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Economy Insight

Read the latest news on the economy in Nigeria.

The Federal Government (FG) is looking forward to increasing its crude oil extraction capacity. Calling on marginal oil fields to help increase and grow the country’s reserves, the Department of Petroleum Resources (DPR) disclosed that out of the 7,000 oil reserves that have been discovered in the country, only...
The Federal Inland Revenue Service (FIRS) has explained why Nigeria did not sign the Organisation for Economic Cooperation and Development (OECD) G20 Inclusive Framework two-pillar solution to tax challenges of the digitalized economy. The OECD G20 Inclusive Framework two-pillar solution proposes a framework of rules aimed at tackling base erosion...
The effect of global warming on Nigeria’s climate has led to increasing incidences of flooding, droughts, and other climate disasters as per some experts. With its rapidly growing population and an economy heavily dependent on oil, Nigeria is Africa's second-largest carbon emitter. Thankfully, as part of the Paris Climate Agreement, the...
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...
President Muhammadu Buhari has told manufacturers in the country that his administration will address their main challenge, which is insufficient forex. Unmaskng.com understands that the manufacturers need accessibility to forex for the procurement of raw materials and agro-allied equipment that are not available locally. Addressing Mansur Ahmed-led executives of the Manufacturer Association of Nigeria (MAN),...
Dollar to naira lingering issue has attracted the attention of the World Bank, such that it counselled the Central Bank of Nigeria (CBN) on how to stabilise the foreign exchange (forex) market. In an interview with Punch, Shubham Chaudhuri, the Country Director for Nigeria, World Bank, said even though the...
Access Bank and five others have been enlisted for the Special Public Works (SPW) programme, which will commence on Tuesday, January 5, 2020. The other financial institutions are -Zenith, Fidelity, FCMB, UBA, and Heritage banks. While disclosing this during a recently-held interview, Festus Keyamo, the Minister of State for Labour and Employment,...
Africa witnessed a huge growth in Foreign direct investment (FDI) in 2021, a new report by the United Nations Conference on Trade and Development (UNCTAD) has shown. In its investment trends monitor report released on Wednesday, UNCTAD Africa showed a strong rebound in growth of 147 percent to an estimated...
The World Bank has projected that Nigeria's inflation would increase in 2022, such that it may become the highest in the world. Should inflation increase as projected by World Bank, Nigerians would pay more for foods and other commodities this year. With increasing food prices and that of other commodities diminishing...
President Muhammadu Buhari will next year (2022) impose new taxes and increased tariffs on Nigerians. This is according to Zainab Ahmed, the Minister of Finance. Speaking with stakeholders on the sidelines of the 2021 Finance Bill in Abuja, Ahmed hinted that the Buhari-led government is considering modest increases in taxes...