Tags : Nigerian economy

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 […]Read More

Nigeria Launches Largest Fertilizer Plant In Africa Amid Surge In

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 […]Read More

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… You must be registered to […]Read More

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 […]Read More

Nigeria Plans N5000 Each In Cash Handouts To Replace Fuel

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, […]Read More

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 […]Read More

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… You must be registered to […]Read More

Video Explainer On NDDC Audit Report

The Minister of Niger Delta Affairs, Godswill Akpabio, had submitted the forensic audit report on the Niger Delta Development Commission (NDDC) to President Muhammadu Buhari, through the Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami. Findings from the report states that 13,000 projects were abandoned in… You must be registered to […]Read More

Nigeria’s Eurobonds Debts Rise By $9.37bn In 5 Years

The commercial loans obtained by Nigeria through Eurobonds have risen from $1.50 billion as of December 31, 2015 to $10.87 billion as of December 31, 2020. This indicates a $9.37 billion or 625 percent increase in five years. The debt stock remained at $1.5 billion from 2015 to 2016, but rose to $6 billion by […]Read More

Nigeria Is 5th On World Bank’s Borrowers’ List

According to a financial statement of the International Development Association, Nigeria is the fifth highest borrower from the World Bank Group and among the 10 highest debt risk exposure globally. The report is contained in the Fiscal Year 2021 of the World Bank. Nigeria has borrowed $11.7 billion (about N4.816 trillion), the report said. The […]Read More