Nigeria’s Gross Domestic Product (GDP) grew by 3.46% (year-on-year) in real terms in the fourth quarter of 2023, lower than the 3.52% recorded in the corresponding quarter of 2022, the National Bureau of Statistics (NBS) reported on Thursday. The Bureau, in its ‘Nigeria Gross Domestic Product Q4 2023’ report published on its website, however, stated […]
The National Palm Produce Association of Nigeria (NPPAN) has hinted of plans by the Federal Government to sign a Memorandum of Understanding (MoU) with the Malaysian Government as part of its sustained efforts marking to develop palm biomass in the country. The President of the association, Ambassador Alphonsus Inyang, was quoted as making this disclosure […]
The Senate on Wednesday appealed to the Executive arm of government to sustain the electricity subsidy regime amid ongoing hardships in the country as a means of averting a further escalation of the sundry micro and macroeconomic whirlwinds in the economy. The Red Chamber’s decision followed the deliberation and endorsement of a motion in a […]
The National Bureau of Statistics (NBS) reported on Wednesday that average retail price per litre of Household Kerosene (HHK) paid by consumers in January was N1,329.53, representing a decline of 2.40% compared to N1,362.27 paid by them in December 2023. The Bureau, in its ‘National Household Kerosene Price Watch (January 2024)’ hoisted on its website, […]
The African Guarantee Fund (AGF), a leader in promoting financing of Small and Medium-sized Enterprises (SMEs) across Africa and FSD Africa, a pioneering development agency committed to reshaping Africa’s long-term financial landscape, have signed a strategic collaborative pact aimed at propelling the growth of Green SMEs by providing critical financial support, technical assistance, and capacity […]
The Central Bank of Nigeria (CBN) has raised the foreign exchange (FX) rate for the clearance of goods from N1444.56/$ to N1515.09 against the one United States dollar (USD), representing an increase of N70.53 compared to the prior rate. Before the latest adjustment of the rate, the single-window trade portal of the Nigeria Customs Service […]
In furtherance of its sustained efforts to boost foreign direct investment (FDI) inflows into the country, the Federal Government has given approval to some Indians to invest new $25 million into the Nigerian economy. The India Consul-General to Nigeria, Shri Chandramouli Kumar Kern, gave this hint during the inauguration of Artemis Laboratories Limited’s new pharmaceutical […]
The International Monetary Fund (IMF), has projected that Nigeria’s foreign reserves will significantly drop this year to an all-time low of $24 billion. This forecast is contained in the IMF’s latest Country Report for Nigeria, which highlighted potential challenges ahead for the Nigerian government in its current efforts to sustain the nation’s economic growth. Data […]
The Federal Government has set up three funds with a total value of N200 billion for disbursement to micro, small, and medium-sized enterprises (MSMEs) and Nano business owners nationwide. By description, Nano business is a form of business without a formalized strategic business plan or short-term plan and without any expansion projection . The funding […]
Enugu State Government and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a N1 billion Matching Fund Programme agreement to support Nano, Micro, Small, and Medium Enterprises (NMSMEs) in Enugu State. The Director-General of SMEDAN, Mr. Charles Odii, and Special Adviser to the Enugu State Governor on MSMEs, Mr. Arinze Chiloh-Offiah, […]