economy

Africa’s largest economy contracted in the first quarter as manufacturing, financial institutions and real estate declined. Gross domestic product in Nigeria declined to -0.36 percent from a year earlier as released by the National Bureau of Statistics on Friday, 20th, April 2016. Despite the...

The Federal Government has raised the alarm that Nigeria is broke and her economy shrinking. The Minister of Information and Culture, Lai Mohammed, said this on Wednesday while fielding questions on the new fuel pricing regime shortly after the Federal Executive Council (FEC) meeting chaired by...

The presidency has earmarked N500 billion in the 2016 budget for social welfare in order to cushion the effect of economy hardship on the masses especially with the new fuel price regime. A statement by the media spokesperson for Vice President Yemi Osinabjo, Mr. Laolu Akande in Abuja on...

The prices of tomatoes have gone up by 1,000 per cent in Jos and environs in Plateau, a market survey by NAN has shown. NAN correspondent who visited some of the markets and other selling points on Thursday, found out that the commodity had gone beyond the reach of the average Nigerian. At the...

Ekiti State Governor, Mr. Ayodele Fayose has commended workers in the country for their resilience in the face of biting economic situation, promising that the future holds better prospects for employers and employees. In a message released to the press by his Chief Press Secretary, Mr. Idowu...

President Muhammadu Buhari and Nigerian governors are currently in closed-door meeting on the state of the economy. According to Dailytrust, the meeting started around 2pm inside the Council Chambers of the Aso Rock Presidential Villa in Abuja. Details soon

Nigerian are social media are calling on President Muhammad Buhari on various economic challenges and issues facing the country. From fuel scarcity, to increment in the price of commodities such as water sachet, rice and so on... See tweets:

Some prominent Nigerians have spoken for and against the devaluation of the naira. Read what five of them have said about the it... Adams Ohiomhole, Edo State Governor: Naira devaluation won’t help Nigerian economy “Even if we devalue by 300 per cent, it will not curb the appetite of the...

The Federal Government of Nigeria’s revenues fell to 1.5 billion dollars down from 1.73 billion dollars in February. The Minister of Finance, Mrs Kemi Adeosun, attributed the drop to low oil prices. According to her, the excess crude account, however, rose to 2.3 billion dollars, from 2.26...

Bloomberg, the privately held financial software, data, and media company headquartered in Midtown Manhattan, New York City has written another mindblowing piece on President Muhamamdu Buhari's stand on naira devaluation and how it has favoured politics more than the economy of Nigeria...

A meeting of the Nigeria Governors’ Forum held on Wednesday to discuss the state of the nation’s economy ended in a deadlock. The meeting which was held inside the old Banquet Hall of the Presidential Villa, Abuja, ran late into the night. About midnight,the Chairman of the NGF, Alhaji...

China has offered Nigeria a loan worth $6 billion to fund infrastructure projects, the Nigerian foreign minister said on Tuesday. The announcement came as both countries signed a currency swap deal to boost trade. Nigeria has been in talks with China on an infrastructure loan for months...

William Henry "Bill" Gates, an American business magnate and philanthropist has taken time to dissect how to determine a nation that needs foreign aid to boost economy. Bill Gates in his analysis used Nigeria's GDP and mortality rate as a reference point.... According to the analysis, Nigeria...

The Vice President, Prof. Oluyemi Osinbajo on Thursday at the 1st National Forum on the Economy held at the Airport Hotel, Lagos, and organised by the Vintage Press Limited (Publishers of THE NATION Newspapers) under the theme, “National Economy: The Way Forward.” disclosed that the Federal...

Nigeria’s foreign exchange reserve rose by 40 million dollars in March on a 30-day moving average basis to 27.9 billion dollars. This is on the back of oil price climb to 40 dollars a barrel. In an analyst note released early this week by the investment bank FBN Quest, the modest increase in...

The Vice President in his key note address during the maiden edition of the National Forum on the economy, organised by Vintage Press publishers of The Nation Newspaper, themed: ‘ National Economy: The Way Forward’ yesterday, explained why electricity tariff increased. Osinbajo listed the...

The United States, U.S yesterday revealed its intention to get Nigeria' to adopt a more flexible foreign exchange rate to boost growth and investment in the largest economy in Africa, Reuters reports. In a move that suggests pressing for devaluation of the Nigerian currency, the U.S Assistant...

The two-day retreat of the National Economic Council (NEC) in Abuja ended on Tuesday with federal authorities and the country’s 36 states agreeing on several decisions and proposals to rejuvenate the country's ailing economy. Related: LIST: 7 Main Highlights of Just Concluded NEC Retreat The...

Minister of Budget and National Planning, Udoma Udo Udoma yesterday listed the expected gains of the 2016 budget. These are: 1. creation of significant number of jobs to reduce unemployment; 2. deliver inclusive growth to Nigerians, 3. reflation of the economy through government...

The prevailing downturn in the economy seems to be affecting everything in the country, including the services of commercial sex workers, who are currently complaining about bad business. Many of them were seen loitering without patronage. New Telegraph visited Heavens, a popular night club on...