Economy

LAGOS — There appears to be increasing tension and instability in the Nigeria’s foreign exchange market with depreciation of Naira accelerating as the Central Bank of Nigeria, CBN, and the banks push for more restrictions […]

Lagos—Governor Akinwunmi Ambode of Lagos State yesterday presented the state’s 2016 budget proposal of N662.588 billion to the House of Assembly, with a pledge that his administration will not only implement the budget faithfully, but […]

African-Americans have become a shrinking presence in the boardrooms of the biggest U.S. companies in recent years, setting back a push by pension funds for greater diversity. African-Americans, who make up about 13 percent of […]

ABUJA — The Senate, yesterday, approved the Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP, 2016-18 submitted by the Federal Government, basing the financial estimates on oil revenue at benchmark of $38 per barrel […]

Nigeria has withstood mounting pressure to devalue the naira since March, defending the currency against events ranging from the crash in oil prices to being booted out of one of the world’s biggest emerging-market bond […]

One of the best policies I have ever come across in Nigeria’s electioneering history is the promised policy of the All Progressive Congress (APC) to pay the sum of N5,000 monthly as Job Seekers Allowance […]

If the wailing of the business class has not reached the ears of the landlords of the villa, it must be due to either the impervious nature of the walls, or the pigheadedness of the […]

Folawiyo Energy Limited (FEL) has denied violating regulations that guide the sale of petroleum products, noting that the company has not had its own products in storage for the past three months. The company said […]

A Federal High Court in Lagos has set aside a fresh Concession Agreement on the Lagos-Ibadan Expressway reconstruction project. While delivering his ruling in a suit filed by Bi-Courtney Highway Services Limited against the Attorney-General […]

Workers of Aero Airlines yesterday staged a peaceful protest around the airport alleging that the Asset Management Company of Nigeria (AMCON) is mismanaging funds injected into the carrier. The workers spoke through the branch Chairman […]

•Govt to spend money on capital projects Nigerians were yesterday told to prepare for some tough decisions next year. Petrol subsidy will go to save cash for capital projects. This will likely push up price […]

THE World Bank has projected that Nigeria’s economic outlook would remain difficult in the short run due to the persistent low price of crude oil in the international market. The World Bank in its Nigeria […]

The crash in crude oil prices from over $145 in 2008 to below $40/barrel presently, has invariably reduced Nigeria’s export earnings by over 50%; consequently, the significant deflation in dollar income is commonly blamed for […]

IF the words of Finance Minister Kemi Adeosun are anything to go by, Nigerians should brace for tougher times. “It is going to be tough and we are going to make extremely tough decisions. We […]

Deputy Senate President Ike Ekweremadu has expressed dismay over the downward slide of the nation’s economy. He warned that unless urgent steps were taken by the All Progressives Congress (APC)-led Federal Government to arrest the […]

FARMERS are in for good times – courtesy of the Central Bank of Nigeria (CBN) and commercial banks which have agreed to grant N300 billion loans to the agricultural sector next year. CBN Governor Godwin […]

LAGOS — Inflationary pressure which abated in October appeared to have resurfaced, going by the latest reports from the National Bureau of Statistics, NBS. In the report released, yesterday, the Consumer Price Index, CPI, which […]

MTN Group Ltd.’s credit rating was cut one level by Fitch Ratings Ltd. because of the increased risk that Africa’s largest phone company faces in its two biggest markets, Nigeria and South Africa. The rating […]

Currency 24% weaker in unregulated trading than official rate Money changers say central bank cut foreign-exchange supply The naira weakened to a record in unregulated trading on Friday as money changers said the Central Bank […]

Recently, the World Bank spent a lot of time organising media briefings on what it called the wrongs of fuel subsidy in Nigeria. To drive this message home to Nigerians, the World Bank handed journalists […]