ECONOMY

The President of African Development Bank (AfDB), Mr. Akinwumi Adesina, has advised African governments to boost tax revenue and steer clear of international borrowing as the region is faced with worst economic slump in more than a decade. The AfDB chief in a report by the Financial Times said that...

  Inflation at eleven-year high of 17.1% Nigeria has slipped into recession, with the latest growth figures showing the economy contracted by 2.06 per cent in the second quarter between April and June. Going by the data released today by the Nigerian Bureau of Statistics (NBS), the country has now...

African Development Bank, (AfDB,), yesterday, endorsed and support the Federal Government’s mining roadmap for the solid minerals sector ahead of its public presentation and unveiling. This was contained in a statement signed by the Special Assistant on Media, to the Minister of Solid Minerals Development, Olayinka Oyebode, which said the...

The external reserves of the country, which have been downs for some time, received some strength as they rose by $595 million in five days to $26.196 billion on Monday. This represents an increase of 2.26 per cent, compared with $25.601 billion it was as of August 24, 2016. According...

Federal Government retained revenue for the second quarter of this year stood at N677.88 billion, the Central Bank of Nigeria (CBN) Economic Report for the second quarter released on Monday said. According to the report, the figure is above the receipts in the preceding quarter by 34.2 per cent, but...

Japan will invest $30 billion in boosting growth in African economies and improving the continent’s infrastructure over the next three years, Prime Minister Shinzo Abe said. According to Bloomberg report monitored by Business247 News Online, the Asian economy’s future investment in the continent shows that it has “faith in Africa’s...

  A total of N493.828 billion has been shared as federal allocation for the month of July 2016 by the Federal Government, State governments and Local Government Councils. According to the figures released by Office of the Accountant General of the Federation (OAGF), the gross statutory revenue including solid minerals...

  Chairman of the United Bank for Africa (UBA) and Founder of the Tony Elumelu Foundation, Mr. Tony O. Elumelu, said entrepreneurship remains a veritable solution to reduce poverty in Nigeria. Elumelu, who is also the Chairman, Heirs Holding, restated his conviction that entrepreneurship is the viable means to end...

The Federal Government through the National Automotive Design and Development Council (NADDC) has announced plans to launch a credit purchase scheme to give opportunities to Nigerians to purchase locally assembled vehicles in Nigeria. According to the Director, Policy and Planning, Mr. Luqman Mamudu, said the council is contributing about N7.5...

A former Governor of the Central Bank of Nigeria (CBN) and currently the Emir of Kano, Alhaji Sanusi Lamido Sanusi II, in his usual no-hold-bar approach to issues, has come down strongly on the present administration and warned that the government handling of the economy was not in the right...