The Lagos Chamber of Commerce and Industry (LCCI) has said that the government needs to simplify and harmonize trade procedures and address bottlenecks in order to boost economic growth in the country. President of LCCI, Mr. Gabriel Idahosa, gave the charge at a Quarterly media briefing on the State of the Economy yesterday in Lagos. He… Read more

The Nigerian Ports Authority, NPA, has secured a loan of $700million from Citibank backed by the United Kingdom Export Finance, UKEF,   an export credit agency, to rehabilitate the Apapa and Tin-Can Island ports, Lagos. The NPA has also opened a discussion with another funding agency to secure financing for upgrading of the Eastern Ports including Calabar,… Read more

The CEO of cryptocurrency exchange,   Binance, Richard Teng,   yesterday said that the company is working very closely with Nigerian authorities following the detention of the company’s   Head of Financial Crime Compliance. A Nigerian court has adjourned until May 2 a case against the executive, Tigran Gambaryan, and another Binance official, who are accused of laundering more than $35… Read more

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the Nigerian economy is moving in the right direction as policies of the new administration has started slowing down food inflation. The minister spoke virtually on Channels Television’s Business Incorporated programme on the sidelines of the IMF-World Bank Spring Meetings in Washington, DC,… Read more

Ways and Means no longer an issue We made hard decisions quickly enough Expectations of Nigerians often misplaced The  Governor of the Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso,  said yesterday that the apex bank is not defending the Naira with the nation’s foreign reserves. He was speaking against the backdrop of the recent decline… Read more

Naira’s rebound brings no respite for struggling Nigerians (ghanaweb.com) Read more

At the backdrop of sustained rise in prices of staple food items in the market, Nigeria has recorded an unprecedented food inflation rate of 40 percent in March 2024. Economists and financial analysts explained that the development would put more pressure on the purchasing power of average Nigerian and they also predict that the trend will continue for… Read more

The International Monetary Fund (IMF) has raised its forecast for Nigeria’s economic growth in 2024 to 3.3 per cent. The new forecast was contained in the IMF World Economic Outlook April, released on the sidelines of the ongoing 2024 Spring Meetings of the World Bank and IMF in Washington, United States. The latest forecast represents 0.3 percentage points higher… Read more

Manufacturers have lamented the high cost of automotive gas oil (AGO), also known as diesel, which is used in generating power for their operations, noting that product gulps about 80 percent of their profits. Speaking on the plight of manufacturers against the backdrop of rising prices of their products, the Director General of MAN, Segun Ajayi-Kadir,… Read more

Nigeria’s headline inflation rate reached 33.2 percent in March 2024. This represents a 1.5 percentage points year-on-year (YoY) increase from 31.7 percent recorded in February 2024. The National Bureau of Statistics, NBS, disclosed this today, Monday, in its Consumer Price Indices report for March 2024. The bureau also said that food inflation increased YoY by… Read more