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Economy Insight

Read the latest news on the economy in Nigeria.

The Federal Inland Revenue Service (FIRS) has warned Muhammadu Buhari against plunging Nigeria into a debt crisis. Recall that some months ago, the Debt Management Office (DMO) released the country’s debt report. In the report as reported on Unmask NG,  Nigeria’s total debt stock, which comprises foreign and local arrears,...
Estate Intel, a real estate think tank, has disclosed that property and infrastructural development in Lagos across the real estate sector increased by 19% in 2021.  The agency made the disclosure in a recently released report analysing activities in the city's thriving construction industry.  In what marked a return to market...
The Central Bank of Nigeria (CBN) has floated Tertiary Institutions Entrepreneurship Scheme (TIES), a new grant scheme in order to tackle the country's alarming unemployment rate. Unlike several other existing grants in the country, the TIES is a N500 million grant that would be accessible for students across tertiary institutions....
Lagos Chamber of Commerce and Industry (LCCI), has expressed concern over the increasing debt portfolio of Nigeria. Speaking during LCCI's Annual General Meeting (AGM), Toki Mabogunje, the professional body's president, stated that the country's debt is fast becoming unsustainable. According to her, in the light of the dwindling oil prices and...
Nigeria is no longer Africa's largest oil producer. This is according to the Organization of the Petroleum Exporting Countries (OPEC), who disclosed this development in a report. In the report, the intergovernmental organisation established for oil-related purposes, revealed that Nigeria's oil production output dropped further last month (October 2021). Hence,...
Former Fidelity Bank Boss, Peter Obi has advised the Federal Government on ways to move the country out of economic recession. Obi dished out the advice via his Twitter page, where he stated that the President Muhammadu Buhari-led government needs to change the economy from a wasteful consumption-based to a...
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...