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Economy Insight

Read the latest news on the economy in Nigeria.

The National Bureau of Statistics (NBS), has on Friday, May 22, 2020, published Nigeria’s Internally Generated Revenue (IGR) for 2019 full year. NBS disclosed in the publication that the President Muhammadu Buhari-led administration, recorded a 20.92% year on year growth after the combined state’s IGR stood at N1.33 trillion in...
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...
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 Nigerian government has lost no fewer than N700 billion in less than three weeks. This is due to the nationwide #EndSARS protest. While discussing the implications of the protest against police brutality, Toki Mabogunje, the President of Lagos Chamber for Commerce and Industry (LCCI), said the nationwide demonstration has...
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 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...
For MD/CEO, Abx World Limited, Captain John Okakpu, the African Free Trade Area (AfCFTA) has the potential to lift millions of people out of poverty and end food insecurity on the Continent, including Nigeria. According to him, in spite of the enormous advantages African countries can leverage, Nigeria has not...
Dollar to naira, on Friday, October 29, 2021, opened at N414.49 at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade. This development represents a fact that naira gained as against the dollar, as it closed at N415.10, a 09% drop, on Thursday, October 28. According to...
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...
The International monetary fund has announced that the world economy is projected to fall by 4.4% in 2020, an upward guide from an earlier predicted rate of -4.9%. On Tuesday, IMF revised the global economy growth upward for the year 2020 but warned against long and unstable roadblocks to full...