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World Bank Forecasts Below Pre-COVID-19 GDP Per Capital For Nigeria, 39 Others

The World Bank has predicted that Nigeria and 39 other countries’ Gross Domestic Product (GDP) per capital may not reach the pre-COVID-19 levels even by 2026, despite modest recoveries in most of the economies and analysts’ growth rates forecasts. The Breton Woods institution made the forecast in its new report titled ‘From Double Shock to […]

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As CBN, Bank Of England Retains Key Monetary Rates

The Bank of England (BoE) Monetary Policy Committee (MPC) members  on Thursday unanimously voted to hold interest rates at their record low of 0.1 per cent, thereby raising fresh concerns over rising levels of consumer price index (CPI) which some experts now believe could hit five per cent. The nine-member MPC unanimously voted in favour […]

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Progressive Governors’ Forum DG Tasks FG On Rising Debt Stock

The Director-General of the Progressives Governors Forum (PGF), Alhaji Salihu Lukman, has appealed to the Federal Government to do more public enlightenment on the rising public debt stock, particularly on latest moves to borrow more from external creditors to fund the 2021 budget deficit. Lukman, who made the appeal in a statement  on Wednesday, also […]

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AfDB Approves $1Mn Grant To Upgrade Africa’s Hydropower Plants

The African Development Bank’s Sustainable Energy Fund for Africa (SEFA) has approved a $1 million grant for the modernisation of Africa’s hydropower fleet. A statement on the facility indicated that the modernisation of hydropower stations constituted an opportunity to increase generation capacity at a low cost, with relatively short lead times and minimal environmental impact. […]

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CSEA Charts Roadmap To Naira Exchange Rate Stability

As controversies over Nigeria’s the foreign exchange (forex) market continue to rage in the public domain, the Centre for the Study of the Economies of Africa (CSEA), a leading research firm on Africa’s economic development trends, has advocated the need for the Nigerian government to boost productivity across sectors of the economy in order to […]

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Calls For Emefiele’s Resignation Spurred By Forex Rent-Seeking Interests – CBN

The Central Bank of Nigeria (CBN) has described calls for the resignation of the Governor, Mr Godwin Emefiele, over issues relating to the exchange rate of the Naira as nothing but frustration cries by those who have and are still benefitting from rent-seeking practices in the parallel forex market. Specifically, the apex bank linked the […]

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World Bank’s 3rd Tax Conference Kicks Off Sept 30

The 3rd World Bank Tax Conference, co-organized with the TaxDev Centre, with the theme ‘New Tax Instruments’ has been scheduled to virtually hold from September 30 through October 1, this year. A notice by the Breton Woods institution indicated the conference would bring together leading researchers and policymakers to discuss recent research on new tax instruments, including, taxes on the […]

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CBN Forecasts 3% Growth For Nigeria’s Economy In 2021

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, on Tuesday predicted that Nigeria’s economy would record between 2.5% and 3.0% growth this year despite the lingering impact of COVID-19 pandemic across all the broad sectors of the nation’s economy. Specifically, the top banker said that the apex bank was targeting a 15 percent inflation […]

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ECB To Slash COVID-19 Support, As Eurozone Economy Rebounds

The European Central Bank (ECB) on Thursday disclosed that it was slowing down some of its massive emergency pandemic support for the Eurozone economy as business activities and consumer spending in the 19 member-countries begin gradual rebound from the COVID-19-spurred recession. The bank stated that it could conduct its bond purchase stimulus at “a moderately […]

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CBN Orders DMBs, PSBs To Separate Bulk Payments From Others

The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) and Payment Service Providers (PSBs) to separate all transactions that would normally be categorised as bulk payment upon transactions. The apex bank gave this order in a circular signed by the Director, Payments System Management Department, Musa Jimoh, and published on its website. […]