Economy
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$1trn GDP: Banks to increase capital base, says Cardoso
In a move to remain liquid and do business, the governor, Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has disclosed that Nigeria’s banks are to increase their capital base as the federal government led by President Bola Tinubu targets the $1trillion Gross Domestic Product (GDP) within the next three years. President Tinubu had set an ambitious target of growing…
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Sanwo-Olu commissions new manufacturing factory in Ikeja
…..pledges more incentives for business By Adeola Ogunrinde Lagos State Governor, Mr Babajide Sanwo-Olu, on Friday, commissioned a new manufacturing factory in Ikeja Industrial Estate. Sanwo-Olu reiterated his administration’s commitment to reforms and economic incentives that would improve ease of doing business and enhance investment opportunities. The Governor said he would continue to pursue actions that would eliminate red tapism…
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Nigeria’s Gross Domestic Product grew by 2.54% in Q3 2023, says NBS
The National Bureau of Statistics (NBS) on Friday disclosed that Nigeria’s Gross Domestic Product (GDP) grew by 2.54per cent (year-on-year) in real terms in the third quarter (Q3) of 2023. This growth rate is higher than the 2.25per cent recorded in the Q3 2022 and higher than the Q2 2023 growth of 2.51per cent, according to NBS report. The report…
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NNPC Ltd to stop petrol importation by December 2024
The NNPC Limited has announced its plan to stop importing refined petroleum products by December 2024. The company’s group chief executive officer, Mele Kyari, disclosed this at a meeting with the speaker of the house of representatives, Tajudeen Abbas. He was accompanied by a delegation of the company’s senior management team. Kyari said the NNPC would revive all the refineries…
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Soludo: Tinubu inherited a dead economy, CBN violated the law by printing money
The governor of Anambra State, Prof Charles Soludo, has said that the current administration led by President Bola Tinubu inherited a dead economy He made this remark on Thursday on Channels Television’s Politics Today programme, where he also criticised the policies of the Central Bank of Nigeria (CBN). Soludo, who was the CBN governor from 2004 to 2009, said that…
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Don underscores material, metallurgical engineering role in economic growth
By Mosunmola Ayobami,Ilorin A professor of Materials and Metallurgical Engineering in University of Ilorin, Professor Jamiu Odusote, has emphasized the crucial role of materials and metallurgical engineering in the economic growth of any nation. Odusote said it is important to provide necessary tools and environment for the materials scientists and engineers to develop wide range of materials for the economic…
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Nigeria’s excess crude oil account down to $473,754 as of September 2023
The National Economic Council (NEC), says the Excess Crude Account (ECA) balance as of September 2023 is $473,754. The Deputy governor of Enugu, Ifeanyi Ossai, made the disclosure to state house reporters on Thursday at the Presidential villa in Abuja, following the conclusion of the NEC meeting. ECA is the name of a Nigerian government fiscal account that was created…
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Musawa seeks collaboration with NBS for creative ecosystem, economy data
The Minister of Art, Culture and the Creative Economy, Hannatu Musawa, has sought the collaboration of the National Bureau of Statistics (NBS) in providing high quality government owned data to assist in the transformation of the country’s creative landscape. The minister made this known on Thursday, when the Statistician General Adeyemi Adeniran and top management staff of the NBS paid…
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EXCLUSIVE: CBN Governor Cardozo to address the nation on Friday
Governor of the Central Bank of Nigeria Olayemi Cardozo will address the nation by 7pm on Friday (tomorrow), WesternPost can exclusively report. A source close to the CBN governor gave the details of the meeting to our correspondent on the condition of anonymity because he wasn’t authorized to speak with the press. The address will be the first public engagement…
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NNPCL has enough fuel to last beyond yuletide – Kyari
The Nigerian National Petroleum Company Limited has expressed its capacity to supply petroleum products to last beyond this year months and the New Year. The NNPCL said the supply of petroleum products, especially the Premium Motor Spirit, known as petrol, would last beyond the Yuletide and New Year. The Group Chief Executive Officer, NNPCL, Mallam Mele Kyari, said this when…
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