Business

Reports say Nigeria, Algeria, Angola, Cameroon, Egypt, and Equatorial Guinea account for the 71.1 million tons per annum liquefied natural gas liquefaction capacity on the continent. This is according to the World Oil Outlook, released by the Organization of Petroleum Exporting Countries, OPEC, in November 2022. The liquefaction capacity of the six trains under Nigeria Liquefied Natural Gas, NLNG, Limited was placed at 22 mtpa as of Q3/2022.

The Federal Ministry of Industry, Trade and Investment, has launched the Nigeria Trade Information Portal in fulfillment of the World Trade Organization Trade Facilitation Agreement. Minister of Industry, Trade and Investment, Adeniyi Adebayo, said the NTIP was an outcome of collaboration with the United Nations Conference on Trade and Development with support from the European Union and German Technical Cooperation. The minister added that the establishment of an online information portal was […]

Nigeria’s transportation and financial sectors led the list of the fastest-growing sectors in the third quarter of 2022. According to the Gross Domestic Product report released by the National Bureau of Statistics, the two sectors recorded real growths of 41.59% and 12.7%, respectively. The revealed that Nigerian economy expanded by 2.25% in real terms year-on-year in Q3 2022, largely due to positive movement in the non-oil sector.  

Nigeria’s industrial sector shrank to its lowest value as a contribution to GDP in 7 years. Data from the National Bureau of Statistics, NBS, revealed that Nigeria’s Industrial sector reported a GDP contraction of -8% in the third quarter of 2022. This is the 6th consecutive quarterly recession having recorded another contraction in the third quarter of 2022.

The Standards Organization of Nigeria has called for collaboration between stakeholders in industrial and manufacturing business to collaborate with SON to reduce the influx of substandard products into the country. Director of SON, Mallam Salim, who was represented by his Senior Special Adviser, Emeka, Duru, made the call, during a one-day stakeholder’s sensitization forum in Onitsha, Anambra State on Thursday. According to him, Manufacturers should patronize SON by collaborating with […]

Nigeria’s gross domestic product, GDP, grew by 2.25% year-on-year in Q3 2022, marking the slowest growth since the Covid-19 pandemic. According to the National Bureau of Statistics, the Q3 2022 growth rate decreased by 1.78% points from the 4.03% growth rate recorded in Q3 2021 and 1.29% points relative to 3.54% in Q2 2022. It added that the slow growth is attributable to the base effects of the recession and the challenging […]

Nigeria’s excess crude account declined by 89 per cent in the last eight years, moving from $4.1bn in November 2014 to $472,513 in the same period of 2022. According to a statement by the Ministry of Finance, Budget and National Planning, the ECA’s balance as at November 23, 2022, stood at $472,513.64. The ECA is the Federal Government’s fiscal account that was created to save revenues in excess of the […]

The ad-hoc committee set up by the Senate to investigate oil theft and consequent damage on the nation’s economy said Nigeria lost $2 billion, to oil theft between January and August 2022. The Senate constituted a 13- member Ad-Hoc Committee on Oil Lifting, Theft, and the impact on Petroleum Production and Oil Revenues. The committee’s report adopted by the Senate in plenary made far-reaching recommendations for stemming the tide but failed […]

The Central Bank of Nigeria has said that about 36 million Nigerians currently have zero access to financial services. The Director of Information Technology of CBN, Rakiyat Mohammed, stated this on Tuesday in Lagos. Mohammed revealed that the CBN is the first Central Bank in Africa and second in the world to launch a Central Bank Digital Currency. According to her, the development of the CBDC was borne out of […]