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Second Wave of COVID-19 Threatens Lagos Economy
Nigeria’s economic capital, Lagos State, might need to initiate additional control measures to control the spread of coronavirus, as the state, just in five days of the new year recorded over two thousand cases of the virus. Lagos State, known for industrialization, has championed Nigeria’s economy with increasing capital investment, internally generated revenue, infrastructural and…
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In 9 Months, Eight Banks Made N26.73bn from International Trade
Between January and September, eight banks gained a total of N26.73billlions from Letter Credits issued for international trade transactions, indicating a 23 percent increase as against the N21.68billion in the previous year. The letter credit is issued by banks to guarantee that a seller will receive a buyer’s payments on time and for the full…
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Nigerians Spend More to Eat than Live
More than 82 million Nigerians, who live on less than $1 a day, are finding it difficult to eat a basic three square meal as the food inflation in November hits 18.30 percent in November 2020 compared to 17.38 percent in October 2020. The latest data by the National Bureau of Statistics recorded that the…
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Covid19: Nigeria Generated More Loans in Q3 2020
According to the latest report by the National Bureau of Statistics, Nigeria received more loans in the third quarter of 2020. These loans amount to $624.45 million of the total $1.4billion received in the said year. In the third quarter of 2020, Nigeria had just opened its economy to allow transactions after shutting it down…
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REPORT: 7 States Contributed to $1.4bn Capital Importation in Q3
With a 12.86 percent increase, when compared to the second quarter of 2020, the total value of importation into Nigeria in the third quarter stood at $1,461.49m as only seven states contributed to this increase. The National Bureau of Statistics published that the largest amount of capital importation received was through other investment, accounting for…