Home | Tag Archives: Business and economy

Tag Archives: Business and economy

Economic Crisis: Government brought in TSA that did not allow spending and fixed the price of foreign exchange – Soludo  

Chukwuma Soludo, has blamed the country economic woes on bad government policies executed in the time of boom. He said that the foundation for the recession was laid by the previous administration, which he said, borrowed to fund recurrent expenditure at a time when oil prices were as high as over 100 dollars to a barrel. Soludo said this on ...

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Scandals trailing President Donald Trump’s economic agenda lead to a sharp fall in stock market

    Wall Street stocks fell sharply Wednesday on deepening worries about President Donald Trump’s economic agenda following a series of scandals and stumbles.   The Dow Jones Industrial Average shed 373 points to 20,606.93 for a drop of 1.8 percent — its biggest one-day decline since Trump was elected.   The broad-based S&P 500 fell 1.8 percent to 2,357.03, ...

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7.44 Trillion Naira Budget: National Assembly increase 2017 Budget by N143 Billion

The House of Representatives on Tuesday received the report of 2017 N7.30tn Appropriation Bill from its Committee on Appropriation for final consideration.   The report indicated that the committee increased the budget to N7.44tn, representing an addition of about N143bn to the one presented by President Muhammadu Buhari on Dec. 14, 2016.   After the receipt of the bill, the ...

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MTN sacks 280 of its employees in Nigeria

MTN Nigeria recorded nearly $1 billion in profit in 2016 In one fell swoop, South African telecoms firm, MTN, on Friday sacked 280 of its employees in Nigeria, in a major job cut that affected about 15% of the company’s entire Nigerian workforce. Those affected by the move include some 200 permanent employees and about 80 contract staff across various ...

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Multichoice exploits Nigerians again: Dstv Premium Subscribers to pay N14, 700 from N13, 980 effective May 1

Nigerians have reacted with anger to the decision of satellite television provider, Multichoice Nigeria, to increase its Dstv and GOtv subscription fees by five percent. The decision, coming just over a year after a 20 per cent raise, was announced via text messages to subscribers last Saturday. It will take effect from May 1. Subscribers slammed the company, accusing it ...

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FOREX control damaged business confidence and private investments, with massive capital flight – Prof Soludo

  Chukwuma Soludo, a professor of economic and a former governor of the Central Bank of Nigeria, CBN, has said the size of nation’s Gross Domestic Product  has shrunk from about $575 billion to about $354 billion.   Soludo said this on Friday, March 10, 2017 in Lagos at an economic talk shop, organised by the Vanguard newspapers.   The ...

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$1.72 Billion Debt: CBN and NCC intervene over banks’ threat to acquire Etisalat

Mobile telecoms operator, Etisalat Nigeria, got reprieve on Friday following a breakthrough in its negotiations with three Nigerian banks that threatened to take over the business over a $1.72 billion (about N541.8 billion) loan. At the end of the talks on Friday held at the Central Bank of Nigeria, CBN office in Lagos, at the instance of the Nigerian Communications ...

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Access, Zenith and GT Banks set to acquire Etisalat over N541.8 billion debt

Despite the intervention of the Nigerian Communication Commission, NCC, to broker a peaceful resolution between Etisalat Nigeria and a consortium of banks, it appears the effort may not have yielded a truce, as the banks are set to take over the telecoms firm today (Wednesday.   The consortium of some foreign and Nigerian banks, including Guaranty Trust Bank, Access Bank ...

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Nigeria has no Business patronizing China if Aba industries are supported and developed

Minister of Labour Chris Ngige says he patronizes Aba made products and all he wears are made locally Acting president Yemi Osinbajo has called on Nigerians to support Made in Nigeria goods and join hands to support and promote industries located in Aba.   Osinbanjo said if Aba industries can be supported and developed, Nigeria will have no business importing ...

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Nigeria’s GDP growth in 2016 was 0%, at -1.30% says Nigerian Bureau of Statistics [LOOK]

Nigeria Achieved Zero GDP Growth in 2016 The Nigerian Bureau of Statistics has released the Quarter Four GDP report for Nigeria. In summary, Nigeria in 2016 was unable to post a quarter of growth, and closed the 2016 year with a (-1.30%) contraction. Real GDP now stands at N18.3 Trillion   Share

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