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…

More taxes in season of economic recession

At last, the Federal Government admitted what everybody knew, concerning the state of the country’s economy: Nigeria is in the depth of recession. The frightening aspect is not just that there is economic decline. The main issue is this: “It’s the worst possible time for us,” as the Minister for Finance, Kemi Adeosun, declared. Yes,…

Unemployment will continue to rise – NLC warns

The General Secretary, Nigeria Labour Congress, has said that the current situation in the country meant that the unemployment rate will continue to rise. Eson-Ozo said this in an interview with the News Agency of Nigeria in Abuja on Wednesday. “This is because the way things are now, given all the economic parameters, we are…

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,…

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…

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 economy worst in 29 years, says NBS

•More people to lose jobs, firms to shut down as MAN, LCCI, others react By Charles Adegbite,  Wole Balogun, Ado-Ekiti, Bimbola Oyesola, Isaac Anumihe, Adewale Sanyaolu, and Chinwendu Obienyi The Nigerian economy is the worst in 29 years, the data released yesterday by the Nigerian Bureau of Statistics (NBS), a government agency, has revealed. In…

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…

Unemployment will continue to rise – NLC

The General Secretary, Nigeria Labour Congress, NLC, Dr Peter Eson-Ozo, has said that the current situation in the country meant that the unemployment rate will continue to rise. Eson-Ozo said this in an interview with the News Agency of Nigeria in Abuja on Wednesday. “This is because the way things are now, given all the…

Address unemployment crisis now, NLC tells Buhari

Dr Peter Eson-Ozo, the General Secretary, Nigeria Labour Congress (NLC), has urged the Federal Government to develop a policy that will address the increasing rate of youth unemployment in Nigeria. Eson-Ozo made the call in an interview with the News Agency of Nigeria (NAN) in Abuja on Wednesday. NAN reports that the International Labour Organisation…

Incredible: 4.58million Nigerians lose jobs under Buhari’s watch

The Nigerian Bureau of Statistics (NBS) has disclosed that the total number of 4,580,602 Nigerians have lost their jobs since President Muhammadu Buhari took office in May 2015. The figure for first and second quarter of 2016 now stands at 2.6 million. NBS figures show that about 1.46 million Nigerians became unemployed in the third…