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Economy
Why Nigerians pay more for mortgage than African peers
Whereas housing anywhere in the world is a basic necessity, which in the order of human needs, ranks third after food and clothing. But in Nigeria, it is a luxury accessible by only the rich…
Nigeria’s accelerating food inflation shows failure of border closure
The continuous rise in the prices of food in Africa’s most populous country since 18 months ago is an indication that the border closure policy implemented by the Nigerian government failed…
Nigerian economy: We are in huge financial trouble – Obaseki
Governor Godwin Obaseki of Edo State, an economist and former investment banker, at a public forum recently painted a gloomy picture of the Nigerian economy. Below are his exact words:
At…
Global demand for talent shrinking Nigeria’s manpower
At what may be Nigeria’s weakest point (following two economic recessions and a generally distressed economy), developed countries are intensifying offers of exciting incentives, luring away…
Nigeria sets ambitious target for manufacturing sector but analysts are cautious
Nigeria has an ambitious target of raising the share of manufacturing to a whooping 20% of GDP according to Niyi Adebayo, the federal minister for industry, trade and investment.
He told…
Nigerian states share N9trn in 4 years, yet some owe salaries
Nigeria’s Federal Accounts Allocation Committee (FAAC) has doled out in excess of N9.13 trillion to states in the past four years, BusinessDay can disclose. Year-on-year (yoy) FAAC…
Nigeria’s food inflation among world’s highest
Food prices in Nigeria have not only risen to record high but are also among the highest in the world.
Africa's biggest economy, home to some of the world's poor, is currently in one of…
Shell paid Nigerian government $3.2bn in taxes, royalties, fees in 2020
Royal Dutch Shell, the parent company of the Nigerian subsidiary Shell Petroleum Development Company (SPDC) of Nigeria Limited, says it paid a total of about $3.2 billion to the Nigerian…
IMF’s SDR could see 20% rise in Nigeria’s external reserves
The world’s top finance ministers are set to back a new $650bn allocation of the International Monetary Fund’s (IMF) own currency, or special drawing rights (SDRs) which could see Nigeria’s…
NNPC, Tecnimont SpA sign contract for $1.5bn PH refinery rehabilitation
The Nigerian National Petroleum Corporation (NNPC) has signed an Engineering, Procurement and Construction (EPC) Contract with Italian multinational, Maire Tecnimont SPA, for the…