Nigeria will have to turn to industries other than oil to help pull itself out of recession, experts say, as the latest sobering government figures reveal that the economy fell by just over 2 percent in the second quarter. The overall decline of Nigeria’s economy is – gross domestic product (GDP) fell 2.06 percent in the second quarter – largely attributed to the global drop … Continue reading Business How can Nigeria deal with its recession?
Fortune Global 500 which measures the biggest companies in the world by revenue, profit and staff strength, was released on Wednesday and featured many countries operating in Nigeria including Shell, Chevron, Eni, P&G, but no indigenous Nigerian company were seen on the list. On revealing the list, Fortune.com said; “Companies are ranked by total revenues for their respective fiscal years ended on or before March … Continue reading No Nigerian Company In World’s Top 500 As Walmart, Apple, Shell & More Named In Global Top 100
Nigerians consume more than 5 million metric tons of rice every year, with a significant portion of its consumption needs sourced from imports. Rotimi Williams, an ambitious 36 year-old Nigerian entrepreneur and rice farmer, is on a quest to change that. Williams, a former Journalist, is the owner of Kereksuk Rice Farm, the 2nd largest commercial rice farm in Nigeria by land size. His farm, … Continue reading Meet The 36 Year-Old Entrepreneur Who Owns Nigeria’s 2nd Largest Rice Farm
Assets Management Company of Nigeria, AMCON, has just taken over all assets owned by Silverbird Group. The Silverbird Group is a Nigerian multinational real estate, media and entertainment company headquartered in Lagos. Silverbird Group is accused of owing the government agency about N11billion. AMCON approached the federal high court in Lagos to seek an order to take over the assets of the Silverbird Group, … Continue reading N11bn Loan: AMCON Takes Over Silverbird TV, Cinemas
Has Nigeria finally accepted to devalue its currency – the naira – in spite of its initial hard stance against devaluation? This appears to be the case especially after the Central Bank of Nigeria, CBN, yesterday formally unveiled the much-awaited flexible foreign exchange policy. The policy eliminates the official exchange rate for the naira, allowing the foreign exchange interbank trading window to be “purely market … Continue reading CBN Announces New Foreign Exchange Policy
The Nigerian Bureau of Statistics, NBS, in its monthly report on inflation released on Tuesday, revealed that the consumer price index (CPI) which measures inflation, for May 2016 has risen to 15.6 percent, its highest point since February 2010. The report states that the inflation rate has worsened consistently since President Muhammadu Buhari took office in May 2015. Rolling out the current Consumer Price Index, … Continue reading Nigeria Hits 6-Year High As Inflation Rises To 15.6%
Sub-Saharan African (SSA) countries including Nigeria, South Africa, Kenya, Angola, among others might need between $60 billion and $90 billion (N17.7 trillion) yearly investments to bridge the growing energy gaps in the region for a sustainable telecommunications sector. This major investment is expected to go into renewable energy infrastructure. Renewable energy is generally defined as energy that is collected from resources, which are naturally replenished … Continue reading Nigeria, South Africa Need $90b To Bridge Energy Gaps For Telecoms Services