Nigeria not doing enough to eradicate extreme poverty, hunger –AfDB

More than 30 per cent of countries in Africa, including Nigeria, are lagging behind in eradicating extreme poverty and hunger in the last five years. This is as a result of lack of formulating or implementing enough sustainable economic growth policies. But Africa still leads as the world’s second fastest growing region in poverty reduction,…

Nigeria’s economic reforms still below standard –IMF

In spite of what looks like Nigeria’s delisting of the International Monetary Fund (IMF) from creditor institutions for its current quest for loan facilities, its management has yet offered the country some advice on how to achieve early exit from the economic recession. The body said the reform so far executed by Nigeria falls below…

Fitch lowers Bank of Industry rating from B+ to B

One of the international rating agencies, Fitch Ratings, has lowered the rating of the Nigerian-based Bank of Industry (BOI) from B+ to B category. In the agency’s latest report published on Wednesday, it stated that the negative assessment of the bank’s Long-Term Issuer Default Rating (IDR) from B+ to B was a function of many…

The slumbering economic giant called Ariaria market

With the fall in prices of crude oil in the international market, the Nigerian government has resorted to looking inwards to raise the much needed resources to finance its activities. It has to this end embarked on a drive to get Nigerians to patronize locally made goods, as opposed to a craze for imported products,…

IMF blames policy makers for Nigeria’s stunted growth

Barely a week after the International Monetary Fund (IMF) predicted Nigeria’s exit from  recession in 2017, it has idendified fresh huddles that could make the envisioned recovery impossible. Some of the debilitating factors, according to the fund included inconsistencies, which it noticed in the policy direction of government, especial on the foreign exchange management and…

NDIC expresses fears that some banks may not survive recession

The Nigerian Development Insurance Corporation (NDIC) has expressed fears that a number of banks in the country may not survive the economic recession presently hitting the country. According to the Managing Director/Chief Executive of the corporation, Alhaji Umaru Ibrahim who spoke at a public function in Kaduna, Kaduna State, the 23 commercial banks in Nigeria…

Evening Briefing: Today’s top news

Good Evening Here’s your today’s brief, enjoy! Today’s quote of the day is below,hope it inspires you “Do something that your future self will thank you for” 1. SEC to partner with EFCC on market infractions Mounir Gwarzo, the Director-General of the Securities and Exchange Commission (SEC), says the body would partner with the EFCC to…

How int’l agency ratings may affect Nigeria’s plan to borrow

Nigeria’s hope of successfully borrowing from major credit outfits, will depend on the its ratings by international agencies, so says officials of one of the institutions that the country is relying on for its pending $30 billion loan facilities. Countries are expected to be rated at least B1, if not A to be favoured for…

Hope for naira as economy receives $1.5bn diaspora boost

Policy makers have remained upbeat on their expectations of naira rise in value as Nigerians abroad plan to repatriate about $1.5 billion into the country, between December and January. This is part of the outcome of a series of meetings in Europe and America by a special committee made up of officials from the Office…

Tax every GSM call above 3mins, Emefiele counsels FG.

Godwin Emeifele, Governor of the Central Bank of Nigeria, CBN, has charged the federal government to begin taxing callers who spend above three minutes as part of panacea to the economic challenges in the country. The CBN governor stated this while delivering a keynote address at the Annual bankers’ dinner held in Lagos on Friday….

Are Nigerians in danger of starvation?

The National Bureau of Statistics, NBS, recently released another frightening figure indicating that the current inflation rate in the country is on the rise, and that Nigerians are in for tougher times. The current figure, 18.3 per cent, is the highest Nigeria has ever witnessed in 11 years, and one of the highest in the…

Senate to tinker with reform of Nigeria Customs

The Eighth Senate wiil on Wednesday November 9, 2016, consider a legislation to reform the administration and management of the customs and excise system in Nigeria. The bill, the Customs and Excise Management Act establishes a new Nigeria Customs Service and repeals other customs and excise legislation. The bill creates a Custom and Excise governing…