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By admin On 2 Sep, 2016 At 01:17 AM | Categorized As Economy | With 0 Comments
President Muhammadu Buhari

As Nigeria’s economy entered into a recession, following a contraction of the gross domestic product (GDP) growth rate of 2.06 per cent in the second quarter of 2016 as confirmed by the National Bureau of Statistics (NBS), the country will need to henceforth undergo painful reforms for it to come out of the crisis. This […]


By admin On 1 Sep, 2016 At 05:09 AM | Categorized As Economy | With 0 Comments

MMM has over 10 safety nets which will never make it crash. And you Never notice But I will mention 10 out of them. *1, Pause mode* *2, 14 days defrost* *3, Extension of the getting help hours* *4, Seeking help from neighboring country* *5, No central account attached* *7, Peer to peer system* *8, […]


By admin On 30 Aug, 2016 At 01:24 AM | Categorized As Economy | With 0 Comments
Pat Utomi

A renowned political economist, Professor Pat Utomi, has described the recession presently facing Nigeria as a golden opportunity and not a problem, saying it is an opportunity to finally get the Nigerian economy right. Utomi who spoke during the ground breaking ceremony of Integrated Produce City (IPC), a private initiative championed by him and other […]


By admin On 26 Aug, 2016 At 01:50 AM | Categorized As Economy | With 0 Comments
Crude oil

In spite of the commencement of production from its newly discovered oil wells, Lagos State may have to wait until crude oil export commences before it joins the league of states benefitting from the 13 per cent derivation principle. This clarification was made yesterday at Federation Account Allocation Committee (FAAC) meeting. This emerged just as […]


By admin On 26 Aug, 2016 At 01:38 AM | Categorized As Economy | With 0 Comments
UBA bank

The United Bank for Africa (UBA) has announced its Audited 2016 Half Year Financial Results for the period ended 30 June 2016, showing that the bank recorded significant growth in total assets, rising 20 per cent to N3.3 trillion, crossing the three trillion naira mark. The bank also recorded gross earnings of N166 billion, net […]


By admin On 24 Aug, 2016 At 01:38 AM | Categorized As Economy | With 0 Comments
boko_haram

THE Arewa Consultative Forum (ACF) has resolved to find  solutions to the menace of Boko Haram, cattle rustling and kidnapping that have ravaged the region in recent times. The ACF met on Tuesday, at its 2016 Annual General Meeting (AGM), held on Sokoto Road, Kaduna. The meeting was chaired by the deputy chairman of the […]


By admin On 24 Aug, 2016 At 01:12 AM | Categorized As Economy | With 0 Comments
CBN

The Director, Financial System Stability (FSS 2020), Central Bank of Nigeria (CBN), Mr. Mohammed Suleiman, on Tuesday said a 50 per cent slash of the bank’s 2016 budget by the federal government has affected funding of some important initiative in the financial system. Speaking in Abuja when he led the FSS 2020 team on a […]


By admin On 23 Aug, 2016 At 01:15 AM | Categorized As Economy | With 0 Comments
CBN

Desirous of stimulating economic activities in the country, the Central Bank of Nigeria (CBN) monday directed commercial banks and other authorised dealers in the foreign exchange (FX) market to ensure that they channel 60 per cent of total FX purchases from all sources (interbank inclusive) to end users strictly for the purpose of importation of […]


By admin On 15 Aug, 2016 At 01:41 AM | Categorized As Economy | With 0 Comments
Dollar and Naira notes

The naira on Friday appreciated further against the dollar at the parallel market. The Nigerian currency closed at N385 to the dollar from N390 it exchanged on Thursday, while it traded against the Pound Sterling and the Euro at N505 and N420 respectively. At the bureau de change (BDC) segment of the market, the naira […]


By admin On 2 Aug, 2016 At 07:59 AM | Categorized As Economy | With 0 Comments
Ajaokuta-Steel-Company

The federal government, in its plan to revitalise the steel sector, yesterday signed a renegotiated concession agreement with Global Steel Holdings Ltd for the Nigerian Iron Ore Mining Company (NIOMCO), Itakpe. By the new agreement, the ownership of the Ajaokuta Steel Complex has now reverted to the federal government, effectively freeing the entity from all […]


By admin On 2 Aug, 2016 At 01:00 AM | Categorized As Economy | With 0 Comments
central-bank-of-nigeria CBN

As the impact of the higher exchange rate begins to bear on banks’ operations, the Central Bank of Nigeria (CBN) has directed all banks in the country to make provisions for foreign currency denominated loans. A circular issued by the apex bank and signed by the director Banking Supervision, Tokunbo Martins, noted that the liberalisation […]



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