Economy
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NBS reports on GDP, unemployment figure in line with global metrics, IMPI assures Nigerians
The Independent Media and Policy Initiative (IMPI) a Think Tank, has justified two recently released reports by the National Bureau of Statistics NBS on Nigeria’s latest Gross Domestic Product (GDP) figure and the unemployment rate. This is against the backdrop of claims by some critics who had sought to discredit the reports that were largely positive a few weeks after…
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Nigeria’s crude oil production increases by 11.43% to 1.5mbpd in November, says NUPRC
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says Nigeria’s crude oil production has increased to 1.485 million barrels per day (bpd). The drilling performance is contained in the commission’s latest crude oil and condensate production data. According to the NUPRC data, output rose by 152,334 bpd in November — a 11.43 percent increase compared to 1,333,322 bpd produced in October.…
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FG takes bold step towards food security, supports cold storage initiative
In its avowed determination to address the issue of food shortages, the Federal Government has thrown its weight behind Cold Storage Initiative, aimed at reducing post-harvest losses and enhancing food security across the country. Director, Information and Public Relations, Federal Ministry of Finance, Mr. Mohammed Manga in a statement stated that the Minister of Finance and Coordinating Minister of the…
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Nigeria’s debt profile, burden for future generation- Obasanjo
Former President Olusegun Obasanjo has described Nigeria’s growing debt profile as a significant burden for both present and future generations. Speaking during a Zoom interactive programme tagged “Boiling Point Arena” on Sunday, Obasanjo expressed concern over the nation’s rising debt profile. Nigeria’s debt had surged by N12.6 trillion in three months, reaching N134.3 trillion ($91.3 billion) by the end of…
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Nigeria, Saudi Arabia open talks on extracting, processing of iron ore to steel
Nigeria and Saudi Arabia have initiated talks on the extraction and processing of iron ore to steel. The meeting on the sidelines of the just concluded “Resourcing Tomorrow” at the annual Mines and Money expo in the London borough of Islighnton, United Kingdom, Minister of Solid Minerals Development, Dr. Dele Alake and the Deputy Minister of Minerals and Energy of…
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PenCom releases N44bn to FG retirees
The National Pension Commission (PenCom), has announced the release of N44 billion by the Office of the Accountant General of the Federation (OAGF) as part of the 2024 budget appropriation for the period January to June. In a statement, the commission said the funds had been deposited into the Retirement Benefits Bond Redemption Fund (RBBRF) Account at the Central Bank…
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AfDB offers recommendations to tackle Nigeria, Africa’s macroeconomy challenges
African Development Bank (AfDB) has offered strategic recommendations for Nigeria and other African nations to address escalating debt burdens and foreign exchange challenges. These insights were shared by the Bank’s Vice-President for Economic Governance and Knowledge Management, Prof. Kevin Urama, during an interview with the News Agency of Nigeria (NAN). Addressing Nigeria’s debt profile, Urama noted that debt, when strategically…
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Nigeria’s capital importation drops by 51.90% in Q3 2024, says NBS
Nigeria’s total Capital Importation for the third quarter (Q3) of 2024 witnessed a 51.90per cent decline from the previous quarter, falling to $1.25 billion. This drop, compared to the $2.60 billion recorded in Q2 2024, highlights a sharp contraction in foreign investments despite an overall annual increase of 91.35per cent from Q3 2023. The latest Capital Importation report by the…
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VP Shettima launches 2024 Economic Report, pledges inclusive growth
-As Renewed Hope Agenda yields promising results across multiple sectors KUNLE SANNI The Vice President, Kashim Shettima, has officially launched the 2024 Nigeria Economic Report, with a firm assurance that ongoing reforms by the government will yield inclusive growth in no distant future. According to him, the strategic policy interventions of the administration of President Bola Ahmed Tinubu are already…
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2025 budget key to progress, prosperity of Ogun people—Elders Council
The Governor’s Elders Advisory Council (GEAC) in Ogun State has described the proposed N1.054trn budget presented by Governor Dapo Abiodun to the state House of Assembly on Wednesday as a key to the much-needed progress and prosperity for the people of the state. The Chairman of the Council, Chief Olu Okuboyejo, made this known during a chat with newsmen shortly…
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