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ACPN: Exportation Will Stop Recession In Nigeria

ACPN: Exportation Will Stop Recession In Nigeria

In an interview with the News Agency of Nigeria (NAN) in Abuja on Wednesday, while speaking on the state of the economy, the National Treasurer of Allied Congress Party of Nigeria (ACPN), Chief Angus Uzoamaka said only promotion of exports would save the country from recession. He said that it was time for government at all […]

Nigeria Plans To Raise $345M With Local Bonds By October 12.

The Nigerian Government’s Debt Management Office said on Tuesday that the country would raise 105 billion naira ($345 million) in local-currency denominated bonds at an auction on Oct. 12. The debt office said it will raise 35 billion naira each from debt maturing in 2021, 2026 and 2036, using the Dutch auction system. All the bonds […]

Pound Falls Below 1.27 Dollar, Last Seen In 1985

Pound Falls Below 1.27 Dollar, Last Seen In 1985

The pound hit a 31-year low against the dollar on Tuesday as the British currency faced renewed pressure following Prime Minister Theresa May’s weekend comments that she would start the process of leaving the European Union by the end of March next year. The pound fell 0.5% to $1.2760 — that’s its lowest level since 1985 […]

Nigeria To Soon Promote $1bn Eurobond

Nigeria To Soon Promote $1bn Eurobond

A government official said on Tuesday that the Nigeria’s Debt Management Office (DMO) has launched a one-week roadshow to Britain and the United States to promote a planned $1 billion Eurobond issue to investors. “The DMO is currently on a roadshow to the UK and U.S.,” the official told Reuters, asking not to be named. “It’s […]

President Buhari Has Proposed N6.9trn For 2017 Fiscal Year

President Buhari Has Proposed N6.9trn For 2017 Fiscal Year

Pegging the Exchange Rate at N290 to $1, President Muhammadu Buhari has proposed N6.866trillion  for the 2017 fiscal year. In its bid to sustain its developmental projects, the Federal Government has unveiled plans to set up a $25billion Infrastructural Development Fund as a means of attracting non-budgetary resources. This is even as the country’s debt […]

IMF Says Nigeria’s Economic Growth Would Remain Subdued At -1.7%

IMF Says Nigeria’s Economic Growth Would Remain Subdued At -1.7%

The International Monetary Fund (IMF) said in its just released October World Economic Outlook (WEO) that Nigeria’s overall economic growth prospect is expected to remain subdued at -1.7 percent on account of soft oil prices and a weak currency, But the IMF sees growth rebounding, albeit slowly to 0.6 percent in 2017. The anticipated 1.7 […]

Why Banks Have Different Interest Rates

Why Banks Have Different Interest Rates

Banks have different approaches to earning money. Some take deposits and lend them out, while others take a more varied approach (earning revenue and fees from other services like credit cards and ancillary business). Banks raise rates when they want to gather money. If they need to get deposits in the door, a high rate […]

FG Saves N173bn Fuel Import In Five Months

FG Saves N173bn Fuel Import In Five Months

The Federal Government says as it stopped paying subsidy claims to importers, it has saved a total of $4m (N1.22bn) daily in fuel import bill since May 12, this year. The Minister of Budget and National Planning, Senator Udo Udoma, who confirmed the figure, said the liberalisation policy in the oil sector had also led to […]

No Provision For Savings In The Constitution; Stop Blaming Past Regimes

No Provision For Savings In The Constitution; Stop Blaming Past Regimes

Prof. A. Bolaji Akinyemi: I am not in the business of rising to the defence of previous presidents or regimes especially as most of them are still alive and capable of defending themselves. Besides, those of them who refuse to retire into graceful silence deserve the return brickbats they get. My intervention, however, is motivated by […]

Nigeria’s Exports To Rise As Oil Price Hits $50

Global oil benchmark, Brent crude, extended its rally on Sunday to hit the $50 per barrel mark, the third time this year. This comes as the expected return of the Forcados export terminal has helped to boost Nigeria’s planned crude oil exports this month to about 1.98 million barrels per day, the most since January. […]

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