Nigeria’s gross domestic product (GDP) has grown by 2.27% in 2019. According to the, data released by the National Bureau of Statistics earlier today, the present state of the country’s economy has beaten the projection of the International Monetary Fund (IMF) which placed the nation’s economic growth at 2.1% in 2019. Naija News understands that […]
Tag: Business
Just In: FG, States, LGs Share N647.35bn For January
A total of N647.353 billion from the Federation Account Revenue has been distributed by three main tiers of the government for the month of January 2020. Naija News Understands that this was disclosed in a statement on Wednesday by the Deputy Director, Press and Public Relations, Henshaw Ogubike. According to Mrs. Ogubike, the Federation Account […]
AfDB Tackles World Bank President Over Comments on Continent’s Debt Profile
The African Development Bank (AfDB) has faulted a recent comment by the President of the World Bank, David Malpass. Naija News recalls that Malpass was quoted as saying some multilateral development banks, including the AfDB, have a tendency to lend too quickly and in the process, add to the continent’s debt problems. Malpass criticism of […]
World Bank Approves 2.2 Billion Naira Loan For Nigeria
The World Bank approved six projects worth about $2.2 billion to support Nigerian human capital and economic development in 2020. Naija news learnt new loan will help to fund six projects to support Nigeria’s development priorities. The approved program of support in the fiscal year 2020 comprises the following projects: Immunization Plus & Malaria Progress […]
Just In: IMF Advises CBN On Forex Intervention
The International Monetary Fund (IMF) has asked the Nigerian Apex bank to stop its forex intervention programme and adopt a unified exchange rate regime. Speaking on Monday the monetary organization said that the Federal Government had recognized the vulnerabilities facing the economy and taken the steps to boost revenue and improve budget implementation by signing […]
Nigeria’s Inflation Rate Hits 12.13% – Highest In About Two Years
Nigeria’s inflation rate has hit 12.13%, setting a new record for the Nation’s inflation record in about two years. According to data released by the National Bureau of Statistics on Tuesday, the consumer price index, which measures inflation, rose to 12.13% in January; hitting its highest point in 20 months. According to the data, the […]
Nigerian Government To Give Out N7 billion To 35 Creative Industries
The Federal Government has promised to empower 35 creative firms with N7 billion in order to enhance the growth of the industry. Naija News Understands that the Minister of Finance, Budget and National Planning, Zainab Ahmed, who disclosed this at the Greeners Business-to-Business Annual National Economic Dialogue 2020 held in Abuja explained that the initiative […]
CBN To Give Single-Digit Loans To Rice Farmers
The Central Bank of Nigeria has offered rice farmers in the Niger Delta region single-digit loans. The Head, Press and Public Relations at the Ministry of Niger Delta Affairs, Patricia Deworitshe who made this known after a meeting between the Minister of Niger Delta Affairs, Godswil Akpabio, and representatives of the CBN in Abuja said […]
Nigerian Borders Closed: ECOWAS Still Looking For A Solution
Six months after the closure of Nigeria’s land borders with its neighbors, the consequences for economic exchanges within the ECOWAS are negative. The integration and trade ministers met in Ouagadougou to make proposals to end the crisis for the heads of state of the ECOWAS. Far from affecting only prohibited products, the closing of borders […]
Cake Bakers Lament Over Low Patronage Towards Valentine
Some cake bakers and small chops vendors in Jos state on Thursday have blamed the economic situation in the country due to low patronage ahead of the Feb. 14 Valentine’s Day celebration. Some of the cake makers said that they had offered discounts for their various packages, but the level of patronage was still low […]
Antitrust: Google Fights Back As EU Fines Alphabet €4.34 billion
Google has promised to start a legal battle with the European Commission this week as its lawyers appeal against a €2.4bn (£2bn) fine. Naija News learnt that the search giant was handed three different fines by the EU since 2017 over allegations that it favoured its own shopping results over results from rivals, that its […]
Ogun Government Ready To Improve Ease Of Doing Business
Ogun State Governor, Dapo Abiodun, has promised to introduce a new policy to promote the ease of doing business, attract more genuine investors and foreign direct investments into the state. Naija News learnt that he gave the assurance while receiving the Minister of State for Mining and Steel Development, Uchechukwu Ogah at his office in […]
NNPC Records 16% Increase In Gas Supply To Power Plants
The Nigerian National Petroleum Corporation has recorded a boost in the daily average natural gas supply to power plants. Naija News learnt that there was 16.53 percent increase to 645 million standard cubic feet increment per day an equivalent to generate 2,178MW of electricity in November 2019. Comparatively, the October 2019 gas supply to power […]