The Honourable Minster of Mines and Steel Development, Arc Olamilekan Adegbite, blew the whistle on some “powerful and influential” Nigerians recently during a media briefing in Abuja. What was the story? According to Arc Adegbite, these economic saboteurs – that’s what they are – have been putting pressure on the federal government to free Chinese nationals arrested for illegal mining [...]
Tag "nigerian economy"
ON THE GO
As someone familiar with the fast-moving consumer good business, I get to see some demographics about Nigeria that are, at the same time, scary and inspiring. Nigeria is today made up of about 60% youth population. This is ordinarily a wonderful position compared to the ageing populations across most of Europe. Nigeria’s population is guesstimated at between 180-200m people. You [...]
BY MAHMUD MUSTAPHA In the past few weeks, alarm bells have been ringing about the danger facing the Nigerian economy. These alarm bells cannot be said to be frivolous or borne out of partisan inclinations because they are coming from tested economists and those who know about how well-run economies look like. The most recent is by the Emir of Kano, Lamido [...]
An adage says ‘when big challenges are giving hard blows to a person, smaller ones will have a field day’. No matter what this present administration says, there is fire on the mountain. Like joke like play a big conflagration is already consuming our big edifice as we used to make jest. The earlier we agreed on this and map [...]
BY FOLAWIYO KAREEM OLAJOKU It has long being said that oil is the mainstay of the Nigerian economy and often times, the budget of Nigeria is prepared in line with benchmark from the sale of the nation’s crude but according to a recent study by Afrinvest, a leading investment banking firm stated that, Nigeria is not an oil producing country but a [...]
BY JOE ABAH, NATE BOURNS, AND BRIGIT HELMS Viewed in isolation, statistics on the Nigerian economy paint a bleak picture. Having emerged from the 2017 recession, Nigeria is growing at an anemic 1.5 to 1.9 percent per year—against population growth of 2.6 percent. Nigeria is one of the few countries in the world where poverty has worsened—90 million of its citizens [...]
Peter Obi, a former governor of Anambra state, says the country's economy is on life support because of a rising debt profile. NAN quoted Obi as saying this on Saturday while speaking at a conference organised by the Summit Bible Church in Abuja. The country's debt profile is estimated at N22 trillion. The ex-governor also attributed the high unemployment rate to bad [...]
Sahara Group, an African energy conglomerate, has partnered with Financial Times, world’s leading business publication, for the maiden edition of the FT Nigeria Summit taking place on May 31 in Lagos. The summit which has the theme, “Dispelling uncertainty and building resilience," is aimed at “exploring Nigeria’s huge investment potential” which is especially challenging as the country is said to have a [...]
Femi Adesina, presidential spokesman, said that those who oppose the current administration have made it a point to harp on negative happenings in the country. Listing what he considered as the achievements of President Muhammadu Buhari, Adesina said the positive growth cannot be denied even by “naysayers.” He quoted figures from the National Bureau of Statistics, saying since Nigeria recovered from recession, the [...]
Vice President Yemi Osinbajo says close friends of President Muhammadu Buhari will not be spared in the fight against corruption. According to Laolu Akande, Osinbajo's spokesman, the vice-president said this on Tuesday when he hosted journalists at the presidential villa, Abuja. While stating that corruption was the major drain of the country's resources, he reiterated that the fight against corruption is a top [...]
Charles Soludo, former governor of the Central Bank of Nigeria (CBN), has expressed support for President Muhammadu Buhari’s emergency economic bill aimed at reviving the economy. In a mini-blueprint for the All Progressives Congress (APC), Soludo also proposed a public spending of 15 percent to 20 percent (N14trillion to N19trillion) of the nation’s gross domestic product (GDP) to steer Nigeria out [...]
The International Monetary Fund (IMF) has projected that Nigeria’s economy would grow by 4.8 per cent in 2015, from 6.3 per cent in 2014 due to the slump in oil prices. The IMF stated this in its latest 2015 World Economic Outlook and Financial Survey titled: “Uneven Growth: Short- and Long-Term Factors,” released on Tuesday. According to the IMF, the projection will [...]
What else can the 2015 elections in Nigeria be about, but the economy? The phrase, which was coined by James Carville for the Bill Clinton 1992 campaign and which played a huge role in upstaging George H. W. Clinton, could not have been more relevant in our clime than it is today. Many Nigerians would one way or another link [...]
Nigeria’s consumer market is worth more than $400bn, the McKinsey Global Institute (MGI) announced in its report released on Tuesday in Abuja. The report is entitled, "Nigeria’s renewal: Delivering Inclusive Growth in Africa’s Largest Economy". According to the report, the value of Nigeria’s consumer market could reach $1.4tr by 2030 with food and non-food consumer goods accounting for $1tr. It stated that one [...]
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