ECONOMY

Nigeria's government has approved a 3-year spending plan, assuming a benchmark oil price of $42.50 per barrel in 2017 and production at 2.2 million barrels a day, the budget minister said on Wednesday. According to Reuters’ report monitored by Business247 News Online, the budget sees oil production and prices rising...

Director, Research and Advocacy, Lagos Chamber of Commerce and Industry (LCCI), Vincent Nwani said Nigerian businessmen have refused to repatriate about 10 billion dollars, citing “unfavourable domestic policies’’. Nwani announced this at a stakeholders’ dialogue on the manufacturing sector in Nigeria on Tuesday in Abuja. He called for an urgent...

Minister of Finance, Mrs Kemi  Adeosun, has appealed for support of the Islamic Development Bank (IDB) towards the attainment of financial inclusion and economic diversification in the country. The minister also asked for contributions from the bank towards the rebuilding of the northeast region that had been devastated by the...

President Muhammadu Buhari will ask parliament for extra powers for one year allowing him to take "emergency" decisions to revive the flagging economy, a government source said on Monday. This is according to a report from Reuters monitored by Business247 News Online. The country’s economy contracted in the first quarter...

As part of efforts to boost the nation’s economy, the Federal Government is to allocate N60 billion naira ($180 million) more spending on capital projects as part of the 2016 budget. Finance Minister, Mrs Kemi Adeosun, who disclosed this on Friday in an interview with Reuters, said this is in...

  The Minister of Finance, Mrs. Kemi Adeosun on today sought the understanding of members of the private sector in the ongoing policy review by the current administration. The Minister, who spoke during the visit of the leadership of the Nigerian Economic Summit Group, (NESG) to her office in Abuja...

  RMAFC to begin disbursement of 13% derivation to it Okays four Aje Oil Wells The Governor of Lagos State Mr. Akinwunmi Ambode has said that the commencement of crude oil production in the state would in no small measure enhance the economy of the state. He said this today...

African Central Bank governors have commenced week-long discussions in Abuja on how to better deploy monetary policies to deliver price stability for the continent rattled by low commodity prices under the auspices of Association of African Central Banks (AACB). Nigeria is hosting the meeting for the first time in 17...

  Corroborates Dangote’s position KPMG, a professional service company, disagrees with reports that South Africs has overtaken Nigeria as Africa’s largest economy in dollar terms, saying the calculations behind this assertion are methodologically incorrect. The company states that the reported dollar estimates were based on Gross Domestic Product (GDP) data...

Economic intelligence group at Access Bank Plc has predicted 17.2 per cent inflation rate in July from 16.5 per cent posted in June. The hike in inflation rate, according to the group,  is on the background of National Bureau of Statistics (NBS) scheduled release of inflation figure for July 2016....