Saturday, June 23, 2018

Tag "Recession"

    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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    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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    Femi Adesina: Bitterness, hate, diabolic thoughts… what’s the problem with some Nigerians?

Femi Adesina: Bitterness, hate, diabolic thoughts… what’s the problem with some Nigerians?

Femi Adesina, special adviser on media and publicity to President Muhammadu Buhari, has raised concerns over the “hate and diabolic thoughts” some Nigerians are filled with.Writing on his Facebook page on Saturday, Adesina wondered why these Nigerians are always "in the gall of bitterness and bondage of iniquity," never expecting anything good to happen to the country.He said what such [...]

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    Lai: Downplaying Nigeria’s exit from recession is bad politics

Lai: Downplaying Nigeria’s exit from recession is bad politics

Lai Mohammed, minister of information, says trivialising the significance of the country's exit from the worst recession in 29 years is bad politics.Mohammed spoke on Friday when he received broadcast media editors in his office in Abuja.He assured Nigerians that their standard of living would improve with the exit of the country from recession.The minister urged well-meaning Nigerians not to listen [...]

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    NBS: Recession over but the masses can’t feel the effect now

NBS: Recession over but the masses can’t feel the effect now

Yemi Kale, chief executive officer (CEO) of the National Bureau of Statistics (NBS), says the effect of Nigeria coming out of recession will not be immediately felt by the people.Kale made the statement at a news conference in Abuja on Wednesday.“There is a different stage Nigeria must go through before the masses will feel the effects of going out of [...]

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    Buhari’s economic adviser cautious on exit from recession

Buhari’s economic adviser cautious on exit from recession

Adeyemi Dipeolu, special adviser to the president on economic matters, says despite the exit from recession, the nation's economic growth "remains fragile and vulnerable to policy slippages".The economy exited from its worst recession in 29 years on Tuesday.Dipeolu attributed the exit to growth in the nation's oil and non-oil sector, saying the growth in the oil sector rose by 1.64% as compared [...]

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    Femi Adesina: Exit from recession shows Buhari is working

Femi Adesina: Exit from recession shows Buhari is working

Femi Adesina, presidential spokesman, says Nigeria’s exit from recession is a testimony that President Muhammadu Buhari’s administration is working for the progress and prosperity of citizens.On Tuesday, the National Bureau of Statistics (NBS) announced that the country had come out of recession – the worst in 29 years.According to a statement issued by Abiodun Oladunjoye, state house deputy director of [...]

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    A robust economy under Jonathan

A robust economy under Jonathan

BY OLA SUNDAY The socio-political situation in Nigeria has called for an overview to offer an insight into the true state of the nation. Regardless of what politicians and public office holders are peddling in the media about the economy, the fact remains that it is the citizenry who are better positioned to evaluate governance based on their own economic realities. [...]

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Exchange Rates

June 21, 2018USDGBPEUR
INTERBANK360.45492.18420.32
LAGOS362495425
KANO363495423
PH365494423
ABUJA364495423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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