Home | Business and Economy (page 10)

Business and Economy

NNPC Remits N56.96bn to Federation Account in June

The Nigerian National Petroleum Corporation (NNPC) has revealed that it paid the N55.96 billion into the Federation Account in the month of June. This was contained in the corporation’s monthly financial report for the month of June released in Abuja yesterday. The report read in part: “NNPC transferred the sum of N55.96 billion into the Federation Account during the month ...

Read More »

MTN Posts First-Ever Loss following NCC Fine

South Africa’s MTN Group has reportedly recorded its first-ever per-share loss as a public company, after Africa’s biggest mobile-phone operator agreed to settle a record fine in Nigeria and was hurt by weaker earnings in South Africa.   According to Bloomberg, the loss will be between 2.85 rand and 3.15 rand per share in the six months through June, the ...

Read More »

Multiple Taxes and Vandalism Crippling Telecoms Industry – Danbatta

The Executive Vice-Chairman, NCC, Professor Umar Garba Danbatta has said that multiple taxation and vandalism are crippling the telecoms industry. He said this when he visited the Governor of Ogun State, Senator Ibikunle Amosun on a courtesy call, Tuesday, 02 August 2016.   This is in accordance with the Commission’s engagement with State Governors aimed at addressing threats to telecommunications ...

Read More »

Recession: Nigeria Doesn’t Need 449 Lawmakers – Economist

An economist, Prof. Joseph Odama, has advised the federal government to cut excess expenditure, as part of the measures to save the economy from total collapse.   Odama, a lecturer at the Department of Economics, University of Abuja, gave this advice in Abuja, on Wednesday, August 3, 2016, in an interview with newsmen.   He said that the first thing ...

Read More »

AfDB approves $56billion industrialization package for Nigeria, others

The Board of African Development Bank, AfDB, yesterday, approved $56 billion to scale up industrialisation in Nigeria and other countries on the content over the next ten years under its Industrialisation Strategy for Africa 2016-2025. In a statement, the bank stated: “The Strategy, approved by the Board, represents a roadmap for implementing priority programs to scale–up the industrial transformation of ...

Read More »

Naira crashes at N376 against the dollar

The Nigerian currency on Thursday, July 21, fell drastically against the American currency, as it now trades at N376/dollar. According to sources, the Nigerian currency which has been inconsistent on the black market for some weeks now, is nearing another disastrous rate against the dollar and fell further from the N368 it traded for on Wednesday, July 20. With the ...

Read More »

President Buhari to declare state of emergency on Nigeria’s economy!

There are strong indications that palpable fear has hit the Presidency, following the report from the International Monetary Fund, IMF that the nation’s economy is going to contract by 1.8 percent this year, after a forecast of 2.3 percent expansion in April this year. It could be recalled that due to the consistent negative growth the nation under the President ...

Read More »

Economic woes: Nigeria’s Inflation reaches 11 year high at 16.5%

Inflation which has been on the upward swing for the past five months,  hit an all-time high of 16.5 per cent in June, 0.9 per cent higher from rates recorded in May (15.6 per cent). According to a report by the National Bureau of Statistics (NBS), the highest increases were in the electricity, liquid fuel (kerosene), furniture and furnishings, passenger ...

Read More »

We Don’t Trust You: Foreign Investors Turn Down Emefiele in New York

United States and U.K based bond investors are said to have spurned the advances of Nigeria’s embattled Central Bank Governor, Godwin Emefiele who is said to have travelled overseas this week to beg fund managers to return to the  Nigerian sovereign bond market. Emefiele and Deputy Governor Sarah Alade met investors in Los Angeles, Boston, New York and London, two ...

Read More »

How Buhari Ruined Our Economy, Bankrupted 34 States Despite Fuel Price Hike

In about one year of Muhammadu Buhari’s misrule, Nigeria dropped from being the largest economy in Africa to who-knows-where, and number one investment destination in Africa to number 13. What a difference one year can make. Inflation rate that was below 9% when former President Goodluck Jonathan handed over to General Buhari on May 29, 2015 is now at 15.6% ...

Read More »