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Nigeria Set For Explosive Growth, Says Utomi

The prospects for the Nigerian economy is positive, Prof Pat Utomi has said. Utomi, who is Founder, Centre for Values in Leadership (CVL), and Director, Pan African University, warned that the country needs to do more to ensure government spending for the people in the area of job creation, skills, supply chains, investment and the quality of life. Speaking at a workshop in Lagos, Utomi ... Read More »

Stock Market Moves 91% Close to 2008 Peak

Riding on the back of impressive financial results and growing investor confidence, the Nigerian stock market has   moved  91 per cent close to its 2008 peak with the market capitalisation closing at N11.49 trillion last Monday. Following the banking consolidation exercise in 2005, the equities market rode on the back of an unprecedented bull run, which peaked at a market capitalisation of N12.62 trillion in ... Read More »

Nigerian Government’s Failures Cause World Bank to Reduce Funding to PPP Projects

The World Bank said government agencies refused to utilise previous funds. The World Bank said on Tuesday that its financial support to Nigeria for the implementation of projects under the public-private partnership (PPP) strategy has been scaled down drastically for poor utilization by government agencies and departments. The Bank’s Sector Manager, Finance and Private Sector Development (Western & Central African countries), Paul Noumba, said in Abuja that the non-utilisation of the ... Read More »

NLC Condemns Call for Subsidy Removal by IMF

Nigeria Labour Congress, NLC, has strongly criticized the pressure on the Federal Government to further remove subsidies on petroleum products. A statement by Comrade Kiri Mohammed, Deputy President & chairman, Economic Commission, NLC said “the pressure of the IMF on the Federal Government to withdraw subsidies on petroleum products is rather unfortunate. For an organization whose history is replete with prescribed policies in the developing ... Read More »

Growing debt, good for the country – DMO

Despite warnings by economists against the country’s increasing debt profile, the Debt Management Office has said the continued rise in both domestic and external debts is a good thing for Nigeria. The DMO argued that the government’s future income streams would comfortably address the rising debts. Speaking in an exclusive interview with our correspondent in Abuja, the Director-General, DMO, Mr. Abraham Nwankwo, said the country’s ... Read More »

You Are Heating Up the Polity – PENGASSAN Caution Politicians

The Petroleum and Natural Gas Senior Staff Association of Nigeria have warned politicians in the country to stop heating up the polity. The Association body has asked them to rather concentrate on issues that will impact positively on the nation’s economy and improve the welfare of the people. The workers also condemned recent killings and attacks on security agents in Bayelsa State; Bama, Borno State; ... Read More »

Nigeria’s Forex Inflow Drops to $10.50bn in First Quarter

Nigeria’s foreign exchange inflow declined by six per cent to $10.50 billion in the first quarter of 2013, as against the 11.3 per cent recorded in the preceding quarter of 2012. The Central Bank of Nigeria (CBN) disclosed this in its first quarter economic report for 2013, posted on its website. The report also showed that the amount of total outflow during the period was ... Read More »

Naira Hits One Month High

The Naira strengthened to a one-month high against the US dollar on the interbank market, on Thursday, supported by dollar flows from foreign investors buying local treasury bills. The local currency is hovering around N157:55kobo to the greenback, a level it last recorded on April the 10thand firmer than Wednesday’s close of N157:80 kobo. The Central Bank of Nigeria sold about N157 billion worth of ... Read More »

CBN Came Under Public Scrutiny Again Over Spending N2.8b on Renovation

The activities of Central Bank of Nigeria once again came under public scrutiny as the House of Representatives queried the rationale behind some expenses by the regulator. The Public Accounts Committee of the House of Representatives on Tuesday queried CBN over N4.7bn expenditure, especially the renovation of its Port Harcourt branch with N2.8bn. The committee, which is considering audit queries raised by The Office of ... Read More »

Canada Signs Investment Protection Treaty With Nigeria

The Canadian High Commissioner, Mr. Chris Cooter has described the recent Canada-Nigeria investment forum as a spring board for bigger economic opportunities for both countries. Energy and health are some of the sectors among others where strong partnerships could emerge during the forum. A delegation of top government officials and private sector captains were led by the Vice President, Namadi Sambo to Canada for the investment forum with a ... Read More »

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