ECONOMY

All the states in the country and the Federal Capital Territory (FCT) have agreed to reform the finances of states and local governments under a Fiscal Sustainability Programme (FSP) to ensure their long term viability. According to a press statement by the Special Adviser on Media to the Minister of...

The Senate today summoned the Minister of Finance, Mrs. Kemi Adeosun and the Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, to appear before it and brief it on the Monetary and Fiscal policies adopted to salvage the current economic situation in the country. The Senate explained that...

Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has introduced a flexible exchange rate policy into the nation’s monetary policy system. This policy allows the exchange rate to be determined by forces of supply and demand. The CBN Governor, Godwin Emefiele, who disclosed this today while addressing...

Identifying Small Medium Enterprises (SMEs) as a critical engine of any nation’s economic growth, Diamond Bank Plc has shown support to the sector with a sum of N15 million grants to exceptional entrepreneurs. Due to its global recognition as a predictable vehicles for sustainable economic growth, the bank in its...

National Bureau of Statistics (NBS) has said that the Gross Domestic Product (GDP) of Nigeria declined by 0.36 percent from what it was a year earlier, compared with a growth of 2.11 percent the previous three months. In the statistics pushed out today by NBS, manufacturing, financial institutions and real...

Niyi Jacobs Speculations are rife amongst investors and financial experts that the Federal Government may soon devalue the naira even as the Central Bank of Nigeria, (CBN) is scheduled to hold its Monetary Policy Committee (MPC) meeting on the 23rd and 24th of May, 2016. Devaluation talks had been put...

Global output growth remained weak in the second half of 2015 as evidenced by the decline in projected output growth to 3.1 per cent, lower than the 3.4 per cent recorded in 2014. The decline was attributed to the general slowdown in economic activities in emerging markets and developing economies,...

Plans by the country to export about 800,000 barrels per day Bonny Light and Qua Iboe grade in May and June have been hampered by breaching of Shell’s Trans Forcados pipeline, Chevron and Exxon Mobile export line. Nigeria deferred at least seven Escravos cargoes scheduled to load in May and...

By our Correspondent The country hopes to use a proposed Islamic bonds issuance programme to help fund big infrastructure needs, aiming to tie the transaction to one of several projects, a Nigerian finance official told Reuters. According to the report by Reuters, Nigeria plans to borrow as much as $10...

Nigeria recorded at trade deficit of $801 million euro with the European countries in the last one year. It was learnt that agricultural products valued at N96.05 billion (419 million euro) were exported to some Europe countries from Nigeria in 2015, leading to a trade deficit of 801million euro. The...