Tag "Recession"

    The economy mustn’t crash again, says Secondus on ‘delay’ of Buhari’s cabinet

The economy mustn’t crash again, says Secondus on ‘delay’ of Buhari’s cabinet

The Peoples Democratic Party (PDP) has called on President Muhammadu Buhari to avoid driving the country into another recession with his "know-it-all attitude”.Speaking with PUNCH on Monday, Uche Secondus, national chairman of the party, asked Buhari to constitute his cabinet as soon as possible, warning that delay might affect the economy negatively.He said it was disheartening that Buhari is yet [...]

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    South Africa exits recession in just three months

South Africa exits recession in just three months

South Africa, the second biggest economy, has exited one of the shortest recessions on the continent, ahead of the 2019 election.In September, it was reported that the economy fell into a technical recession, after recording two consecutive quarters of negative growth.According to the South African office of statistics, the economy grew by 2.2 percent in the third quarter of 2018.This is [...]

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    Jonathan: APC’s propaganda tore our economy to shreds, so we slipped into recession

Jonathan: APC’s propaganda tore our economy to shreds, so we slipped into recession

Ex-president Goodluck Jonathan says Nigeria's economy slipped into recession after he left office because the then opposition used "their malicious propaganda" to tear the country's economy into shreds.Jonathan said this in his book entitled 'My Transition Hours'.The major opposition in the build-up to the 2015 election was the All Progressives Congress (APC).The party is a merger of three political [...]

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    Zainab Ahmed: How AfDB helped Nigeria out of recession

Zainab Ahmed: How AfDB helped Nigeria out of recession

Zainab Ahmed, minister of finance, says the African Development Bank (AfDB) was very instrumental to Nigeria's exit from its worst recession in decades.The minister explained this on Thursday while speaking to CNBC Africa on the sidelines of the first ever Africa Investment Forum ongoing in South Africa.She explained the role AfDB played in getting Nigeria out of recession while adding that the [...]

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‘Nigeria can take on more debts’— Udoma tells foreign investors

Udoma Udo Udoma, minister of budget and national planning says Nigeria is not under any debt risk and therefore has headroom to take on more debts.According to a statement by Akpandem James, special adviser on media to Udoma, the minister made the remark at the conclusion of the annual meetings of the World Bank Group and International Monetary Fund in [...]

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    CBN: Floating the naira could have destroyed the economy

CBN: Floating the naira could have destroyed the economy

The Central Bank of Nigeria (CBN) says it resisted strong pressures to float the naira in order to save the country during the period of economic recession.Isaac Okoroafor, spokesman of the apex bank, made the remark on Wednesday at an event organised by the Nigerian Institute of Public Relations (NIPR) in Abuja.He said the negative consequences that Egypt, Venezuela and [...]

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    Nigeria’s GDP growth dips in 2018, after 2017 exit from recession

Nigeria’s GDP growth dips in 2018, after 2017 exit from recession

The rate at which gross domestic product grew in the first quarter of 2018 slowed from 2.1 percent points in the fourth quarter of 2017 to 1.95 percent points in 2018.According to the Gross Domestic Product report released by the National Bureau of Statistics on Monday, this decline is despite an increase in oil production."Nigeria’s gross domestic product (GDP) grew by [...]

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    World Bank: Despite exit from recession, Nigeria’s poverty increased in 2017

World Bank: Despite exit from recession, Nigeria’s poverty increased in 2017

The World Bank says unemployment and poverty rates increased in Nigeria despite an exit from recession in 2017.The Bretton Wood institution made these remarks in a report released on Monday.The report titled 'Nigeria Bi-annual Economic Update: Fragile Recovery' read: "The decline in the non-oil, non-agriculture sector, however, continued, as aggregate demand remained weak and private sector credit low."The rates of [...]

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CBN projects foreign reserve to hit $50bn by year end

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, says the Nigeria’s foreign reserves will grow to $50 billion by the end of the year.Emefiele said this at the 25th Seminar for finance correspondents and business editors with the theme: “Sustaining Economic Growth Beyond Recession”, in Uyo.Represented by Edward Adamu, deputy governor, corporate services, Emefiele said the reserves [...]

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    Report: 29 of 58 insurance firms have negative reserves

Report: 29 of 58 insurance firms have negative reserves

Recent data released by the Nigeria Insurers Association (NIA) show that 29 insurance firms out of the 58 existing in the country reported negative reserves at the end of 2016.This makes up more than 50 percent of the insurance companies in the country.The negative reserves amounted to N93.15 billion in 2016.According to the report,15 non-life operators posted N51.79 billion, while [...]

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    GDP growth doubles in Q3 — hits 1.4 percent

GDP growth doubles in Q3 — hits 1.4 percent

The economy recorded a growth of 1.40 percent in the third quarter of 2017, according to data which the National Bureau of Statistics (NBS) released on Monday.This is the second time of such positive development since Nigeria exited recession in the second quarter.NBS statistics showed that the agricultural sector grew by 3.06 percent in the third quarter of 2017 as [...]

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    We need to delink our economic fortunes from the fate of oil prices, says Adio

We need to delink our economic fortunes from the fate of oil prices, says Adio

Waziri Adio, executive secretary of the Nigerian Extractive Industries Transparency Initiative (NEITI), has advised the federal government to delink the country's economic fortunes "from the fate of oil prices".He said the days of oil were numbered, appealing to the government to act on time.Adio said this statement at the third edition of the annual lecture of the Dauda Adegbenro Foundation, which held [...]

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    Jim Ovia: Zenith Bank built the roads to some of its branches

Jim Ovia: Zenith Bank built the roads to some of its branches

Jim Ovia, founder of Zenith Bank, says his company constructed some of the roads to its branches.Ovia, who made this known while speaking with Zain Asher on CNN's Marketplace Africa, said poor infrastructure was one of the biggest challenges the bank faced when it started."Issues like inadequacies of infrastructural availability were solved when we began building our own roads to [...]

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    Recession over! Will this reduce the price of garri? No, here is what will happen

Recession over! Will this reduce the price of garri? No, here is what will happen

It has been almost three weeks since Nigeria, Africa's largest economy, was said to have found its way out of the nation's worst economic recession in 29 years. And as I predicted the day we exited recession, a number of political sycophancy has followed the exit from recession.Literacy is important, but education is much more important than literacy. It is heart-breaking for me to [...]

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    Nigerians deserve better from Buhari, says Odinkalu

Nigerians deserve better from Buhari, says Odinkalu

Chidi Odinkalu, human rights activist, says Nigerians deserve a better treatment from President Muhammadu Buhari.Speaking on Channels Television on Sunday night, Odinkalu said Buhari has spoken to Nigerians only once since assuming office.He said Nigerians have gotten used to a situation where the government always "confections statements" rather than addressing the citizens on the issues affecting them."We did not elect [...]

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    NGF: Expenditure reform implemented by states helped get Nigeria out of recession

NGF: Expenditure reform implemented by states helped get Nigeria out of recession

The Nigeria Governor's Forum (NGF) secretariat says the public expenditure reform being implemented by state governments helped the country's economy get out of recession.A statement on Sunday, Abulrazque Barkindo, head, media and public affairs of the NGFS, said the disclosure was made when David Nabena, an economist, made a presentation at a meeting of the fiscal sustainability plan committee which [...]

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Exchange Rates

December 05, 2019USDGBPEUR
INTERBANK306397354
LAGOS355444389
KANO354445370
PH355447412
ABUJA356454413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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