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  • Nigeria may lose 37% of GDP to corruption

    Corruption could cost Nigeria about 37 per cent of its Gross Domestic Product by 2030 if the situation is not addressed immediately, a new report has indicated. The report, Impact of Corruption on Nigeria’s Economy, equates this...

    • Posted February 2, 2016
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  • Dollar scarcity delays petrol importation – Marketers

    The country may experience another round of petrol scarcity soon if the naira continues to depreciate in value, particularly against the United States dollar, oil marketers have said. The marketers noted that sourcing for dollars to import...

    • Posted February 2, 2016
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  • FG seeks $3.5bn emergency loans from World Bank, AfDB

    The Federal Government is seeking from the World Bank and the African Development Bank the sum of $3.5bn (N697bn) in emergency loans to fill a growing gap in its budget in the latest sign of the economic...

    • Posted February 2, 2016
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  • Nigeria a re-emerging economy –Indian envoy

    The immediate past Indian High Commissioner to Nigeria, Mr. Aijampur Ghanashyam, has described his country’s trade relationship with Nigeria as cordial and improving. He also said going by Nigeria’s vast natural endowment and economic achievement in the...

    • Posted February 2, 2016
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  • FG distributes 250,000 cocoa pods to farmers

    The distribution of free hybrid cocoa pods under the Federal Government-sponsored Cocoa Transformation Agenda of the past administration will end this year after four years. According to findings by our correspondent, the last batch of 250,000 pods...

    • Posted February 1, 2016
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  • Banks advance N21.3tn loans in 10 months

    The total domestic credit from the banking sector to the economy dropped by 0.8 per cent to N21.3tn as of the end of October 2015, statistics obtained from the Central Bank of Nigeria have revealed. The CBN...

    • Posted February 1, 2016
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  • CPS: Employers may review workers’ welfare package

    There are indications that many employers under the Contributory Pension Scheme are considering a downward review of the welfare packages of their workers following the increase in the obligations to their employees’ retirement. Employers who were contributing...

    • Posted February 1, 2016
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  • Telcos threaten to shut operations over arbitrary taxes

    Telecommunications companies have threatened to shut down their operations in six states of the federation over alleged arbitrary taxes and incessant closure of Base Transceiver Stations sites, among others. The Chairman of the Association of Licensed Telecommunications...

    • Posted January 31, 2016
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  • External reserves drop to 11-year low of $28.1bn

    The nation’s external reserves fell to $28.1bn on January 28, the lowest level since 2005, data from the Central Bank of Nigeria showed on Friday. The foreign exchange reserves had stood at $29.13bn a month ago, the...

    • Posted January 31, 2016
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  • Tariff: Labour to picket power firms on Monday

    The Nigeria Labour Congress, Trade Union Congress of Nigeria and Civil Society Organisations will picket electricity distribution companies across the country on Monday to resist the increase in electricity tariff slated to commence on February 1. The...

    • Posted January 31, 2016
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  • NEPC to increase non-oil export earnings to $30bn

    The Nigerian Export Promotion Council plans to increase non-oil export earnings to $30bn in five years. The Executive Director/Chief Executive Officer of the NEPC, Mr. Segun Awolowo, disclosed this while paying a courtesy call on the Minister...

    • Posted January 31, 2016
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  • Nigeria to benefit from $200bn foreign investment

    A group of international investors, under the aegis of Greenstone Capital International Africa and Tacnero Global, have disclosed plans to invest $200bn in five African countries, including Nigeria. The group’s legal adviser, Greg Anumenechi, said in a...

    • Posted January 30, 2016
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  • Oil rises to $34 on production cut talks

    Global benchmark, Brent crude, extended its gains on Thursday, trading around $34 per barrel after falling to a 12-year low of $27 last week. Following the further slide in oil price this month, there have been calls...

    • Posted January 30, 2016
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  • We won’t increase taxes – FG assures Nigerians

    The Federal Government on Thursday assured Nigerians that it would not increase taxes despite the dwindling crude oil revenue. The Minister of Budget and National Planning, Senator Udo Udoma, disclosed this to State House correspondents at the...

    • Posted January 30, 2016
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