The National Chairman of the ruling All Progressives Congress (APC) Dr. Abdullahi Umar Ganduje has expressed optimism that President Bola Ahmed Tinubu, has the capacity to reform Nigerian economic and system of governance for betterment of Nigerians. Ganduje said this when he played host to members of the South West Agenda for Asiwaju (SWAGA) in his office at the party’s Read More
A political activist and former Deputy National Publicity Secretary of the All Progressives Congress (APC), Comrade Timi Frank, has appealed to President Muhammadu Buhari to sack the Board and current management of the Niger Delta Development Commission (NDDC) due to various accusations and counter accusations of corruption within the Commission. Frank said these counter allegations and infighting between the Read More
Trading activities on the floor of Nigerian Exchange on Monday opened in positive note, gaining N207 billion. Market capitalisation of listed equities increased by 0.69 per cent to N30.140 trillion or 0.69 per cent to close at N30.140 trillion from N29.933 trillion reported on Friday. The NGX All Share Index also appreciated by 379.21 basis points to 55328.42 points from Read More
In less than one month from now, the Nigerian economy would be starting another fiscal year. What does this portend? An opportunity has presented itself a couple of days ago during the 134th Annual General Meeting (AGM) of the Lagos Chamber of Commerce and Industry (LCCI), as the President, Asiwaju (Dr.) Michael Olawale-Cole, took time to examine this important issue. Read More
The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has reiterated that the agricultural sector remains the critical factor behind the continuing resilience of Nigeria’s domestic economy despite the many downturns recorded in the last three years. The Apex Bank Governor, said though the Nigerian economy was not insulated from the spillover effects of the many shocks recorded Read More
The Raw Materials Research and Development Council (RMRDC) over the years continue to spear head the promotion of the establishment of oleochemical (palm oil) producing plants in Nigeria to reduce importation of palm oil and boost Nigeria’s Gross Domestic Product (GDP); BINTA SHAMA reports. Research states that oil palm, derived from the palm fruit (Elaeis guineensis) is indigenous to Africa Read More
A ray of hope was rekindled for the nation’s economy. Where did this happen and who were there? Taking a word from the President, Lagos Chamber of Commerce and Industry, Asiwaju (Dr.) Michael Olawale-Cole, it was at the opening ceremony of the 2022 Lagos International Trade Fair, held at the Tafawa Balewa Square, Lagos, which is the 36th in succession, Read More
The statement credited to President Muhammadu Buhari to the effect that despite the disruptions in global economy and internal troubles, the Nigerian economy has continued to be resilient and maintain an upward trajectory is quite soothing. Speaking at the inauguration of the Presidential Committee on the National Economy, in Abuja last week, the president pointed out that the COVID-19 pandemic, Read More
Amidst hardship and the slow recovery of the economy, individuals and households are resorting to taking life insurance for the protection of future income and their defendants. Some of the consumers say they have decided to embrace insurance for long-term savings and capital accumulation, which could be used for future purposes, protection for children’s education and upkeep in the event Read More
In the spirit of Sankara, the Malian singer Oumou Sangaré released a wonderful song, Kêlê Magni (‘War Is a Plague’), in February 2022, which speaks for the entire Sahel: War is a plague! My country might disappear! I tell you: war is not a solution! War has no friends nor allies, and there are no real enemies. All people suffer Read More
This newspaper at the weekend published a disturbing exclusive report on the quantum damage wrecked by floods across the country. The report, which is based on thorough nationwide survey, indicated that as a result of torrential rainfall in recent weeks, with no signs of slowing down, some states, especially those along the courses of Rivers Niger and Benue, are currently Read More
On October 1, 2022, Nigeria celebrated 62 years as an independent nation. How has the country fared economically? This detailed examination was carried out by the Lagos Chamber of Commerce and Industry (LCCI) in its independence anniversary titled, “The Nigerian Economy at 62: The Need for Big Decisions”. According to the Director-General of LCCI, Dr. Chinyere Almona, in the last Read More
The need for insurance operators to make prompt payment of claims to retain public trust has been a major concern in some of the paper presentations of stakeholders at major industry events held between January and now. The stakeholders believe that claim payment is the basis for every insurance contract that could help to enhance confidence among insurance buyers so Read More
Former President Olusegun Obasanjo has said Nigeria needs a government that has a proper understanding of governance. Obasanjo said this at a colloquium organised to mark the 113th anniversary of Kings College, Lagos. The former president, who chaired the occasion, said national identity is the foundation of social position, adding that weak social position causes distrust as people are reluctant Read More
Twenty-eight sectors of the economy declined in the second quarter of 2022 as real Gross Domestic Product shrunk by N63.49bn quarter-on-quarter.While real GDP grew by 3.54 per cent year-on-year in Q2 2022, it declined by 0.37 per cent from the N17.35tn that was recorded in the first quarter of 2021 to N17.29tn in Q2, 2022, according to data from the Read More
Globally, this is not the best of times for any economy, particularly Nigeria. The battle against COVID-19 pandemic had barely settled and economies began to struggle to shake off the impact when Russia invaded Ukraine, disrupting world composure. Since February 2022 the world supply chain has been disrupted and prices of goods and services have risen astronomically. Nigeria’s situation is Read More
Nigeria is currently Africa’s super power with the largest resources both in human and material parameters. It covers an area of 923,769 square kilometers with youthful population almost 2/3 of her population, a colossal human capital which an investor would like to exploit to boost their productivity in a progressive economy. Nigeria depends majorly on the oil natural resources, which Read More
An Abuja-based cobbler, Alhaji Abdul Gatar , 71 not minding his age is always willing to get his hands dirty so as to make, polish and mend shoes for his clients. The aged man also recounts sales and loss from the business, ADEOLA TUKURU reports . In his words “I tell my clients that I am ready to get my Read More
There is no doubt that the world economic outlook has darkened significantly for some obvious reasons – even developed economies are being threatened. In fact, countries are tottering on the edge of a global recession. Given the severity of the economic situation, the Bretton Woods institutions such as World Bank and the International Monetary Fund, IMF have issued warnings to Read More
Recent media report that the total debt owed to the World Bank Group by Nigeria rose by $660 million in the first six months of 2022, is not only worrisome but it is also an ominous sign of a comatose economy on the fringe of recession. Besides, a heavily indebted nation risks her economic autonomy, sovereignty and territorial integrity as Read More
The diversification slogan continues to sound the loudest whenever the oil market is on the decline, but with increasing oil prices, the diversification noise becomes a whisper. However, many believe with the continuous fall in oil revenue, it is time the government took diversification of the economy seriously; BENJAMIN UMUTEME writes. From the administration of President Goodluck Jonathan, the calls Read More
New analysis by the Organisation for Economic Co-operation and Development and the International Energy Agency, has revealed that major economies sharply increased support for the production and consumption of coal, oil and natural gas, with many countries struggling to balance longstanding pledges to phase out inefficient fossil fuel subsidies with efforts to protect households from surging energy prices, according New Read More
He was appointed by President Muhammadu Buhari in 2019 to lead the agency towards achieving the goal of using ICT to digitalize the nation’s economy. In setting about his job, Kashifu Inuwa Abdullahi, the Director General/CEO, National Information Technology Development Agency (NITDA), has what can be called a scientific approach to management, particularly of humans. In a recent interview with Read More
Nigeria is preparing to elect its next president in February 2023. That person would have a daunting task fixing a near-comatose economy. The next president and his administration would encounter monumental economic and political challenges greeted by a distraught populace over rising poverty, inflation, unemployment and unprecedented levels of insecurity. To avoid the kind of violent protests that forced the Read More
The latest Afrobarometer survey conducted across the country has shown that Nigerians’ assessment of their personal living conditions and the country’s economic situation has worsened dramatically over the past two years. The survey indicated that the proportion of citizens experiencing moderate or high levels of lived-poverty has doubled since 2017 as majority of the people experienced shortages of basic necessities Read More
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