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Sunday, August 9, 2020

AMCON boss harps on policy consistency and sustainability to drive Nigeria’s economic growth

The Managing Director of Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru, has commended the decision of the Central Bank of Nigeria (CBN) to take necessary measures to compel commercial banks to lend to the real sector for economic growth and stability. Kuru, stated...

Recession-hit Nigeria targets economy to grow at annual 7 percent by 2020

ABUJA (Reuters) - Nigeria is targeting economic growth of at least 7 percent a year by 2020, the Ministry of Budget and National Planning said on Tuesday, a far cry from its current recession, the first in 25 years. Nigeria's economy is heavily dependent on...

CBN’s deposits cap order will hurt banks bond yields, credit profiles

LAGOS, July 12 - Nigeria plans to encourage lending by capping banks’ interest-bearing deposits at the central bank, the latest in a series of measures aimed at reviving an economy stuck with low growth. The central bank said in a circular dated July 10...

MPC meets tomorrow as CBN set to retain rate at 14%

Dollar to weaken over $1b inflow into interbank The Central Bank of Nigeria (CBN)- led Monetary Policy Committee (MPC) will tomorrow and next, be having its second meeting for the year to review major global and domestic economic developments since its last meeting. The projection is...

Nigeria’s Plan to Link Mines to Steel Mill Seen as Buhari Test

Nigeria’s plan to build a railway to supply iron ore to its idle Ajaokuta steel plant could be the biggest sign yet that President Muhammadu Buhari is implementing his policy to diversify away from oil. The project began in 1979 with what the World Bank...

With constant oil slump, Nigeria needs to use multiplier effects to make local industries globally competitive, boost economy

The slump in crude oil prices in the global market has fuelled the need for Nigeria to stop crude oil exports and feed local refineries to boost the exports of refined products and supplies of fuel to industries, THISDAY has learnt. Following the dwindling oil...

Inflation to Drop to 15.04% in January on Slower Food Index Growth—FSDH

Inflation to Drop to 15.04% in January on Slower Food Index Growth—FSDH Inflation to Drop to 15.04% in January on Slower Food Index Growth—One of the leading financial consulting firms in Nigeria, FSDH, has predicted a drop in the nation’s inflation rate for the month...

The Need to Invest in Nigeria’s Infrastructure

There is a strong case for increased infrastructure spending around the world, more so in Nigeria, given the substantial infrastructure deficit. The se-verity of the downpour in most parts of the country in early July was unexpected. The high level of flooding from the...

Nigeria needs to build strong institutions to drive economic growth — Rewane

Chief Executive Officer, Financial Derivatives Company Limited, Mr Bismarck Rewane, has emphasized the importance of building strong institutions if Nigeria must achieve the desired economic growth. Bismarck Rewane Rewane gave this insight as to the keynote speaker at the 2019 Time Management and Productivity/Nigeria’s...

CBN introduces new forex rate for BDCs at 362 naira nationwide

LAGOS, March 28 (Naija247news) - Nigeria's central bank has set a new naira rate of 362 for the country's retail exchange bureaus to sell dollars to consumers, the head of the bureau association told Reuters on Tuesday. Nigeria has at least five exchange rates --...
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