Economy

Nigeria’s External Reserves Drop By $1.6bn in One Month

August 6, 2019August 6, 2019 newsadmin

The 30-day moving average of Nigeria’s foreign external reserves has dropped by $1.67 billion from $45.046 billion at the beginning of July to $44.878 billion in early August. Statistics on the Central Bank of Nigeria (CBN) website showed that the external reserves which stood at $43.07 billion as at the beginning of the year rose to $45.04 in July but declined to $44.90 at end of July and $44.87 billion in the first week of August. Commenting on the development, the managing director and chief executive of B. Adedipe and…

Soilless Farming in Nigeria, an Alternative to Soil Based Agriculture

July 29, 2019July 29, 2019 newsadmin

Tech savvy farmers in Nigeria are using a farming technique known as aeroponics, in which plants are grown in moist air. The practice is not well known in Nigeria, but those engaged in this kind of agriculture are on a mission to make it more popular. -VOA

Investors lose N708bn as Stock Market extends decline

July 19, 2019July 19, 2019 newsadmin

July 19, 2019 The stock market extended its losing streak on Thursday as it shed N87bn, bringing the total losses to N708bn in seven days. The market lost N110bn on Monday, N68bn on Tuesday and N77bn on Wednesday. On Thursday, the market capitalisation of equities listed on the floor of the Nigerian Stock Exchange dropped from N13.667tn on Wednesday to N13.580tn as the All Share Index declined by 0.64 per cent to settle at 27,864.49 basis points. Major sell-offs were witnessed in Seplat Petroleum Development Company Plc, MTN Nigeria Communications…

INFLATION RATE DROPS TO 11.22% -NBS

July 16, 2019July 16, 2019 newsadmin

The National Bureau of Statistics on Monday said the Consumer Price Index (CPI) which measures inflation rate dropped to 11.22 per cent in June 2019. It is the lowest inflation since July 2018. The NBS disclosed this in its latest inflation report posted on its website. The agency said the inflation dropped by 0.18 per cent points year-on-year basis from the 11.40 per cent recorded in May. It also said that on month-on-month basis, the headline index increased by 1.07 per cent in June, representing 0.04 per cent rate lower…

69% Of Nigerians now living below poverty line -New Report

July 12, 2019July 12, 2019 newsadmin

A new report launched by Oxfam has revealed that 69 percent of Nigerians are living below the poverty line, thus negatively impacting on the nation’s economic growth. The Interim Country Director of Oxfam in Nigeria, Mr. Constant Tchona, disclosed this on Tuesday in Abuja at the launching of the first regional report on Commitment to Reducing Inequality Index (CRII), by Oxfam in West Africa; Development Finance International and the Office of Senior Special Adviser to the President on Sustainable Development Goals (OSSAP SDGs). According to him, Nigeria ranks 125 out…

MSMEs created 60m jobs in 2017 -NBS

July 12, 2019July 12, 2019 newsadmin

The National Bureau of Statistics (NBS), has put the quantum of jobs created by Micro, Small and Medium Enterprises (MSMEs) at 59,647,954 jobs as of December 2017, stressing that five per cent or 2,889,715 of those jobs were created by Small and Medium Enterprises (SMEs). According to the report of a survey by the Bureau, the male gender accounted for 57 per cent of jobs created by SMEs, compared to 43 per cent for women. Whereas more males were employed in total —-both in micro and small/medium enterprises—-there was…

No Plan To Increase Fuel Price – NNPC

July 12, 2019July 12, 2019 newsadmin

The Nigerian National Petroleum Corporation (NNPC) has refuted reports of the federal government’s plan to increase the pump price of Premium Motor Spirit (PMS) also called petrol because the current rate was no longer sustainable. NNPC in a statement it issued yesterday in Abuja advised motorists and other petroleum products consumers to disregard the speculations because the corporation’s group managing director (GMD), Mallam Mele Kyari, who was at the National Assembly on Tuesday, did not suggest any plan to hike the price of the product. According to the corporation’s spokesman,…

Nigeria’s power supply dropped by 31% in Q2 – Report

July 11, 2019July 11, 2019 newsadmin

Power supply to Nigerian households experienced a marginal decline to stand at 31 percent in the second quarter of 2019 from 37 percent obtained in the first quarter of 2019. This was revealed in the new Power Poll released by NOIPolls, yesterday, in Abuja. “This decline may be attributed to the continuous breakdown of the national grid and other daunting challenges experienced at both levels of generation and transmission of electricity in the country within this period,” the report stated. The report said the decline in power supply had in…

Nigeria joins the ‘world’s largest free trade area’

July 7, 2019July 7, 2019 newsadmin

African superpower Nigeria has signed an agreement which aims to increase trade between African countries. This leaves Eritrea as the only African country not to be part of the trading bloc. Nigerian President Muhammadu Buhari signed the landmark agreement at the African Union (AU) summit in Niger. The first step is to cut tariffs for goods from countries within the bloc but the timeframe to do this is yet to be announced. At the moment, African countries trade only about 16% of their goods and services among one another, compared…

NCWD, NBS to Collate Data on Women’s contribution in Nigeria’s Economy

July 2, 2019July 2, 2019 newsadmin

The National Centre for Women Development (NCWD) Abuja saysit is set to collaborate with National Bureau of Statistics (NBS) to collate data on the impact of women’s contributions to nation’s economy for policy implementation. The Director General, NCWD, Mrs Mary Ekpere-Eta, made this known in an interview withNews Agency of Nigeria (NAN) on Tuesday in Abuja. Ekpere-Eta said that the centre has a research department, saddled with the responsibility of documentation, where they would collate the data and present it to government for necessary implementation. She added that “we keep…