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*Says Expatriate Employment Levy 'II Kill Investors Confidence By Ken Afor Due to the unfavorable economic environment, the Manufacturers Association of Nigeria (MAN) reported that 335 manufacturing companies faced financial difficulties, while 767 ceased operations in 2023. The association, while reacting to the newly introduced Expatriate Employment Levy (EEL) by the administration of President Bola…
March 7, 2024
By Agency Report Nigeria's economy grew 3.46% in the fourth quarter (NGGDPQ=ECI), opens new tab, a similar pace as it did a year earlier, data showed on Thursday, as oil output picked up and government reforms to boost growth began to take effect. Gross domestic product grew quicker than in the two previous quarters of…
February 22, 2024
By Louis Achi A total sum of N1.1trn from the federation account has been shared by the Federation Account Allocation Committee (FAAC) as allocation to the three tiers of government for the month of August. The disbursement is contained in a communique issued by FAAC at its September 2023 meeting. The N1.1trn revenue comprised statutory…
September 29, 2023
By Ayo Yusuf The National Economic Council on Thursday confirmed that the $3bn emergency loan-for-crude oil the Federal Government secured in August would be deployed to stabilise the naira. The value of the nation’s currency has continued to fluctuate in the Investors & Exporters’ window, a situation made worse by the fact that the Naira…
September 29, 2023
The UK government on Wednesday said it had cut tariffs and extended duty free trade in goods exported from Nigeria Mr Ben Llewellyn-Jones, Deputy British High Commissioner to Nigeria said this at the launch of the Developing Countries Trading Scheme (DCTS) which took place at Eko Hotel and Suites, Victoria Island, Lagos. Llewellyn-Jones said the…
January 26, 2023
Despite earlier intervention by the Nigerian Senate, seeking an extension of the January 31st deadline for the phasing out of the old banknotes to 30th June, 2023, the Central bank of Nigeria (CBN) has started alerting Nigerians via SMS messages on its deadline date just as some depositors Besieged banks with bags stuffed with the…
January 16, 2023
Says Govt Should Get Out Of Company, Oil Sector Despite a change in its nomenclature, nothing has changed in terms of value addition and transparency since the Federal Government commercialised the Nigerian National Petroleum Corporation Limited (NNPCL), transforming it to a private company, Kaduna State Governor, Nasir El-Rufai has said. Governor El-Rufai explained that government's…
October 13, 2022
The oil market is currently very much focused on the bearish signals, with prices reflecting fears of slowdown in China, a slowdown or recession in the U.S., and a recession in Europe. Global maritime trade is slowing down and freight rates are returning to more normal levels. Fitch: The Eurozone and UK are now expected…
September 19, 2022
Global economic growth is set to remain robust at 3.1% this year and another 3.1% next year, OPEC said on Tuesday in a forecast suggesting that the cartel expects healthy oil demand growth despite market fears of recession. In its September Monthly Oil Market Report (MOMR) published today, OPEC made no changes in its economic…
September 13, 2022
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*Says Expatriate Employment Levy 'II Kill Investors Confidence By Ken Afor Due to the unfavorable economic environment, the Manufacturers Association of Nigeria (MAN) reported that 335 manufacturing companies faced financial difficulties, while 767 ceased operations in 2023. The association, while reacting to the newly introduced Expatriate Employment Levy (EEL) by the administration of President Bola…
March 7, 2024
By Agency Report Nigeria's economy grew 3.46% in the fourth quarter (NGGDPQ=ECI), opens new tab, a similar pace as it did a year earlier, data showed on Thursday, as oil output picked up and government reforms to boost growth began to take effect. Gross domestic product grew quicker than in the two previous quarters of…
February 22, 2024
By Louis Achi A total sum of N1.1trn from the federation account has been shared by the Federation Account Allocation Committee (FAAC) as allocation to the three tiers of government for the month of August. The disbursement is contained in a communique issued by FAAC at its September 2023 meeting. The N1.1trn revenue comprised statutory…
September 29, 2023
By Ayo Yusuf The National Economic Council on Thursday confirmed that the $3bn emergency loan-for-crude oil the Federal Government secured in August would be deployed to stabilise the naira. The value of the nation’s currency has continued to fluctuate in the Investors & Exporters’ window, a situation made worse by the fact that the Naira…
September 29, 2023
The UK government on Wednesday said it had cut tariffs and extended duty free trade in goods exported from Nigeria Mr Ben Llewellyn-Jones, Deputy British High Commissioner to Nigeria said this at the launch of the Developing Countries Trading Scheme (DCTS) which took place at Eko Hotel and Suites, Victoria Island, Lagos. Llewellyn-Jones said the…
January 26, 2023
Despite earlier intervention by the Nigerian Senate, seeking an extension of the January 31st deadline for the phasing out of the old banknotes to 30th June, 2023, the Central bank of Nigeria (CBN) has started alerting Nigerians via SMS messages on its deadline date just as some depositors Besieged banks with bags stuffed with the…
January 16, 2023
Says Govt Should Get Out Of Company, Oil Sector Despite a change in its nomenclature, nothing has changed in terms of value addition and transparency since the Federal Government commercialised the Nigerian National Petroleum Corporation Limited (NNPCL), transforming it to a private company, Kaduna State Governor, Nasir El-Rufai has said. Governor El-Rufai explained that government's…
October 13, 2022
The oil market is currently very much focused on the bearish signals, with prices reflecting fears of slowdown in China, a slowdown or recession in the U.S., and a recession in Europe. Global maritime trade is slowing down and freight rates are returning to more normal levels. Fitch: The Eurozone and UK are now expected…
September 19, 2022
Global economic growth is set to remain robust at 3.1% this year and another 3.1% next year, OPEC said on Tuesday in a forecast suggesting that the cartel expects healthy oil demand growth despite market fears of recession. In its September Monthly Oil Market Report (MOMR) published today, OPEC made no changes in its economic…
September 13, 2022
