ECONOMY

By  Wole Tokede National Bureau of Statistics (NBS) has disclosed that inflation in the country stood at 15.6 per cent for the month of May. The statistics for the month released today shows that the rise in the headline consumer price index, which measures inflation, accelerated by 1.9 points from...

As the National Bureau of Statistics (NBS) prepares to release inflation figure for May 2016 next week according to its data release calendar, the Consumer Price Index (CPI) has been predicted to hit 14.7 per cent. The Economic Intelligence Group of Access Bank Plc in a report on Friday projected...

Finance Minister, Mrs Kemi Adeosun, met with London-based investors on Tuesday 7th June to provide an update on the government’s plans for economic reform, investment and growth. According to a press release by Special Assistant on Media to Honourable Minister of Finance, Mr Festus Akanbi, “the day-long event organised by Standard...

Budget and Planning Minister Udoma Udo Udoma has promised that the impact of record incentives to boost Nigeria’s economy will become visible in the third quarter as authorities fast-track plans to release funding in a country. According to Bloomberg report monitored by Business247, “Substantial releases” of a 350 billion naira...

  The World Bank cut Nigeria’s economic growth forecast for this year, citing weakness from oil-output disruptions and low prices. The global body in its semi-annual Global Economic Prospects report said Africa’s biggest economy is expected to grow 0.8 percent, down from an estimate of 4.6 percent in January. Growth...

The World Bank has announced the downgrading of its 2016 global growth forecast to 2.4 percent from the 2.9 percent pace projected in January. The move is due to sluggish growth in advanced economies, stubbornly low commodity prices, weak global trade, and diminishing capital flows. According to the latest update...

The Nigeria Customs Service (NSC) has dragged a Chinese, Zhu Jinxin, to  the Federal High Court in Lagos for allegedly attempting to export several logs of wood that was under prohibited list. It was learnt that he brought the wood in a container to Tin-Can Port for export to China....

By Niyi olaoye Nigeria has recorded a negative trade balance in the first quarter of 2016 which stood at 22.6 per cent lower than the preceding quarter. This was recently released by the National Bureau of statistics (NBS) in a contained document “Foreign Trade Statistics for the First Quarter of...

President Muhammadu Buhari has approved the establishment of an inter-agency task force that will help the Asset Management Corporation of Nigeria (AMCON) recover loans and other assets it took on six years ago to rescue banks in the country. Bloomberg report monitored by Business247 in Lagos read: “Debtors who cut...

Niyi Jacobs The Director-General, Debt Management Office (DMO), Dr. Abraham Nwankwo, disclosed that the nation’s tax revenue rate to the Nigeria Gross Domestic Product (GDP) is less than 7 percent. Speaking at the breakfast meeting for business editors and investment journalists organized by the DMO over the weekend, Nwankwo, noted...