Nigerian Economy

Nigeria’s Economy at a Glance   Inflation                  15.37 Exch. Rate (USD)    ₦305.75 MPR                       14 Crude Oil Price     $69.74

Nigeria: 2018 budget speech by Mr. President

  PROTOCOLS 1. I am here to present 2018 Budget Proposals. Before presenting the Budget, let me thank all of you Distinguished and Honourable Members of the National Assembly, and indeed all Nigerians, for your support and prayers for my full recovery while I was on medical vacation. 2. I am very pleased to address […]

List of top business acronyms in Nigeria

L I ST O F ACRONYM S AEs: Advanced Economies B: Billion BDC: Bureau De-Change BIR: Budget Implementation Report BOF: Budget Office of the Federation CBN: Central Bank of Nigeria CIT: Company Income Tax DMO: Debt Management Office ECA: Excess Crude Account EMDEs: Emerging Markets and Developing Economies FAAC: Federation Account Allocation Committee FGN: Federal […]

Budget Nigeria: Presenting 2018 budget

The 2018 Budget proposal seeks to continue the reflationary policies of the 2016 and 2017 Budgets which helped put the economy back on the path of growth. Thus, we plan to continue to spend more on ongoing infrastructure projects that have potentials for job creation and inclusive growth; We will continue to leverage private capital […]

Nigerians to start electric metres

Nigeria has resolved to roll out electricity meters with the involvement of local production. The Minister of Power, Works and Housing, Mr Babatunde Fashola said that Nigeria is now determine. This he said will involve more Nigerians in meter manufacturing. He said that the measure would reduce the pressure on Electricity Distribution Companies (DISCOs) on […]

Sterling Bank Nigeria gets new Managing Director

Sterling Bank Plc has appointed Abubakar Suleiman as its new Managing Director/ Chief Executive Officer (CEO) In a notice signed by its Chairman, Asue Ighodalo, to the Nigerian Stock Exchange (NSE) yesterday in Lagos, Sterling Bank announced the retirement of its current managing director/chief executive officer Yemi Adeola with effect from March 31, 2018. It […]

Why Nigeria is low on crude oil

Nigeria, Africa’s biggest oil producer and a member of OPEC, has suffered fuel shortages over the past few weeks. They complicated transport and hurt economic activity and, in the words of President Muhammadu Buhari, ensured that for many Nigerians the Christmas holidays were “anything but merry and happy.” His administration says it’s working overtime to end the […]

Suspend accounts without BVN, CBN tells banks in Nigeria

The Central Bank of Nigeria (CBN) has directed commercial banks to place all accounts without Biometric Verification Number (BVN) on a ‘post no debit’ status. The CBN said credit lodgment inclusive of deposits and inward transfers, may be received into such accounts. OFIs operators are urged to continue to enroll customers of such accounts and […]

Job opportunities for millennials in Nigeria

The actual reason for unemployment, especially among young lawyers, is their inability to see law practice from the eyes of a businessman and identify the latent opportunities available and waiting to be explored. It is my hope that this would come to bare at the end of this discuss. My task today really is to […]

Nigeria’s economy in 2018 – The outlook

By Obadiah Mailafia The preceding year of 2017 witnessed a gradual recovery from a rather traumatic economic recession. At an annualised growth rate of 0.8% for the preceding, the economy had transited out of negative growth and can be presumed to be on the path of long-term sustained growth. The forecasts for 2018 vary from […]

Date of Nigerian 2019 general elections announced

Nigeria’s Independent National Electoral Commission says that presidential and national assembly elections will be held on Feb. 16, 2019. The commission made the announcement Tuesday while outlining the 2019 general election timetable. It said the presidential and national assembly primaries will begin in August and campaigning in November of this year. Read more

Texans get jail terms for enslaving Nigerian woman

A U.S. couple will go to jail after holding a Nigerian woman captive as an unpaid maid and nanny for two years in a Houston, Texas suburb, restricting her movements and threatening her if she objected, authorities said on Monday. The husband and wife will pay restitution of more than $100,000 to the victim, whom […]

Nigeria’s external reserves hit new high Jan. 2018

Figures obtained from the CBN on Monday, January 8, 2018 indicate that the External Reserves reached the $40.4 Billion mark on Friday, January 5, 2018, indicating an increase of about one billion United States dollars between December 2017 and January 2018. Confirming the figure, the Acting Director in charge of Corporate Communications at the CBN, […]

Slave Trade: Nigerians are for sale in Libya!

Gharyan is a prison in the mountains about 100km (60 miles) south of Tripoli. And it is the place where all of the migrants said they were taken before they made it home. “They came to our caravans [cells], they pick six persons to do their dirty jobs to do farming, brick-laying work,” says Lucky […]

New political party promises Nigerians peace and security

The Nigerian Peoples Congress (NPC), one of the newly registered political parties, on Monday said that when it comes to power it would ensure adequate protection of lives and properties of Nigerians. “The primary duty of every government is to protect the lives and properties of its citizens,’’ Mr Oko Ewa-Enyim, the Chairman in Ebonyi, […]

Nigerian naira to firm up against dollar

NIGERIA The naira is expected to firm slightly to 360 per dollar for investors next week as trading pick up after the Christmas holiday, traders said. The currency traded weaker at 362 naira for investors on thin volumes on Thursday, around the same level as in the parallel market. On the official market, it was […]

Union Bank Nigeria gets new ED

Union Bank of Nigeria Plc (Union Bank) has announced changes to the membership of its Board of Directors with the retirement of an Executive Director, Mr. Ibrahim Kwargana and the resignations of Non-Executive Directors, Engr. Mansur Ahmed, Chief Dr. (Mrs.) Onikepo Akande and Mrs. Arina McDonald in October 2017. Read more