It was an eventful first week of January, 2019 in the Nigerian Economy and we bring to you key developments that occurred during the week in review. Economy The leadership of the Nigerian Labour Congress and other affiliate unions held a meeting last week with the Federal Government to reach a possible agreement on the…
ECONOMY
Borno: Education leads with N22bn as Shettima proposes N125bn in budget
Governor Kashim Shettima on Monday in Maiduguri, presented to the Borno State Assembly a budget of 125.8 billion naira for the 2019 fiscal year out of which 22.4 billion naira was allocated for completion of numerous projects in primary, secondary and tertiary schools including their equipping and management. Shettima described the budget as his last,…
Full text of Budget of Continuity delivered by Buhari at NASS
2019 BUDGET SPEECH (BUDGET OF CONTINUITY) Delivered by: His Excellency, President Muhammadu Buhari President, Federal Republic of Nigeria At the Joint Session of the National Assembly, Abuja wednesday, 19TH December 2018 PROTOCOLS – 1. It is my pleasure to present the 2019 Budget Proposals to this Joint Session of the National Assembly. 2. This being my…
Nigeria records 1.8% growth in GDP in Q3
The nation’s Gross Domestic Product (GDP) grew by 1.81% (year-on-year) in real terms in the third quarter of 2018. Compared to the third quarter of 2017 which recorded a growth of 1.17%, there is an increase of 0.64% points. The second quarter of 2018 had a growth rate of 1.50% showing a rise of 0.31%…
Buhari assures on improved economy.
President Muhammadu Buhari said Thursday in Abuja his administration will continue to implement policies that will make Nigeria’s economy, which is already looking good, better. Speaking at an audience with Mr Jesper Kamp, the new Ambassador of the Kingdom of Denmark to Nigeria, President Buhari said Nigeria welcomes further strengthening of relations with countries, especially…
Statistics is the ‘new oil’ our leaders must exploit, says ECA’s Chinganya
“Statistics is the new oil that our leaders must, henceforth, harness to engineer business processes on the continent,” said Oliver Chinganya, Director of the African Centre for Statistics (ACS) at the Economic Commission for Africa (ECA). Mr. Chinganya deplored the fact that when it comes to funding for statistics, “we see more promises than action…
China determined to build an open world economy – Xi tells UN Chief
China is still determined to reform and wants to work with all parties to build an open world economy, Chinese President Xi Jinping said on Sunday, reiterating Beijing’s message amid a bitter trade war with Washington. Meeting UN Secretary-General António Guterres in Beijing ahead of a major China-Africa summit, Xi made no direct mention of…
ECA brings experts, govt officials to discuss South African economy
The ECA office for Southern Africa will organize the Twenty-Fourth Session of the Intergovernmental Committee of Experts (ICE) of Southern Africa on the theme “Blue Economy, Inclusive Industrialization and Economic Development in Southern Africa” from the 18th – 21st September 2018 at the Le Méridien Hotel, Pointe aux Piments, Mauritius. The 24th ICE of Southern Africa will…
How swings in oil prices affect Nigerian economy
On the face of it, there is nothing exceptional about Nigeria’s current economic crisis; it is simply the manifestation of years of the State’s dependence on revenue from the volatile commodity that is crude oil; a persistently unhealthy domestic business environment; external trade shocks; wilful dysfunction between fiscal and monetary policies; weak institutions and the…
Buhari assures Niger Delta on review of 13% derivation
President Muhammadu Buhari Friday in Abuja said his administration will look into the constitutional 13 per cent derivation benefit to the Niger Delta region to ensure even spread of developmental projects that meet the needs of the people. Receiving Isoko Traditional Rulers and personalities led by His Majesty Ovrawah, Omogha 1, Odiologbo of Oleh, at…