Slight Growth Witness In Non Oil Sector of The Economy

National Bureau of Statistics, NBS, has released the third Quarter GDP figures of the Nigerian economy. The report reveals a consistent growth in Agric and Solid Mineral sectors, indicating the success of the Buhari administration’s economic policies even though overall economy is still in recession. This is disclosed in a statement made available to the…

President Buhari’s Position on the Recession, State of the Nigerian Economy

PRESIDENT BUHARI ATTENDS AFRICAN ASSOCIATION OF CBN GOVERNORS 39TH SESSION This government … is working hard to do things right and do them in a manner that will endure. According to Statement from Garba Shehu, Senior Special Assistant to President Buhari on Media and Publicity, the debate over the state of the Nigerian economy should…

Sub-Saharan Africa, Growth Falls to Six Year Lows

Economic activity has weakened markedly in sub-Saharan Africa, and the strong growth momentum of recent years has dissipated in several countries. The IMF’s latest Regional Economic Outlook for sub-Saharan Africa puts growth at 3¾ percent this year, lower than in 2009 in the aftermath of the global financial crisis. In this podcast, co-author Céline Allard,…

Garba Shehu: What Is President Buhari Doing With The Economy?

Garba Shehu: What Is President Buhari Doing With The Economy? LET me start by asking an important question: who wants to kill racy introspection? There is a cacophony of voices telling the Muhammadu Buhari administration to close its eyes to the past; that given the enormous tasks that lie ahead, history and its consequences for…

2016 budget may not meet expectations, Fashola confesses

Babatunde Raji Fashola (SAN), Minister of Power, Works and Housing, has said that Federal Government’s expectation to ensure there is inclusion and employment with the N6.6 trillion 2016 budget may not be realistic. He explained that the inclusive governance, which the present administration targets to achieve, will be illusive and the people targeted may not…

Nigerian Economy: Moody’s predicts further rise in inflation

Moody’s, the global rating agency, has predicted a further rise in the already historic high in the nation’s inflationary rate to 18 per cent. According to a Global Credit Research report released by the rating agency in Dubai, Moody’s said the depreciation implies a material loss in purchasing power given import-price inflation, adding that it…

Nigerians must bear the pain of fixing economy –Presidency

The presidency has fully acknowledged that the Nigerian economy is in shambles, but is also optimistic that it can be fixed. The Presidency however warned that like a broken led that has to be mended; Nigerians must bear the pains that come with the healing process before things can get better. Mr. Garba Shehu, the…

PMB Commends Zuckerberg For Inspiring Nigerian Youths

…As Airtel, others congratulate winners of Aso Villa demo day President Muhammadu Buhari yesterday commended the Chief Executive Officer and Co-founder of social networking website, Facebook, Mark Zuckerberg for sharing his wealth of knowledge with Nigerian youths and inspiring a new generation of entrepreneurs. Receiving the internet entrepreneur at the Presidential Villa, Abuja, the president  …

Inflation, Nigerians And The CBN: A Wrong Prescription

Prices have continued to rise and our ability to pay for basic and essential items has continued to fall, so are our wellbeing and our prosperity. Investment for the future by firms and individual households are on the decline. Every person on the street accepts that we are faced with inflation. So, the Central Bank…

What is Buhari doing with economy?

By Garba Shehu LET me start by asking an important question: who wants kill racy introspection? There is a cacophony of voices telling the Muhammadu Buhari administration to close its eyes to the past, that given the enormous tasks that lie ahead, history and its consequences for our nation should be the least of the…

Buhari hails Zuckerberg for inspiring Nigerian youths

Chief Executive Officer and Co-founder of social networking website, Facebook, Mark Elliot Zuckerberg, yesterday found an admirer in President Muhammadu Buhari on account of his simplicity. Zuckerberg yesterday hurried back to Nigeria from Kenya after an earlier visit to keep an appointment with Buhari. The president told Zuckerberg, who visited him at the Presidential Villa,…

Economic recession: FG on top of situation, says Lai Mohammed

Nigerians should entertain no fear about the economic recession in the country, Information and Culture Minister  Lai Mohammed said yesterday. The Federal Government is on top of the situation, he said at a forum of the News Agency of Nigeria (NAN) in Abuja. He also dismissed as preposterous calls by the opposition Peoples Democratic Party (PDP)…

What is President Buhari doing with the economy?

Garba Shehu, media aide to President Muhammadu Buhari Garba Shehu LET me start by asking an important question: who wants to kill racy introspection? There is a cacophony of voices telling the Muhammadu Buhari administration to close its eyes to the past; that given the enormous tasks that lie ahead, history and its consequences for…

Moody’s Predicts Inflation In Nigeria To Rise In December By 20%

Subdued growth in the economy for oil-rich Nigeria could be undermined if the country’s production levels don’t recover, Moody’s Investors Service said. The Nigerian Bureau of Statistics said last month the economy had slipped into recession. A member of the Organization of Petroleum Exporting Countries, the oil-sector contribution to total real gross domestic product for…

President Buhari Eulogises Mark Zuckerberg For His Simplicity

President Muhammadu Buhari on Friday commended the Chief Executive Officer and Co-founder of social networking website, Facebook, Mark Zuckerberg, for sharing his wealth of knowledge with Nigerian youths, and inspiring a new generation of entrepreneurs. According to a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, the President spoke while granting…

Buhari commends Zuckerberg for inspiring Nigerian youths into entrepreneurship

By DAVID IORJA President Muhammadu Buhari Friday in Abuja commended the Chief Executive Officer and Co-founder of social networking website, Facebook, Mark Elliot Zuckerberg for sharing his wealth of knowledge with Nigerian youths, and inspiring a new generation of entrepreneurs. Receiving the internet entrepreneur in the State House, President Buhari said the various meetings held…

What is President Buhari doing with Nigeria’s economy?

By GARBA SHEHU LET me start by asking an important question: who wants to kill racy introspection? There is a cacophony of voices telling the Muhammadu Buhari administration to close its eyes to the past; that given the enormous tasks that lie ahead, history and its consequences for our nation should be the least of…

How FG caused economic recession-Emir Sanusi

The Emir of Kano, Muhammadu Sanusi, on August 24, warned President Muhammadu Buhari to avoid repeating the mistakes made by former President Goodluck Jonathan so his administration does not end up in infamy like that of his predecessor. The former governor of the Central Bank of Nigeria also warned the government against continuing to blame…

Buhari commends Zuckerberg for inspiring Nigerian youths

President Muhammadu Buhari Friday in Abuja commended the Chief Executive Officer and Co-founder of social networking website, Facebook, Mark Elliot Zuckerberg for sharing his wealth of knowledge with Nigerian youths, and inspiring a new generation of entrepreneurs. Receiving the internet entrepreneur in the State House, President Buhari said the various meetings held with Nigerian youths…

Read What President Buhari Said About Zuckerberg In Abuja Visit

SOUTH MILWAUKEE WI. (GVE) – Nigeria’s president, Muhammadu Buhari has eulogised Mark Zuckerberg, founder and CEO of Facebook. Zuckerberg who is the seventh richest man in the world, returned to visit the Nigerian leader in Abuja on Friday, September 2, after initially visiting Lagos en route to Kenya. Receiving the internet entrepreneur at the State…

Buhari impressed with Mark Zuckerberg’s simplicity

Mark Zuckerberg (right) and President Muhammadu Buhari President Muhammadu Buhari on Friday, expressed admiration at the simplicity displayed by Mark Zuckerberg, co-founder of Facebook and the Chief Executive Officer, during his visit to Lagos. Buhari while receiving the technology guru at the Presidential Villa in Abuja marveled at the simplicity with which Zuckerberg, one of…

Wema Bank’s winning model

After spending six years as a regional bank, Wema Bank Plc has stepped up to compete at the national level, and not even the current economic crisis can stop it from winning, it seems. In 1945, as the Second World War grinded to a bitter halt and much of the world struggled with momentous human…

PMB Commends Zuckerberg For Inspiring Nigeria Youths Into Entrepreneurship 

President Muhammadu Buhari on Friday in Abuja commended the Chief Executive Officer and Co-founder of social networking website, Facebook, Mark Elliot Zuckerberg for sharing his wealth of knowledge with Nigerian youths, and inspiring a new generation of entrepreneurs. Receiving the internet entrepreneur in the State House, President Buhari in a statement by his special adviser…

The Only Way Out Of Recession – Expert Advises Buhari

An economic expert has spoken up about Nigeria’s current recession, advising President Muhammadu Buhari on possible ways out. The Nigerian Bureau of Statistics (NBS), in its Second Quarter Report released on Wednesday, said the economy contracted by 2.06 per cent to record its lowest growth rate in three decades. A development economist and financial Expert, Odilim Enwegbara, who…

AfDB invests $12bn on energy warns against foreign borrowing

The African development Bank (AfDB) is to spend $12 billion in budget support for infrastructure projects on energy in some African countries, including Nigeria in the next five years. It also warned the countries against a rush for international instructions’ loans Disclosing this, the AfDB President, Akinwumi Adesina, said the foreign loans cannot help in…

Mark Zuckerberg Is back In Nigeria, meets with Buhari, Osinbajo

Facebook’s Mark Zuckerberg is back in Nigeria following his previous three day visit which ended as he left the country for Kenya. Mark Zuckerberg as he did the first time snuck into the country and is in Abuja meeting with the President and other top government officials including the Vice President, Yemi Osinbajo. Mark Zuckerberg…

FG Should Diversify Nigeria Economy Through Agriculture Says Ahmadiyya Elders’ Forum

By Jumu’ah Abiodun, Nigeria The members of the Majlis Ansarullah Ahmadiyya (the Elders’ forum of the Worldwide Ahmadiyya Muslim Jama’at) Nigeria has called on Federal Government of Nigeria, State Governors and Local governments head to diversify the nation economy through agriculture. The Elders’ stated this recently in a communique signed by it Sadr (National President),…

Our country is in shambles, we regret voting for Buhari – APC chieftain

Former All Progressives Congress (APC), governorship aspirant in Benue state, Mr Nath Apir, has said that Nigeria is in shamble and the citizens are now regretting voting for President Muhammadu Buhari. The party chieftain and social critics stated this after the National Bureau of Statistics (NBS), said Nigeria’s economy has gone into recession. The critic…

Justice Wike Promises Right Environment For Dev

The wife of the Rivers State Governor, Justice Suzzette Eberechi Nyesom-Wike, has stated that the Rivers State Government will continue to create an investor friendly environment for the sustained development of the state. Justice Nyesom-Wike further said that the state will legislate on policies that will encompass stable marco-economic situation as well as ensure security…

Abuja Chamber Tasks FG On Innovative Economic Policies

The Abuja Chamber of Commerce and Industry (ACCI) has urged the Federal Government to create valuable economic motivation plan to stimulate growth. The Chamber’s President, Mr Tony Ejinkeonye, gave the advice in an interview with newsmen in Abuja yesterday. Ejinkeonye was reacting to the recent Gross Domestic Product (GDP) released by the National Bureau of…

ICT Expert Wants Nigerians To Leverage On Data Services

Senior lecturer, Department of Computer Science, University of Ibadan, Prof. Olufade Onifade, said Nigerians should imbibe the use of data science to gain market advantages in their various business transactions. Onifade told newsmen on Tuesday that data was an asset that could not be kept by the side but should be used for competitive advantage….

How AMCON Is Contributing Towards Nigeria’s Financial Stability

Resilience is one word that best describes the Nigerian economy in the face of the turbulence it is undergoing. As acknowledged by economists, Nigeria is experiencing triple, simultaneous, shocks—economic, political and social. The sluggish economic growth, which exacerbates the other two shocks, is mainly attributed to a slowdown in economic activity which has been adversely…

Experts to Buhari: pump in cash to save economy

How can Nigeria revive its economy? The Federal Government should pump money into infrastruture development, which will create more jobs and boost liquidity, economists and private sector players said yesterday. The Nigerian Bureau of Statistics (NBS), in its Second Quarter Report released on Wednesday, said the economy contracted by 2.06 per cent to record its lowest growth…

How to steer economy out of recession, by experts

To experts, recession is not a death sentence. for the economy. They argue that its pains could turn to gains for the economy within a short period if the Federal Government takes the right approach.  SIMEON EBULU, TAOFIK SALAKO, NDUKA CHIEJINA, CHIKODI OKEREOCHA, OKWY IROEGBU-CHIKEZIE AND DANIEL ESSIET  REACTIONS yesterday trailed the Nigerian Bureau of…

BoI restates commitment to nation’s economic growth

The Bank of Industry, BoI, yesterday said it would continue to work towards enriching economic activities among Nigerians to reduce poverty rate. The bank’s Divisional Head ,SME-South, Mr Abdul-Ganiyu Mohammed, disclosed this during a quarterly Customers’ Networking Forum for the South West Region held in Osogbo. Mohammed said that the aim of the forum was to create a proactive path and direction for small business owners and…

FG sustains SG2000 programme to enhance small-scale farming

The Federal Ministry of Agriculture and Rural Development, has promised to build on the foundation of the Sasakawa-Global 2000 (SG2000) programme to further develop agriculture as a key component of the ongoing economic diversification agenda. The assurance was given based on the many successes of the Sasakawa-Global 2000 (SG2000) programme, which commenced in Nigeria in 1992 following the partnership agreement between the Ministry…

‘Govt’s support to agric industrialisation vital’

The Director-General, African Centre for Supply Chain (ACSC), Dr. Obiora Madu, has said the government is taking steps to improve trade finance avalability to address the gaps in  agro industrialisation, growth and job creation. Speaking with The Nation, Madu said the pool of funds established by the government was to serve players in the sector,…

FG allays fears over economic recession

Our Reporters Federal Government has expressed optimism that the nation’s economic outlook remained bright, irrespective of the contraction in the GDP growth rate recorded in the last quarter. Several Nigerians have expressed disgust over the scary report rolled out confirmed that the country’s economy has slipped into recession. Adeyemi Dipeolu, Special Adviser to the President,…

Why Boroffice should be APC candidate

A former governorship aspirant on the platform of the All Progressives Congress (APC) in Ondo State, Mr. Olaoluwa Adeyeye has the party to support the gubernatorial aspiration Senator Ajayi Boroffice in order to win the November election. Speaking  with The Nation, the Akure-born lawyer said he decided to throw his weight behind Borofice because the…

Come To Abia, Ikpeazu Begs British Investors

The Governor of Abia State, Dr Okezie Ikpeazu, has restated his government’s commitment to provide enabling environment for trade and commerce to thrive in the state. Governor Ikpeazu was speaking when he paid a courtesy visit to the British High commissioner to Nigeria, Paul Ankwright, at the British High Commission in Abuja. He appealed to…

Sack non-performing political appointees, Consultant tells Gov Ortom

According to him, such cabinet shake-up will inject vibrancy in government, stimulate economic growth and enable political stability The post Sack non-performing political appointees, Consultant tells Gov Ortom appeared first on The Eagle Online – The Nigerian Online Newspaper.

​​Ortom urged to sack non-performing political appointees

Governor Samuel Ortom A Social Critic and Finance Consultant, Mr Nath Apir, has advised Gov. Samuel Ortom of Benue to sack non-performing political appointees in his administration for efficient service delivery. Apir gave the advice in an interview with the News Agency of Nigeria (NAN) on Thursday in Makurdi. He said that if not sacked,…

Benue gov. urged to sack non-performing political appointees

Governor Samuel Ortom of Benue State A Social Critic and Finance Consultant, Mr Nath Apir, has advised Gov. Samuel Ortom of Benue to sack non-performing political appointees in his administration for efficient service delivery. Apir gave the advice in an interview with the News Agency of Nigeria (NAN) on Thursday in Makurdi. He said that…

‘Economy Will Beat IMF’s -1.8% Full Year Projection’

Special adviser to the president on economic matters, Dr Adeyemi Dipeolu, stated that besides the growth recorded in the agriculture and solid mineral sectors, the Nigerian economy, in response to the policies of the Buhari presidency, was doing better than what the International Monetary Fund (IMF) had estimated, with indications that the second half of…

FG approves new Mining Roadmap, renames Ministry of Solid Minerals

The Federal Executive Council has approved new road map for the growth and development of the nation’s mining sector and renaming of the Federal Ministry of Solid Minerals to Federal Ministry of Mines and Steel Development. The Minister of Mines and Steel Development, Dr Kayode Fayemi, disclosed this when he addressed State House correspondents on…

Finance minister: this is our worst possible time

The full picture of Nigeria’s economic gloom was laid bare yesterday. The National Bureau of Statistics (NBS) released its indices which showed that the economy had contracted for the second consecutive quarter. Finance Minister Kemi Adeosun, speaking after the Federal Executive Council (FEC) meeting in Abuja, described the country as being in its “worst possible…

Recession as inflation hits 17.1 per cent

Barely a month after two Federal Government officials announced that the economy was in a “technical” recession, the National Bureau of Statistics (NBS) yesterday confirmed the obvious. In its latest report, the Bureau says the economy has nosedived following rising inflation for nine unbroken years. Below are the highlights of the report. GOING by the…

Growth rate may beat IMF prediction, says Fed Govt

As emphasis on capital expenditure by the Federal Government begins to yield positive results with investment/Cross Domestic Product (GDP) ratio increasing, the GDP growth rate of the economy is likely to beat the International Monetary Fund (IMF) prediction of -1.8 per cent for this year, the Ministry of Budget and National Planning said yesterday. Although…

Nigeria’s recession worsens as GDP nosedives to -2.06%…inflation rate peaks at 17.1% in July •FG says economy performing better than IMF’s prediction

Indications that Nigeria’s economy is yet to retract from depressive trend despite policy palliatives emerged yesterday as the second quarter Gross Domestic Product, GDP, growth rate slowed further to -2.06 per cent, down from -0.36 per cent recorded in the preceding quarter. National Bureau of Statistics, NBS, gave the indications in the Nigerian Gross Domestic…

How to fix economy, by Nestle, Airtel, LCCI chiefs, others

Business leaders and chief executives of major companies across the key sectors of the economy yesterday stressed the need for the Federal Government to address the challenges of infrastructural gap, policy inconsistency and fiscal and monetary policy mismatch so as to stimulate the nation’s economic development. The chief executives and business leaders in the manufacturing,…

Presidency: GDP figures better than IMF estimates

The Presidency on Wednesday said that the just released Gross Domestic Products (GDP) figures for the 2016 second quarter by the National Bureau of Statistics (NBS) despite showing temporary decline is a hopeful expectation in the country’s economic trajectory. The Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu made the remarks while…

FG approves new Mining Roadmap, renames Min. of Solid Minerals Development

The Federal Executive Council has approved new roadmap for the growth and development of the nation’s mining sector and renaming of the Federal Ministry of Solid Minerals to Federal Ministry of Mines and Steel Development. The Minister of Mines and Steel Development, Dr Kayode Fayemi, disclosed this when he addressed State House correspondents on the…

Nigeria GDP Dip Further By 2.06% In Second Quarter Of 2016

Report released by National Bureau of statistics (NBS) on Wednesday, showed that the Nation’s Gross Domestic Product (GDP) in real terms declined further by 2.06 per cent in the second quarter of the year 2016 with a negative growth in almost all major sectors of the economy. The report revealed that Gross Domestic Product which declined by…

Nigeria’s economy growth rate may still beat IMF prediction

By AKPANDEM JAMES As emphasis on capital expenditure by the Federal Government begins to yield positive results with investment/GDP ratio increasing, the GDP growth rate of the Nigerian economy is likely to beat the IMF prediction of -1.8% for the full year 2016, the Ministry of Budget and National Planning has indicated. Although the recent…

Nigeria’s Economy Growth Rate To Beat IMF Prediction -Bureau of Statistics

Emeka Pascal, Abuja As emphasis on capital expenditure by the Federal Government begins to yield results with investment/GDP numbers increasing, the growth rate of the Nigerian economy is likely to beat the IMF prediction of -1.8% for the full year 2016, the National Bureau of Statistics (NBS) has indicated. Although the recent data released from…

RECESSION: Presidency Says There Is Hope, Laments High Inflation, Unemployment

The Presidency has admitted that the rate of inflation and unemployment in the country remains “stubbornly” high but assures of hope in the face of recession. The Special Adviser to the President on Economic Matters, Dr Adeyemi Dipeolu, admitted this in a statement on the latest National Bureau of Statistics’ report. Dipeolu’s statement was on…

FG expects better economic outlook for 2016 second half

Reveals highest increase in share of investment in GDP since 2010 The National Bureau of Statistics while confirming a temporary decline in the newly released GDP figures for the 2016 second quarter, has also indicated an hopeful expectation in the country’s economic trajectory. This is contained in a statement signed by Laolu Akande, Senior Special Assistant-Media &…

Nigeria In Recession: FG Issues Statement

The Federal Government has spoken up about reports indicating that Nigeria is officially in a recession. National Bureau of Statistics, NBS, disclosed that the country’s Gross Domestic Product, GDP, in real terms, declined by 2.06 per cent in the second quarter of 2016. Nigeria has now recorded two consecutive quarters of declining growth in GDP,…

We expect better economic outlook for second half of 2016 – Presidency

It said besides the growth recorded in the agriculture and solid mineral sectors, the Nigerian economy in response to the policies of the Buhari presidency is also doing better than what the International Monetary Fund had estimated, with clear indications that the second half of the year would be even much better The post We…

Coach Urges Afn To Groom Home-Based Athletes For Int’l Meets

A Lagos-based athletics coach, Isaac Ikaobomeh, on Wednesday urged the Athletics Federation of Nigeria (AFN) to groom home-based athletes to represent the country in international competitions. Ikhaobomeh told the News Agency of Nigeria (NAN) in Lagos that the country had budding talents that could compete creditably at major competitions if adequately nurtured. The coach spoke…

Nigeria’s current economy worst in 29 years – NBS

The National Bureau of Statistics’s (NBS) Gross Domestic Product (GDP) report says Nigeria is in its worst economic recession in 29 years. The report states that Nigeria’s economy in the second quarter of 2016, fell by 2.06 percent to record its lowest growth rate in almost 30 years. According to a statement on its website, NBS said Nigeria’s…

Nigeria officially in recession as economy records negative growth for second quarter

Nigeria officially entered into recession on Wednesday as figures from the National Bureau of Statistics indicated a negative economic growth for the second consecutive quarter. Figures released by the NBS on Wednesday morning indicated that the nation’s Gross Domestic Product (GDP) declines by -2.06 per cent (year-on-year) in the second quarter of 2016,  a reduction…

Nigeria is in recession – BBC

The British Broadcasting Corporation (BBC) reported on today that the Nigerian economy has finally fallen into recession. The British news agency reported that latest statistics showed that the economy shrunk again around the middle of the year. “Nigeria has slipped into recession, with the latest growth figures showing the economy contracted by 2.06% between April…

FG Expects Better Economic Outlook for Second Half of 2016

Jide Onifade: The just released GDP figures for the 2016 Second Quarter by the National Bureau of Statistics indicates a further growth in agriculture and the solid mineral sectors while confirming a temporary decline, has also indicated a hopeful expectation in the country’s economic trajectory. Besides the growth recorded in the agriculture and solid mineral…

IT IS OFFICIAL: Nigeria Now In Recession

After two bruising quarters marked by attacks on oil pipelines in the Niger delta and ballooning inflation, Nigeria is expected on Wednesday to announce it is officially in recession. The news shouldn’t come as a surprise. Sales of oil at a high price had made Nigeria the biggest economy in Africa. But when the price…

Nigeria officially in recession, GDP growth drops to -2.06%

The National Bureau of Statistics on Wednesday released the much-awaited Gross Domestic Product figures for the second quarter of 2016 with the GDP growth rate sliding further from -0.36 per cent in the first quarter to -2.06 per cent year-on-year.   The negative growth rate recorded in the second quarter of this year is a…

Nigeria Is Officially In Recession – Report

It’s official! Nigeria is in her worst recession in almost 30 years,  a report by the National Bureau of Statistics (NBS)  has revealed. According to the NBS’s report, Nigeria’s economy contracted by 2.06 percent to record its lowest growth rate in three decades. The last time things were so bad was under the regime of…

Breaking: Nigeria enters into recession as GDP nosedives to -2.06%

This negative financial growth rate is a testament to the predictions of the Federal Government and economists that the country was heading into recession The post Breaking: Nigeria enters into recession as GDP nosedives to -2.06% appeared first on The Eagle Online – The Nigerian Online Newspaper.

Nigeria’s current economy worst in 29 years – NBS

The Gross Domestic Product, GDP, report from the National Bureau of Statistics, NBS, says Nigeria is in its worst economic recession in 29 years. The report is claiming that Nigeria’s economy in the second quarter of 2016, shrank by 2.06 percent to record its lowest growth rate in almost 30 years. According to NBS, Nigeria’s…

Nigeria in worst economic recession in 29 years

The National Bureau of Statistics (NBS) has confirmed that Nigeria is in its worst economic recession in 29 years. According to the NBS gross domestic product (GDP) report for the second quarter of 2016, Nigeria’s economy contracted by 2.06 percent to record its lowest growth rate in three decades. In the first quarter of 2016,…

Nigeria’s slump deepens as economy shrinks 2.1%

Nigeria is officially in recession, as the National Bureau of Statistics confirmed GDP growth contraction by 2.1 percent in the second quarter. “It is no surprise, as the macroeconomic woes which saw growth contract by 0.36 percent in the first three months of the year, intensified in Q2,” said Muda Yusuff, director-general of the Lagos……

AGRA transforming Africa agribusiness

• To host over 1,200 delegates at the AGRF annual conference in Sept By FRANK OYAKHILOME THE African Green Revolution Alliance (AGRA) for about ten years has proven to actually commence the revolutionary strategies in the agribusiness sector of the economy of African States. AGRA is an African-led alliance focused on putting farmers at the…

Risk of NPLs, a major threat to financial stability — CBN

By ODUNEWU SEGUN WITH banks Non-performing loans (NPLs) rising above 70 per cent year-on-year to N649.63 billion in May, 2016, the Central Bank of Nigeria has stated that the state of bad loans in the banking sector remained a major threat to the financial stability of the country. Speaking at the third National Credit Reporting…

UBA total asset crosses N3trillion mark, proposes 20 kobo interim dividend

By CHIOMA OBINAGWAM UNITED Bank for Africa Plc (UBA), has announced its Audited 2016 Half Year Financial Results for the period ended June 30, 2016 showing a significant growth in Total Assets, rising 20 per cent to N3.3 trillion, crossing the three trillion mark. The bank which recorded gross earnings of N166 billion, net operating…