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…

Trouble and depression in the land

TheRE is problem in the land or more specifically, there’s problem in Nigeria. But before continuing, it’s essential I recall few instances of what happened during the week to buttress the issues I want to raise here. During the week, a middle age man was rescued by divers in a speed boat around the Mile…

News Summary: FEC Approves Road Map on Mining Development, NBS Data on the Economy, and Many More Today 1st September, 2016

Federal Executive Council Approves Road Map on Mining Development The Federal Executive Council has approved a new road map for the growth and development of the nation’s mining industry in furtherance of the Buhari’s administration’s resolve to diversify the economy for national prosperity. Consequently, an independent regulatory agency is to be set up for the…

Nigeria slips deeper as inflation hits 17.1%, GDP declines by 2.06%

By Odunewu Segun Nigeria’s economy slipped deeper into recession as recent statistics released by the Nigerian Bureau of Statistics showed that inflation has continued to soar, rising from the previous 16.5 per cent recorded in June to 17.1 per cent in July. From the statistics, the onset of the harvest season is also yet to…

‘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…

Capital imported by sectors stands at $202.70m for Q2 2016- NBS

“In the second quarter of 2016 the value of share capital imported was estimated to be $202.70 million, which as for capital importation as a whole sets the record for the lowest value for the second consecutive quarter. “The figure represents a decline of 16.77 per cent relative to the previous quarter, and a decline…

NIGERIA IN WORST ECONOMIC RECESSION EVER – NBS

Food prices, inflation at 11-year high 4.58m Nigerians became jobless in Q1, Q2 2016 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…

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…

Recession: Innoson vehicle plant suspends production over dollar shortages

By Chinelo Obogo Nigeria’s major vehicle assembly plant, Innoson Vehicle Manufacturing (IVM), has announced its decision to shut down production due to lack of foreign exchange to import vehicle components. This is coming on the heels of the recent report of the National Bureau of Statistics (NBS), which indicates that Nigeria’s recession had worsened with…

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…