Economy

Central Bank of Nigeria (CBN) Governor Godwin Emefiele yesterday mandated commercial banks to lower their risk rating for Small and Medium Enterprises (SMEs) or lose Cash Reserves Ratio (CRR) refunds. He issued the warning in […]

The naira fell to 257 against the dollar at the parallel market on Thursday. The local currency had traded against the greenback at between 251 and 252 on Wednesday. The naira has been falling since […]

The Nigerian government proposed increasing spending next year without overstepping borrowing targets even as it budgets for a “conservative” benchmark oil price. Under a three-year economic plan approved by the cabinet, government expenditure will rise […]

•N2tr collected from MDAs, says Emefiele Bureaucracy and professionalism clashed yesterday in Abuja. Central Bank of Nigeria (CBN) Governor Godwin Emefiele and Accountant General of the Federation (AGF) Ahmed Idris were locked in arguements over […]

Abuja—Minister of Power, Works and Housing, Mr Babatunde Fashola, has disclosed that the former ministry of works owed 206 contractors over N2 trillion, of which only N13 billion was released to the ministry out of […]

The Nigerian National Petroleum Corporation has yet to provide document from the Presidency authorising it to trade 445,000 barrels of crude oil under its Refined Product Exchange Agreement contracts. Otherwise known as SWAP, the transactions […]

The Nigerian government proposed increasing spending next year without overstepping borrowing targets even as it budgets for a “conservative” benchmark oil price. Under a three-year economic plan approved by the cabinet, government expenditure will rise […]

Nigeria spent about $35bn (N6.9bn) in the last five years to subsidise petroleum products, the World Bank has said. In its ‘Nigeria Economic Report No. 3’, which was released in Abuja on Tuesday, the bank […]

The Minister of Power, Works and Housing, Babatunde Fashola, says the Federal Government will re-introduce highway tolling to raise additional funds to finance road infrastructure and ensure efficient road maintenance. Mr. Fashola said this on […]

The Muhammadu Buhari-led federal government on Monday proposed a budget of N6 trillion for 2016 at an oil bench mark of 38 dollar per barrel. The planned spending is the first for the administration of […]

The National Bureau of Statistics (NBS) released its third quarter (Q3) 2015 Gross Domestic Product, (GDP) report recently, which showed that in spite of the macroeconomic challenges faced during the period, the economy grew by […]

It would come as a huge surprise to Nigerians if anyone suggested that surplus money constitutes the greatest impediment to the creation of more jobs to enhance the quality of economic and social welfare of […]

THE footprints of Godwin Ifeanyi Emefiele are visible on the economic policies and developments, which have had the most impact on Nigerians in the year 2015.  With little talk or drama, the governor of the […]

Nissan, Honda, Ford, Hyundai among carmakers adding capacity Challenges to goal include lack of power, rail infrastructure Nigeria plans to raise the portion of local manufacturing in the automotive industry to 80 percent by 2023 […]

LAGOS — Acting Executive Secretary of Nigeria Extractive Industries Transparency Initiative (NEITI), Dr Orji Ogbonnaya Orji, has disclosed that 42 oil and gas companies operating in the country paid a total of $293 billion to […]

The Nigerian Army has indicated interest in investing in Obudu Ranch Resort to reposition it to a world-class profit yielding facility. Managing Director/Chief Executive Officer of the Nigerian Army Properties Limited, General Umaru Mohammed (retd), […]

President Muhammadu Buhari will today leave  Nigeria for Johannesburg, South Africa to attend the Forum on China/Africa Cooperation (FOCAC). He will at the forum, which begins tomorrow, follow up with his last meeting with Chinese […]

Operators and stakeholders in the media industry, particularly those in the print segment are losing sleep over likely closure and subsequent loss of jobs. And they have reasons to be so afraid. For one, the […]

ABUJA — The Minister of Information and Culture, Alhaji Lai Mohammed, has assured that the current fuel scarcity in the country will be over in a matter of days, following the approval of the subsidy […]

Nigeria’s central bank Governor Godwin Emefiele is at risk of losing credibility over a decision to ease monetary policy, while maintaining currency restrictions that are hurting the economy. Emefiele, 54, reduced the benchmark interest rate […]