ECONOMY

The Nigeria Customs Service (NCS) has debunked reports that it has lifted the ban on rice importation through land borders saying the story was the handiwork of a cabal bent on sustaining the importation of rice through the country’s land borders. According to a statement on Sunday by the spokesman...

China’s foreign exchange reserves dropped  $19 billion in September to a five-year low, government data showed, with the central bank spending heavily to defend its currency against capital outflows. The currency  fell to under $3.17 trillion, the People’s Bank of China (PBOC) said on its website Friday, below median analyst...

  "We are very much on course“ The Minister of Finance, Mrs. Kemi Adeosun on Friday assured Nigerians that the focus on infrastructure spending by President Muhammadu Buhari administration will unlock the desired growth in the country. The Minister, in an interview with CNBC on the sidelines of the ongoing...

The  National Competitiveness Council of Nigeria (NCCN) has urged the government to take into consideration the recommendations made in the World Economic Forum’s Global Competitiveness Index  to improve the level of competitiveness and business productivity in the country. It would be recalled that on September 28th, 2016, the World Economic...

The Central Bank of Nigeria (CBN) has issued the guidelines for granting liquid asset status to Sukuk instruments issued by state governments. The details of the guidelines are contained in the CBN circular FMD/DIR/GEN/CIR/07/006 issued today, Thursday, October 6, 2016 and signed by Dr. (Mrs.) Angela Sere-Ejembi for Director, Financial...

The 2016 Ibrahim Index of African Governance (IIAG) has revealed that Nigeria is one of 10 African countries that have improved across all four sub-categories of Sustainable Economic Opportunity category. The index, which was launched by the Mo Ibrahim Foundation in Abuja, also placed Nigeria 36th out of 54 countries...

The International Monetary Fund (IMF) has said that Nigeria will be out economy recession in 2017, projecting that the nation’s economy will grow by 0.6 per cent next year. According to the IMF World Economic Outlook (WEO) released on Tuesday in Washington, U.S.A., IMF equally projected that the recession will...

President Muhammadu Buhari on Tuesday sent a draft budget for 2017 to the upper house of parliament for approval. According to Reuters’ report monitored by Business247 News Online, the plan assumes an oil price of $42.5 per barrel and production of 2.2 million barrels a day, as well as an...

President African Development Bank Dr.  Akinwumi Adesina said on Monday in London that Nigeria needs to coordinate its fiscal and monetary policy more closely. According to reuters' report monitored by Business247 News Online, "I think the naira is devalued, but...monetary policy and also the fiscal policy that synchronisation, that is...

The business mogul and African richest man, Alhaji aliko Dangote has cleared the air that he was not interested in buying Nigeria’s assets. The Chairman of Dangote Group has been severely criticized for suggesting the sale of national assets to get Nigeria out of the current recession, he, however, broke...