Tag Archives: Economy

CBN to Banks: Don’t just focus on profit, support the economy

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has challenged commercial banks not to focus sorely on profit making but to take proactive steps to support the economy. Speaking yesterday during the opening of the 2021 Bankers’ Committee retreat held in Lagos, the CBN boss said it was not right for the banking sector to be growing and declaring ...

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CBN says Nigeria’s economy slow in October

Nigeria’s economic growth slowed in October remained below the 50-index point benchmark as the Manufacturing Purchasing Managers’ Index rose slightly. A report on the recent Monetary Policy Committee meeting of the Central Bank of Nigeria showed the situation of the economy. The CBN Governor, Godwin Emefiele said that the committee also noted the continued improvement in the Manufacturing Purchasing Managers’ ...

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Buhari to present 2022 appropriation budget on Thursday

buhari

News reaching us now says that President Muhammadu Buhari will on Thursday this week lay the 2022 appropriation budget before the National Assembly. The intimation was made by theDeputy Senate President, Ovie Omo-Agege  during the plenary on Tuesday. Omo-Agege presided over the plenary in the absence of the President of the Senate, Dr. Ahmad Ibrahim Lawan It was learnt that ...

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Food Affordability: Report ranks Nigeria second poorest in the world

A report by the Institute of Development Studies, a UK-based think tank, has placed Nigeria as the second poorest country in the world in terms of food affordability. The report, which was compiled through a publicly available global cost-of-living database, Numbeo, was used in creating a ‘cost of food basics’ analysis that compares the monthly minimum recommended spending on food ...

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Buhari has the best economy team in Africa- Presidency

Speaking on the ability of Buhari government in managing the economy, the presidential aide said, “If you ask me this question, I will tell you that whoever questions the capacity of the government to manage the economy probably also need to have themselves re-examined because look at all of the things that have happened with COVID over the last year ...

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Emefiele explains why Nigeria’s economy can’t grow now

Governor of the Central Bank of Nigeria, CBN,Godwin Emefiele has explained why  the country’s current economy cannot grow. Acccording to him, the economy can’t experience growth considering the current level of insecurity. He made this remark at the end of a two-day monetary policy committee meeting in Abuja on Tuesday. According to Emefiele: “If you want an economy to grow, ...

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Nigeria’s GDP to improve by 1.5 per cent this year- UN

Nigeria’s gross domestic product (GDP) is projected to expand by 1.5 per cent this year, after a contraction of 3.5 per cent in 2020, the United Nations (UN) said yesterday. In the latest World Economic Situation and Prospects report, the UN noted, however, that tighter foreign exchange (forex) liquidity, mounting inflationary pressures and subdued domestic demand clouded the medium-term outlook. ...

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Why past economic plans failed- FG

Minister of Finance, Zainab Ahmed has revealed why past national economic plans have been failing. Acccording to her, the absence of state governments’ cooperation is the major reason for the failure. The Minister said this  in Abuja at the 19th National Council on Development Planning (NCDP) meeting. She said that the belief that past national economic plans had failed “was ...

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Battered Economy: Experts suggest measures for way out

Economists, bankers and accountants have listed the conditions for economic growth as Nigeria continues to fight the scourge of COVID-19 pandemic. They noted that only an economy supported by high productivity can compete in the 21st century. Apart from better and judicious management of resources, abolition of corruption and promotion of transparency in governance, they also suggested bold and critical ...

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Nigerian economy limps out of recession

The economy of Nigeria has limped out of recession- which was caused by two consecutive quarters of negative growth which Recall that the World Bank and the International Monetary Fund had predicted that Nigeria would exit recession in 2021. Acccording to a report, Nigeria’s economy improved by 0.11 percent in the fourth of 2020. “Nigeria’s gross domestic product (GDP) grew ...

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