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Economy Insight

Read the latest news on the economy in Nigeria.

The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, said the intervention of the apex bank has led to a huge reduction in imported rice from Thailand. Emefiele made this known on Tuesday when he spoke at the unveiling of the FCT mega rice pyramids under the RIFAN-CBN Anchor Borrowers’...
Dollar to naira again traded on Friday, October 22, 2021, and activities in the foreign exchange (forex) market, saw the Nigerian local currency exchanged for N414.10 per $1 at the Investors & Exporters FX window ( I&E FX Window), where the currency officially trades. According to the data seen by Unmask NG...
Zamfara has secured a N5billlion gold refinery deal from the Central Bank of Nigeria (CBN). The state governor, Bello Matawalle made this disclosure. Addressing journalists during a press conference, Matawalle explained that the new deal is to strengthen the state government’s commitment to supply refined gold. The Zamfara governor further revealed...
Dangote Group has advised African leaders to unanimously adopt the fixing of their infrastructure deficit, saying with this, intra-trade amongst them would be more efficient. Speaking on the sidelines of the ongoing Intra-African Trade Fair (IATF), Rabiu Umar, the Commercial Operations Officer, Dangote Group, said aside from the fixing of...
Economic experts have advised the Federal government to advance economic diversification in other to exit the current recession. With the decline of economic activities in the country, economic experts including Prof. Ndubisi Nwokoma, the Director, Centre for Economic Policy Analysis and Research (CEPAR), University of Lagos, David Adonri, the Vice...
The move by the Board of Directors of Nigeria Liquefied Natural Gas (NLNG) to prioritise aggressive local penetration and expansion of the supply of cooking gas, has pushed demand for the commodity up. This surge in demand, according to retailers, may lead to scarcity of the commodity, which could...
UK-based magazine, The Economist recently published a damning editorial that exposed President Muhammadu Buhari's ineptitude to govern, such that he tagged him incompetent. Amongst other things, the publication stated that the Nigerian President failed woefully in his promises, including tackling corruption, which was his campaign message in 2015. Below are the...
The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Oscar Onyema has revealed how several policies of the Central Bank of Nigeria (CBN) saved the country's economy from a total meltdown as COVID-19 rages. During a forum over the weekend, Onyema stated that the economy faced different challenges as...
Nigerians may soon start to pay more for the purchase of petrol. This is according to marketers of the commodity. In the latest development on the possible increment of petrol, oil marketers under the aegis of Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of...
KPMG Nigeria has suggested 10 macro trends that will determine Nigeria’s economy in 2021. The Macro trends suggested by KPMG are -Global dynamics, fiscal sustainability, uncertain forex environment, stringent policy posture, constrained productivity and accelerated credit penetration, cautious private sector investment activities, emerging digital economy, socio-political threats, and consumer pressure...