Business

Nigeria’s GDP dips by -2.06% in Q2

The National Bureau of Statistics, NBS, has reported that the country’s Gross Domestic Product declines by -2.06 percent (year-on-year) in the second quarter of 2016.
Nigeria’s GDP growth rate was said to have slid further from -0.36 percent in the first quarter to -2.06 percent, eve [...]

Sat, 03 September 2016


Recession: Minister disown twitter comment, video contradicts her

The Minister of Finance, Mrs. Kemi Adeosun, has denied comments on a social media platform where she reportedly insinuated that the current economic recession being experienced was “just a word.”
Adeosun came under fire from Nigerians on social media for the comment via a twitter han [...]

Sat, 03 September 2016


CBN amends foreign exchange manual to boost portfolio investment

The Central Bank of Nigeria, CBN, has made some adjustments to the Memorandum of the Foreign Exchange Manual to allow residents and non-resident Nigerians take part in portfolio investment in the country.
With the amendment of Memorandum 21 of the Foreign Exchange Manual, resident Nigerian natio [...]

Sat, 03 September 2016


Licensing of IMTOs still ongoing - CBN

The Central Bank of Nigeria, CBN, has said it has not stopped the licensing of the International Money Transfer Operators, IMTOs, as speculated in some quarters, insisting the bank will issue license to interested and qualified remittance operators.
The Acting Director, Corporate Communications, [...]

Tue, 16 August 2016


Recruitment racketeering: FG reverse 368 employments

The federal government seems to be taking more seriously, the fight against employment racketeering in government institution, as hundreds of illegal appointments have been cancelled by the minister of communication.
The minister, Mr. Adebayo Shittu, recently announced the cancellation of 368 re [...]

Tue, 16 August 2016


FG borrows N600bn to augment 2016 budget

A total of N600bn has so far been borrowed by the Federal Government to augment the shortfall in government revenue caused by the drop in oil prices as well as activities of vandals along oil pipelines across the country.
The amount, which was borrowed from the domestic market between January an [...]

Tue, 16 August 2016


FG reviews tax policy to boost revenue generation

The Federal Government said it’s currently reviewing the National Tax Policy with a view of improving the collections processes for effective revenue generation.
While dismissing the fear that the review could lead to additional burden on small business owners, the Minister of Finance, Mrs [...]

Tue, 16 August 2016


Forex: CBN sets 2% interest margin for BDCs

In a bid to check the free fall of the naira against other currencies, the Central Bank of Nigeria, CBN, has placed an interest rate limit on foreign exchange sold in the parallel market.
The bank last week, directed Bureau De Change, BDC operators not to sell forex above two percent margin of t [...]

Tue, 16 August 2016


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