Pressured by another quarterly loss, Boeing announced Wednesday additional job cuts as it adapts to a prolonged downturn in the aviation industry.The planemaker, which has been in belt-tightening mode throughout 2020, plans to eliminate about 7,000 more jobs through the end of 2021. The headcount at that time will be around 130,000, down from 160,000[...]
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The Lagos Chamber of Commerce and Industry says the Nigerian economy may have lost about N700bn to the #EndSARS protests in the last 12 days.The President, LCCI, Mrs Toki Mabogunje, in a statement on Monday, expressed concern over the negative impact of the #EndSARS demonstrations on business activities across the country.The statement is titled, ‘LCCI[...]
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Former Emir of Kano, Muhammadu Sanusi II, has said that Nigeria must diversify its economy in order to address the high rate of poverty and inequality in the country.He also said governments at all levels must invest on human capital development and create enabling environment for investments, instead of borrowing to finance development.Sanusi gave the[...]
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A former Emir of Kano, Muhammadu Sanusi II, has lamented the effects of wrong economic decisions on Nigerians.He said this while delivering a keynote address on Tuesday at the 5th Kaduna Investments Summit.According to the former Governor of the Central Bank of Nigeria, wrong economic decisions have impacted on the means of livelihood of many[...]
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The National Economic Council (NEC) says 15 states have qualified to benefit from the Global Partnership for Education (GPE) funding for education as part of measures to cushion the impact of COVID-19 pandemic on the sector.Gov. Nasir El-Rufai of Kaduna State disclosed this while virtually briefing State House correspondents after the virtual NEC meeting presided[...]
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The Japanese economy contracted at an annualised rate of 27.8 per cent in the second quarter, as the world’s third-largest economy was devastated by the novel coronavirus pandemic, a government report showed on Monday.The third straight quarterly contraction marked the biggest fall since 1980, when comparable data became available.The reading was almost in line with[...]
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A new scheme launched this morning by the British government at more than half of the UK's restaurants, cafes and pubs will see Britons eat at 50% of the full price. The scheme “Eat Out to Help Out” is backed by £500million of taxpayers' cash. Diners who eat out on Mondays to Wednesdays in August[...]
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Oil prices were little changed on Tuesday, trapped in the narrow trading band of the past three weeks as investors gauged hopes for a recovery in oil demand against fears of new lockdowns due to a growing number of coronavirus cases.Prices were offered some support by positive news on the development of vaccines as drugmakers[...]
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The lockdown and physical distancing measures that were implemented to curb the spread of COVID-19 in Nigeria almost led to a complete shutdown of economic activities across the country, the Federal Government said on Sunday.In her opening address in Abuja at the capacity building for Special Advisers and Technical Assistants of ministers, the Minister of[...]
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The Office for Budget Responsibility has said that unemployment could hit four million next year with the rate peaking at 13 per cent - higher than in the 1980s. It said GDP will fall by up to 14 per cent this year, the worst recession in 300 years, with national debt bigger than the whole[...]
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CBN in conjunction with the Bankers Committee says the renovation of the National Arts Theatre, will help build a more resilient economy. The Central Bank of Nigeria (CBN) in conjunction with the Bankers Committee said that the National Arts Theatre, when renovated and fully operational, would lead to the build up of a more resilient[...]
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Nigeria is Africa’s largest economy with a GDP of about $447 billion. The economy grows on an average of 2.0 percent with a disproportionate population growth of about 3.0 percent resulting in a low standard of living as measured by real GDP per capita of $2,200 compared to South Africa with a real GDP per[...]
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Saudi Arabia is considering cancelling the 2020 Hajj pilgrimage season due to the corona virus pandemic for the first time since the Kingdom was founded in 1932. The annual ritual held in July is one of the largest religious gatherings in the world attracting about 2m people yearly. The Kingdom of Saudi is considering following[...]
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The Chinese men who entered Nigeria under controversial circumstances yesterday left the country. While Nigerians have continued to speak out on the mission of the fourteen Chinese “doctors” amid the denial and cover by government officials, they have finally taken off after over seven weeks stay. Recall that theUnited States have been engaged in a[...]
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A catholic priest in Abuja Rev. Fr. Oluoma has stated that a country that pays tithe more than tax will remain poor. Fr. Oluoma is known for speaking candidly on issue of national interest and economic development. He quoted from the holy book the importance of tax to government for development purpose. He also stated[...]
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Nigeria’s former finance minister, Ngozi Okonjo-Iweala, was on Friday named a member of the External Advisory Group constituted by the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva. The group of prominent individuals from around the world are to serve as the IMF chief’s special advisers that would provide insights to enhance the[...]
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www.cbn.gov.ng CENTRAL BANK OF NIGERIA Press Release Market Fundamentals Do Not Support Naira Devaluation at This Time The Central bank of Nigeria (CBN) wishes to note with displeasure, the rumours and speculative activities of unscrupulous players in the foreign exchange market, borne out of the impression that the CBN is on the verge of devaluing[...]
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A bill for an act to criminalise the importation, selling and usage of generators in Nigeria scaled the first reading on the floor of the Senate on Wednesday.The bill sponsored by Senator Birma Enagi from Niger State prescribes 10 year-jail term for importers and sellers of generators.The bill is coming on the heels of energy[...]
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The South African government has appointed Dr. NgoziSalon Okonjo Iweala as member Economic Advisory Council. Dr Iweala is a two time Minister of Finance for Nigeria and World Bank Executive. In a statement on its website the presidency said the council will ensure greater coherence and consistency in the implementation of economic policies and ensure[...]
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Nigeria has overtaken South Africa as the biggest economy in Africa as the latter enters its second recession in two years.South Africa’s Gross Domestic Product shrank by 1.4 per cent in the fourth quarter of 2019, following a revised 0.8 per cent contraction in the third quarter, data from Statistics South Africa showed on Tuesday.Nigeria’s[...]
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Here’s a list of the 15 Richest countries in the world 2019, ranked by GDP. Wealth can be measured in various ways and doesn’t always have to include how much money a country has. It can also be welfare, health or happiness. The richest country in the world is measured by the gross domestic product[...]
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Leading research group Oxfam has released a shocking statistics ahead of the Annual economic and business summit- Davos. According to Bloomberg, the report says the world's richest 1% have more than twice the wealth of the rest of humanity combined. The have called on governments around the world to adopt inequality bursting policies.
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Dubai’s non-oil foreign trade rose 6 percent during the first nine months to pass AED1 trillion ($272 billion), according to new official figures. Dubai’s external trade rose to AED1.02 trillion compared to AED966 million in the same period in 2018, state news agency WAM reported on Saturday. Exports rose by 23 percent to AED118 billion,[...]
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