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For all intent and purposes, it looked like the perfect scenario- a multi-billionaire native industrialist coming in to invest several millions of dollars in order to produce a commodity that the country was spending billions of Naira importing at a time when the forex crunch was at its hardest....
The Nigerian economy started the week ended August 26th with a prime-time broadcast from President Muhammadu Buhari, who had just returned from over 100 days away on medical trip abroad.  A lot of Nigerians who expected some commentary on the economy, were left visibly disappointed as he focused mostly...
Civil servants waking up on Wednesday morning will have been surprised at a new term being flung around in news media and accredited to the Vice President, Yemi Osinbajo. The term is ‘selective minimum wage increase’. According to a transcript of Osinbajo’s speech during a session titled, ‘Conversation with...
Nigeria may have one more opportunity to maximize her oil wealth, as some analysts are of the opinion that oil prices could spike from 2020 due to a supply shortage within the next decade. Oil prices are currently trading around $50 from a peak of over $100 a few...
The Federation Account Allocation Committee (FAAC) disbursed the sum of N652.23billion to the three tiers of government in July 2017 from the revenue generated in June 2017. This represents a 41% increase from N462.36 billion disbursed last month. The amount disbursed comprised of N570.58bn from the Statutory Account and N81.64bn...
Every business operates within an economic environment and are therefore susceptible to the changes that takes place in the economic policies overtime. This makes it highly important for businesses to be informed on various ways these policies affect their sales, profitability and overall objectives. Although, government policies may come in different...
Lagos state commissioner of finance, Akin Ashade has confirmed that the state has raised N85 billion in bonds to fund environmental and infrastructure projects. The bonds raised are part of a N500 billion bond programme approved by the state house of assembly last year. N50 billion was raised last...
In what can be only described as bad news, the International Monetary Fund (IMF) has come out to say that the unemployment rates in Africa’s two largest economies are going to hit new highs never experienced. The grave implication of this piece of news sinks further in when one...
The Statistician-General and chief executive officer of the National Bureau of Statistics Yemi Kale may have news capable of throwing Nigerians into joy as he ‘thinks’ the economy might have resuscitated its way of the dredges of recession it currently finds itself. According to Bloomberg, Kale in an interview...
The Federal government is to refinance maturing domestic debt with $3 billion treasury bills. Minister of Finance Kemi Adeosun disclosed this at a press briefing after yesterday’s Federal Executive Council (FEC) meeting. Mrs Adeosun also attempted to allay fears of increased  borrowing, insisting that instead of borrowing Naira, we are...
The 36 state governments have invested $250 million in the Nigerian Sovereign Investment Authority (NSIA). MD of the fund Mr Uche Orji disclosed this recently. The investment was made from the 2016 Nigerian Liquified Natural Gas (NLNG) dividends that accrued to the states. The NSIA is Nigeria’s Sovereign Wealth...
For many following the investigation of the former Minister of Petroleum, Mrs. Diezani Alison Madueke, the recent order on Monday for the final forfeiture of $37.5million Banana Island property to the Federal Government was a case of vindication of justice. However, if the recent report from the Economic and...
The first half of the year is gone and states, most of whom depend on statutory allocation from the top, had some form of relief following a horrendous 2016 which saw the amount available for sharing plummet rapidly due to concurrent issues surrounding foreign exchange, oil price slump and...
The Purchasing Managers’ Index rose to 56.8 points in July 2017 for the fourth consecutive month, albeit at a slower pace than the 57.0 points recorded in June. This was reported in the Purchasing Manager Index (PMI) released by the Central Bank of Nigeria (CBN) for the month of July,...
The Central Bank of Nigeria CBN's Monetary Poly Committee meeting (MPC) was concluded on Tuesday with the decision to hold  the policy rates. According to the communique released by the CBN, the Committee, in consideration of the underlying fundamentals of both global and domestic economy decided to retain the MPR...
Data from the Central Bank of Nigeria reveals Nigeria's credit to the private sector as a percentage of credit to the Federal Government is at a 10 year low of about 4.2x to 1. Bank credit to the Public sector is also at a quarterly average all time high...
The Goodluck Jonathan administration, despite its tilt towards corruption and impunity will always be remembered as one that had some of the most powerful ministers in Nigeria's history. The super ministers who were mostly women held power in Aso Rock despite their notoriety and dictated much of the economic and...
In the recently published May 2017 Central Bank Monthly report, Nigeria earned a total revenue of about N185.6 billion the lowest monthly collection since May 2016 when it collected N138.6 billion. The amount was a whopping 58.7% below budgeted estimated revenue of N449.6 billion. It was also lower than the...
The series of recent interventions by the Central Bank of Nigeria appears to be yielding expected result as Nigerian Banks now see improved dollar liquidity. Speaking on the new development, Head of Treasury at Ecobank Nigeria, Olakunle Ezun, said with improvement in the business environment, especially in the foreign exchange...
Foreign telecommunications partners have threatened to disconnect their Nigerian partners as a result of failed payments. The threats, if carried out, could lead to difficulties in making international calls from the country to other countries in Europe, America and other parts of the world. The Chairman of the Association of...
A couple of noteworthy events of economic or business relevance occurred during the 1st half of this year. We believe that they are noteworthy because they have been vital in determining the economic direction of the country, may play a significant role in where the country ends up at...
In a bid to address the high level of interest rates in the country, the Senate Committee on Banking, and Financial Institutions met with the officials of the Central bank of Nigeria (CBN) and representatives of commercial banks on Tuesday. The continuous rise in the interest rate in recent times...
Balami Dahiru Hassan, a member of the revered Central Bank Monetary Policy has expressed concerns over the excessive borrowing by the Federal Government. His major concern is Government's reliance on ways and means to borrow from the CBN. He expressed concerns in the recently released personal statements of the members...
The World Bank has approved another $961 million loan for the implementation of 2 program for results operations in Nigeria, Punch claims. The first of these 2 projects are the Better Education Service Delivery for All which targets out-of-school children, seeking to return them into the classrooms and in...
Nigeria was able to successfully raise $300 million in its first ever diaspora bond at at coupon rate of 5.625 per cent for a tenor of five years. The Director General of the Debt Management Office (DMO), Dr. Abraham Nwankwo, while announcing the success, stated that the bond was...
Shareholders of Arik Air seem to be planning a revival of the company’s fortunes as they seek to regain control from Asset Management Corporation of Nigeria (AMCON) by fast tracking payment of the N160 billion debt it owes. According to Guardian, shareholders have held meetings with foreign investors and could...