstable foreign exchange, which is the main...

Fiscal federalism has been identified as a catalyst that would help diversify the Nigerian economy, which is presently heavily dependent on crude oil. Managing Director, Stellarchem Nigeria Limited and Chairman, Toiletries & Cosmetics (T&C) Group, Manufacturers Association of Nigeria (MAN), Mr Ikpong Umoh, made this assertion in Lagos on Thursday...