Tag: ECONOMYNIGERIA

FG, Germany partner to achieve Nigeria’s $1tr economy

Aminu Imam
FG, Germany partner

Minister of Budget and Economic Planning, Abubakar Bagudu, has called for result-oriented collaboration between Nigeria and Germany to help Nigeria realise its $1 trillion economy target by 2030. Bagudu made the call during a courtesy visit by the delegation of the Giessen Chamber of Commerce and Industry (IHK Giessen-Friedberg) of Germany to his office in Abuja yesterday. He said Nigeria’s partnerships must move beyond ceremonial exchanges toward measurable outcomes that directly improve lives, strengthen institutions, and foster inclusive growth across key sectors of the nation’s economy. “We are committed to…

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Africa’s fastest-growing economies: ‘Benin, Rwanda, others outpace Nigeria’ – IMF 

Aminu Imam
Nigeria IMF

The International Monetary Fund, (IMF), has excluded Nigeria from its latest list of Africa’s fastest-growing economies, naming Benin Republic, Côte d’Ivoire, Ethiopia, Rwanda, and Uganda as the continent’s top performers. IMF African Department Director, Abebe Selassie, disclosed this while presenting its ‘Sub-Saharan Africa’s Regional Economic Outlook’ on Thursday.  He attributed the strong performance of the five countries to sustained fiscal reforms, macro-economic stability, and investments in infrastructure and manufacturing. Selassie said sub-Saharan Africa’s growth is projected to hold steady at 4.1% in 2025, with a modest improvement expected in 2026.…

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FG’s half-yr tax revenues jump 43% to ₦14.27tr

Aminu Imam
FG on revenues

…Rebased GDP, Q1 growth estimate signs of nation’s economic resilience’ – Edun The Federal Government has revealed that it collected a total of ₦14.27 trillion in tax revenues between January and June this year, in a massive 43 percent increase from ₦9.98 trillion realised in the first half of 2024. The revenue collection performance also substantially exceeded the baseline growth target of 16.4 percent. According to a report by the presidency yesterday, non-oil tax collection grew by 44.2 percent to ₦10.64 trillion in June, compared to ₦7.37 trillion in the…

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“Naira has strengthened, economy leaping out of crisis” — Rewane 

Aminu Imam
Rewane

Renowned economist and Chief Executive Officer of Financial Derivatives, Bismark Rewane, says Nigeria’s currency has stabilized. Rewane, who spoke during an interview on a television programme on Thursday, said the strength of the naira in the last months is due the Central Bank of Nigeria (CBN)’s monetary framework and transparency in the country’s foreign exchange market. Rewane noted that everyone seems to agree that the Nigeria’s economy is leaping its way out of crisis. “The currency is strengthened because of the discipline in the monetary policy framework and explicit inflation…

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Nigerias economy still facing crisis,- CBN admits

Aminu Imam
CBN admits

Governor of the Central Bank of Nigeria, (CBN),Yemi Cardoso, has acknowledged that Nigeria remains in a financial and economic crisis, a situation inherited by the current CBN administration. Speaking at the 14th Annual Bankers Committee Retreat in Abuja, Cardoso explained that the role of the bankers committee remains critical towards addressing the challenge as well as reflating the economy. The apex boss said that the nation faces challenges in how to address poverty, rising inflation, infrastructure deficits, insecurity, and unemployment, among others. He called on members of the bankers committee…

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Economic challenges: Nigeria moves on Risk Index, from ‘stability’ to ‘vulnerability’ – Report

Aminu Imam

Nigeria has been classified as vulnerable to instability in 2024, according to the latest SBM Intelligence Africa Country Instability Risk index. According to the report, this marks a downgrade from its stable status in 2023, driven by economic challenges linked to Government policies. Recall that Nigeria dropped 6 points this year, scoring 45, when compared with 39 in 2023. According to SBM Intelligence, a higher score in the risk index means a higher level of political risk to business. Other African nations sharing this risk status include Ethiopia, Comoros, Cte…

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Manufacturers express ‘no confidence’ in Nigerias economy CBN Report

Aminu Imam
Manufacturers on economy

Manufacturers in Nigeria have expressed a lack of confidence in the nations economic outlook in August 2024. This is according to the latest Business Expectations Survey (BES) conducted by the Central Bank of Nigeria (CBN). The survey, which involved 1,600 business enterprises, revealed that while many sectors were optimistic about the economy, the manufacturing sector was notably pessimistic. The BES report highlights that the manufacturing sector posted a negative confidence index of -5.5 points, reflecting ongoing concerns about the current business climate. According to the report, the sectors, such as…

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“Nigerias average GDP growth rate has been negative since 2014 Okonjo-Iweala

Aminu Imam
Okonjo Iweala on GDP

Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, has highlighted that Nigerias average Gross Domestic Product (GDP) growth rate has been steadily declining since 2014, indicating a downturn in the economic well-being of Nigerians. Speaking at the Nigerian Bar Association (NBA) annual general conference at the weekend, Okonjo-Iweala noted that Nigerias economic fortunes reversed following a decade of positive growth between 2000 and 2014 when the average GDP growth rate was approximately 3.8%. During this period, GDP growth outpaced the nations population growth by around 2.6% annually. However, the situation, according to her,…

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Better days are coming Tinubu assures, vows to redress economic woes

Aminu Imam

…As naira falls further to N1160/$ at black market President Bola Ahmed Tinubu has pledged to restore the countrys economy despite a myriad of challenges affecting its growth. According to a statement issued yesterday by presidential spokesman, Ajuri Ngelale, the President stated this to an audience with a group of devout South-West Muslims led by Rasaki Oladejo on Friday, in Abuja. Tinubu said the current challenges facing the nation were only temporary, assuring Nigerians that better days were in the offing. We have to believe in one country; we have…

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