World Bank: Nigeria’s economy living on borrowed time

Adetunji Oredipe, a senior agriculture economist with the World Bank, says Nigeria’s position as one of the largest food importers in the world has put the economy in a dangerous position. Speaking on Thursday at the Agriculture Summit Africa sponsored by Sterling Bank, Oredipe said Nigeria is living on borrowed time. According to the economist,[...]

Read More

Colorado grows annual cannabis sales to $1 billion- Lessons for Nigeria?

On Jan. 1, 2014, Colorado launched what many considered a controversial experiment: It became the first state in the country to legalize recreational cannabis. No one was sure how things would play out. Would new entrepreneurs enter the market? Would people stop buying from the black market? Would crime rates fall? Now, more than five years after[...]

Read More

India’s central bank cuts interest rate, amid currency value losses

India’s central bank delivered a back-to-back interest rate cut on Thursday and fuelled speculation of more policy easing after lowering inflation and economic growth forecasts. The repurchase rate was reduced by 25 basis points to 6 percent, a decision predicted by all but two of the 47 economists surveyed by Bloomberg News. Four of the[...]

Read More

IMF supports VAT hike, asks FG to recapitalise weak banks

The International Monetary Fund (IMF) says the federal government should end fuel subsidies and create a credible timeline to recapitalise weak banks in the country. At the conclusion of the IMF Executive Board 19 Article IV Consultation with Nigeria, the financial institution expressed its support for the government’s plans to reform and raise value-added tax (VAT).[...]

Read More

LCCI criticises CBN’s exclusion of textile from Forex

The Lagos Chamber of Commerce and Industry (LCCI) says the exclusion of all forms of textile materials from the foreign exchange market poses a threat to the N5 trillion fashion industry. Muda Yusuf, Director-General of LCCI, who disclosed this in a statement on Sunday in Lagos, noted that tailoring, accessories and garment industry would suffer[...]

Read More

Nigeria, U.S. Trade Volume Hits $35bn

Trade volume between Nigeria and the United States of America (USA)has grown to $35billion, Dr. Maikanti Baru, the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), has said.   Baru, who spoke yesterday during a meeting with the United States Energy Secretary, Rick Perry and some African petroleum ministers, on the sidelines of the[...]

Read More

Wishful thinking: No, One dollar is NOT N184 as quoted by google

There has been widespread wishful thinking and anxiety over the google glitch which reported the Naira being trade at the value of N184 to a dollar. This anxiety stems from the fact that people are beginning to think what happened during the election in 2015 may be repeating itself. Recall that in 2015, due to[...]

Read More

Beware of Fake Dollars in Circulation- EFCC

Earlier today, the Economic and Financial Crimes Commission (EFCC) raised an alarm in fake dollars in circulation ahead of the February 23rd General Elections. Here is a statement of their official handle: The Economic and Financial Crimes Commission (EFCC) has raised the alarm over the circulation of fake Dollar notes ahead of Saturday's Presidential and[...]

Read More

Poll shift hits exchange rate, stock market loses N196 billion

The financial services sector yesterday reacted negatively to the uncertainty in the nation’s political environment as investors priced in the risks of election postponement on the stock market and exchange rate. The development came just as analysts polled by The Guardian at the weekend predicted that investors and financial transactions would plummet as a first[...]

Read More