nigeria economy
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Business Economic Woes Forces 2,000 Aba Shoemakers Shut Down Operations
Not fewer than 2,000 shoemakers was said to have shut down operation in Aba, Abia state because they cannot pay for imported glue or synthetic leather, whose prices have surged due to the scarcity of dollars. According to Newtelegraph report, Uche Okeke, who used to make 1,000 pairs of women’s...- ProfRem
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Business Nigerian Economy Hits Worst Recession in Almost 3 Decades
The National Bureau of Statistics (NBS) has released the second quarter of 2016 report with Nigerian economy hitting worst recession in almost three decades. In the Second Quarter of 2016, the nation’s Gross Domestic Product (GDP) declined by -2.06% (year-on year) in real terms. This was lower...- ProfRem
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Politics Presidency Reacts To Report of Buhari's Request For Emergency Powers
The Presidency has denied media reports that President Muhammadu Buhari is seeking emergency powers to tackle the nation’s economic challenges. The Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, said in a statement late last night that the economic...- ProfRem
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Business Nigeria Economy Bleeds As 4 Giant Companies Lose N51.86Bn
With four major blue-chip companies losing as much as N51.86 billion in the first half of 2016, the lot of the manufacturing sector is getting bleaker and the economy of the nation is in sham. Firms in Nigeria continue to grapple with input cost pressure and weak consumer purchasing power...- ProfRem
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Business South Africa Overtakes Nigeria As Africa's Largest Economy
More than two years after losing Africa's largest economy to Nigeria, South Africa’s economy have regained its position in dollar terms as the value of the Nigeria’s naira move in opposite directions. Based on gross domestic product at the end of 2015 published by the International Monetary...- ProfRem
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Politics Lai Mohammed Boasts, Buhari Has Fulfilled Campaign Promises in 3 Key Areas
The Minister of Information and Culture, Alhaji Lai Mohammed, has once against boasted that President Muhammadu Buhari has fulfilled its campaign promises to address insecurity, fix the economy and fight corruption. The minister said the Muhammadu Buhari-led administration is on the right track...- ProfRem
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Business Nigeria: How Emefiele Painted The Economy At The Senate Yesterday
The Governor of Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, yesterday, during a closed-door meeting with Nigerian Senators painted a gloomy picture of the state of the economy. CBN governor disclosed to the senators that it was frightening that the nation was experiencing economic...- ProfRem
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Business Nigeria's Economy Restarted All Over Again – President Buhari
President Muhammadu Buhari, yesterday stated that the country's economy is starting all over afresh. Buhari expressed regret that the country took things for granted when it had so much money and was now like starting all over again on the economy. The president said this while receiving...- ProfRem
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Metro Ben Bruce Under Attack over State of the Economy Comments
The senator representing Bayelsa East senatorial district, Ben Murray-Bruce had on Thursday come under attack following a series of tweets he posted on this tweeter handle bothering on the current state of the economy. Murray-Bruce wrote, “Our economy needs fixing before it is too late or the...- ProfRem
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Business Nigeria’s GDP to Fall to Lowest Since Returned to Democracy in 1999 - IMF
The international monetary fund (IMF) says Nigeria’s gross domestic product (GDP) would be worse in 2016 than it was in 2015, despite plunging to a record low in 2015. The executive board of the IMF said it had concluded the article IV consultation with Nigeria, and projected a GDP growth of...- ProfRem
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