Tag: Nigerian Economy

Nigeria’s foreign loans push capital inflow up by 19%

Aminu Imam
DMO3

Higher loan inflows in to Nigeria increased capital importation into the country in January 2024 by 19 percent month-on-month, MoM, to $330 million from $280 million in December 2023, according to the Central Bank of Nigeria (CBN). The apex bank which disclosed this in its ‘Monthly Economic Report for January 2024‘, said: “Higher inflow of loans boosted foreign capital inflow in the review month”. Providing further details on the capital importation during the period, the CBN report stated: “New investments to the economy increased by 17.9 per cent to $0.33…

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First anniversary: ‘Ghana now richer than Nigeria’ — Bismarck Rewane

Aminu Imam
Bismarck Rewane

The Managing Director/Chief Executive Officer of Financial Derivatives Company Ltd, Bismarck Rewane said Ghana is now richer than Nigeria. Rewane, who disclosed this in an interview on a television programme yesterday, said Nigeria has fallen from the 32nd largest economy in the world to 42nd. The renowned economist added that in Africa, the nation has also descended from its 1st ranking to 4th in terms of wealth management and accumulation. Rewane, who noted that Ghana has also overtaken Nigeria, said, “In the past, we were always richer than Ghana, now…

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Nigeria loses title as Africa’s largest economy, slips to 4th place – IMF

Aminu Imam
Lagos Marina

Nigeria’s economy has lost its title as the Africa’s largest economy as it slipped to fourth place behind South Africa, Egypt, and Algeria. This is according to a recent forecast by the International Monetary Fund, (IMF). Accordingly, the Washington-based bank World Economic Outlook estimates Nigeria’s gross domestic product at $253 billion based on current prices this year, lagging behind Algeria at $267 billion, Egypt at $348 billion, and South Africa at $373 billion. ?Africa’s most industrialised nation (South Africa) will remain the continent’s largest economy until Egypt reclaims the mantle…

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Former Buhari’s Economic Team, Anambra Gov., Soludo says Tinubu inherited ‘dead economy’

Aminu Imam

Anambra State governor, Chukwuma Soludo, has said that President Bola Tinubu inherited a “dead economy” from his predecessor, despite he (Soludo) being a member of former President Muhammadu Buhari’s Economic Advisory Council. Governor Soludo, who said this while featuring on a television’s programme, said that the Nigerian economy under former President Buhari “was like a dead horse which, though dead, but was still standing and people did not know it was dead”. Recall that after Buhari replaced his Economic Management Team with an Economic Advisory Council in September 2019, Gov.…

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Crippling Economy: “Probe Kyari, Nigerians deserve to know true petrol landing cost – PDP Chieftain

Aminu Imam

A member of the People Democratic Party (PDP), National Presidential Campaign Council, Adetokunbo Pearse, says Nigerians have a right to know the actual landing cost of Premium Motor Spirit, (PMS), otherwise known as petrol. Dr Pearse, speaking on a television programme yesterday, stated that a thorough scrutiny should be carried out on the Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, over the fluctuation of landing cost. According to him, “The way you solve a problem is to go to the source. Let the President go and…

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“Economy must recover for good of Nigerians” – Tinubu

Aminu Imam

President Bola Tinubu on Friday in Abuja reassured Nigerians that no stone will be left unturned in his administration’s multifarious efforts to stimulate the economy and make it work for the greatest good of all Nigerians. The President stated this in a meeting held at the State House with the Board of Trustees of the All-Progressives Congress (APC) Professionals Forum, led by former Bauchi State governor, Isa Yuguda. “This economy must recover for the good and greatest number of Nigerians, and we are seriously committed to seeing through a change…

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‘Our economy is trapped’ — Tinubu admits

Aminu Imam

…Vows to end Nigeria’s over-reliance on loans President Bola Tinubu has pledged to end the country’s over-reliance on borrowing to finance public spending. The President made the pledge yesterday, when he inaugurated a committee to reform Nigeria’s tax laws and fiscal policies. The committee, which is chaired by tax and fiscal policy expert Taiwo Oyedele, will be responsible for identifying ways to increase tax revenue, improve tax administration, and harmonise Nigeria’s tax laws. Speaking at the inauguration, Tinubu said the committee is in line with his promise to remove all…

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‘Nigerians want functional refineries as solution to economic woes’ – Expert

Aminu Imam

An economic expert, Yusha’u Aliyu, says that Nigerians are expecting functional refineries to cushion the effects of subsidy removal on Premium Motor Spirit (PMS) popularly known as fuel. Aliyu said this in an interview with newsmen in Abuja yesterday, in reaction to President Bola Tinubu’s live broadcast on Monday, on the country’s economic situation. Nigerians have been faced with hardship and sufferings occasioned by the removal of subsidy on PMS by the current administration, while the country’s refineries in Port Harcourt, Warri and Kaduna are yet to begin operation. Aliyu…

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“We’ll develop economic policies for job creation” – VP, Shettima

Aminu Imam

Vice-President Kashim Shettima has assured Nigerians of the determination of the present administration to continue to develop economic policies and programmes that will drive investments and create more jobs especially in agriculture and the digital sector. The VP gave the assurance yesterday, when the Board and management of the Nigerian Economic Summit Group (NESG) led by the Chairman, Olaniyi Yusuf, paid him a courtesy visit at the Presidential Villa, Abuja. According to him, President Bola Tinubu is “determined to redefine the meaning and concept of modern leadership, rest assured that…

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Economic Overhaul: Int’l Rating Agencies Fitch, Moody, others’ upgrades in sight for Nigeria

Aminu Imam

The early moves by President Bola Tinubu to put the country on a more orthodox economic trajectory could earn Nigeria upgrades from International rating agenciessuch as Fitch, Moody, Standard and Poor’s (S&P)’s findings have revealed. According to analysts, Tinubu’s early weeks suggested a change of direction for Nigeria’s battered economy, which got its lowest credit rating since 2006, courtesy of Moody’s Investors Service, last January. Analysts at Bank of America reportedly said, “We do think Moody’s could reverse course, more likely in 12 than six months, so early next year Nigeria could…

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