Business

The Economic Community of West African States, ECOWAS, has revealed that Africa accounts for only 2.4 per cent of global Gross Domestic Products, GDP. A consultant to the ECOWAS Common Investment Market, Jonathan Aremu, added that Africa also has the largest reserves of precious metals with over 40 per cent of the gold reserves, over 60 per cent of cobalt and 90  per cent of platinum reserve.

The Federal Government says it has generated the sum of $547 million through 5G spectrum auctions so far this year. President Muhammadu Buhari disclosed this at the opening of the National Shared Services Centre, in Abuja. Buhari noted that Nigeria’s I.T. industry has contributed positively to the growth of the economy, with its 18.47% contribution to the country’s GDP.

Naira strengthened against the US dollar at the black market on Monday, trading at an average of N746/$1, representing a 0.13% appreciation compared to N747/$1 recorded on Friday. Also, the exchange rate between the naira and the US dollar at the Peer to Peer cryptocurrency market appreciated by 0.16% to trade at a minimum of N749.8/$1 on Monday. On the other hand, the exchange rate at the official Investors and Exporters […]

The World Bank has said Nigeria is in a worsening situation, with economic performance becoming weaker as inflation persists. The Washington-based bank said this in its newly released Nigeria Development Update, which was launched in Abuja. The financial institution also cut Nigeria’s 2022 growth forecast to 3.1 per cent from a previous forecast of 3.8 per cent.

Nigeria’s inflation rate rose to 21.47 per cent in November, continuing its 2022 surge. According to the National Bureau of Statistics, this is because of an increase in demand due to the festive season. NBS disclosed that this was 0.38 per cent points higher than the 21.09 per cent that was recorded in October.

Nigeria’s import from Russia has crashed significantly, hitting its lowest this year. According to the National Bureau of Statistics, only N1.71tn worth of goods was imported from Russia in the quarter. This was a decline of 92.17 per cent from the N21.84bn imports recorded in the second quarter.

Points of Sales operators, POS, have reacted to the recent cash withdrawal limit announced by the Central Bank of Nigeria, CBN. Speaking with Boss Radio News, a POS owner, James Ogala says the policy is to the detriment of their businesses. Another POS operator, Kingsley Nzeamalu condemns the new withdrawal policy.

Traders have expressed reservations over the cash withdrawal limit announced by the Central Bank of Nigeria, CBN. Speaking with Boss Radio News, a carpenter, Lukeson Chinwendu, kicks against the policy. Nonso Njoku laments the adverse effect of the policy on small business owners. Also speaking, a fabric seller, Samuel Chimankpa, urges the apex bank to rescind the policy.

Nigeria imported agricultural goods worth N512.91 billion in the third quarter of 2022. This marks a 10.4% increase compared to N464.4 billion recorded in the previous quarter and a 6.4% increase compared to N482.2 billion in the corresponding period of 2021. On the flip side, Nigeria’s agricultural export fell massively by 40.6% to N84.21 billion in the review quarter from N141.76 billion recorded in Q2 2022.