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Nigeria’s Economic Growth To hit 3.2%
The International Monetary Fund has predicted that Nigeria’s economy would grow from 3.0 per cent in 2022 to 3.2 per cent in 2023. The growth according to IMF would be due to measures made to address insecurity in the oil sector. In its World Economic Outlook Update (January 2023) report, IMF stated that growth across…
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Is Nigeria’s Oil Sector Experiencing More Growth In 2022?
According to new data from the Nigerian Upstream Petroleum Regulatory Commission, Nigeria surpassed its 1 million BPD quota for November and October, a welcome development from August when the commission announced the country was unable to meet its OPEC quota owing largely to oil theft and vandalism. The report details that oil production output in…
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Nigeria Losses An Estimated N603.64 Billion Revenue In Months
According to monthly reports by Nigeria’s Upstream and Downstream Petroleum Regulatory Commission, Nigeria has lost huge amounts of revenue as a result of massive oil theft between January and August this year. Figures contained in the reports showed that 13.21 million barrels of crude oil with an estimated worth of N603.64bn between January and August…
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Nigeria’s Economy To Grow By 3.4% In 2022
The IMF revealed a 3.1 percent growth projection for the nation in 2023, down from 3.4 percent in 2022 and 3.6 percent in 2021. Nigeria’s economic projection is lower than that of the Sub-Saharan African region, which is expected to grow by 4.5 per cent in 2021, 3.8 per cent in 2021, and 4.0 per…
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Nigeria Launches Largest Fertilizer Plant In Africa Amid Surge In Food Prices
Nigeria may soon become a leading exporter of fertilizer with Dangote’s timely completion and launching of the world’s second-largest fertilizer plant. The high production capacity facility in Lagos, the commercial hub, adds to the existing output of 3.1 million tons in the West African nation and would contribute immensely to the global fertilizer market as…
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What To Know About The National Integrated Infrastructure Masterplan (NIMP)
The Nigerian Aviation sector recently called on foreign and local investors to join the Public-Private Partnerships process for airport management, as the sector opens vast opportunities for return on investments. The sector was recently charged to contribute about $5 billion out of the $3.10 trillion required by the National Integrated Infrastructure Masterplan (NIMP) over 25 years…
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Nigeria To Charge 6% Tax on Digital Services, Non-Resident Companies
The minister of finance in Nigeria has announced the government would now charge offshore companies providing digital services to local customers in Nigeria a six percent tax on turnover as provided in the 2021 Finance Act. The digital services would be charged to foreign companies that provide digital services such as apps, high-frequency trading, electronic…
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Nigeria Plans N5000 Each In Cash Handouts To Replace Fuel Subsidies
The Nigerian government is planning to replace fuel subsidies in 2022 with cash handouts of up to N5000, an amount that would cost the country up to 2.4 trillion naira in a year. According to Finance Minister, Zainab Ahmed, the government will give 5,000 naira each to as many as 40 million people every month,…
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Nigeria’s inflation falls to 16.63%, lowest in eight months
According to the National Bureau of Statistics, the inflation rate in Nigeria declined for the sixth consecutive month to 16.63 percent in September. Its lowest level since January this year. In its Consumer Price Index, NBS said the inflation rate fell by 0.38 percent from 17.01 per cent in August. The drop in headline inflation…
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Infographics: Rice Production And Consumption In Nigeria
The Nigerian Customs Service (NCS) in a recent statement shared that the ban on the importation of foreign rice has boosted local production by a large percent, especially in the northern regions of Nigeria. Acting Controller of the Katsina Command, Alhaji Dalha Wada-Chedi, shared that the closure of borders by the present administration has pushed…