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Nigeria Risks Losing 34% of GDP To Climate Disaster

About eight poorest countries including Nigeria face grim economic futures with a median GDP hit of -20% by 2050 and -64% by 2100 under current climate policies. A study published by Christian Aid a few months ago highlights the devastating economic impact climate change will inflict on the African continent, even if the world limits […]

NEPC seeks stakeholders’ support in promoting non-oil exports.

The Nigerian Export Promotion Council (NEPC) has reaffirmed its commitment to collaborate with key stakeholders in developing and promoting the non-oil export sector. The Executive Secretary of NEPC, Dr. Ezra Yakusak, said this at the interactive dinner for Ambassadors/High Commissioners and development partners in Nigeria on Friday in Abuja. According to Yakusak, NEPC cannot effectively […]

Non-oil exports rise from 29% to N6.56bn

Nigeria’s non-oil exports rose by 29 percent, year-on-year, YoY, to $6.56 billion in ten months, reflecting the impact of Federal Government efforts to boost foreign exchange inflow from non-oil sources as well as favorable commodity prices in the international market. The figure was $4.58 billion in the corresponding period of 2021 (10M’21).

Bank borrowing from CBN rises 260% to N21.87tn

Deposit Money Banks borrowed the sum of N21.87tn from the Central Bank of Nigeria via the Standing Lending Facility window and Repurchase Lending platform in 2020, according to the CBN financial data. This represents a 260 percent increase when compared to the N5.744tn recorded via the same windows in 2022. It, however, represents a 19.3 […]

CRUCIAL ISSUES CONFRONTING CABBAGE FARMERS

Cabbage farmers in the northern and central parts of Plateau have said the cultivation of cabbage has been very favorable because of the well-drained sandy loam soil and the climate of the areas. Plateau State is the home of exotic vegetables, including cabbage, and stakeholders said due to the cool weather condition, the state produces […]

EXPORT TRADE: FCMB RALLIES OPERATORS TO DIVERSIFY AND STIMULATE ECONOMY

Export Trade: FCMB rallies operators to diversify and stimulate the economy Nigeria’s vast non-oil endowment must be urgently leveraged to diversify and expand its revenue base, reduce the dependence on crude oil for foreign exchange earnings, and stimulate rapid economic growth. Policymakers, financiers, export trade experts, and value chain players insisted on this in Lagos […]

FG PLANS SUPPLEMENTARY BUDGET OVER RISING INFLATION, DEPRECIATION

The Federal Government may present a supplementary budget to the National Assembly due to a further depreciation of the naira and galloping inflation that have made the 2023 budget nearly unrealistic.   FG plans supplementary budget over rising inflation, depreciation The 2023 budget benchmarks the foreign exchange at N435/dollar and inflation at 17.10 percent but […]

FG VOWS TO MAKE NIGERIA AFRICA’S LARGEST WHEAT PRODUCER, EXPORTER

FG vows to make Nigeria Africa’s largest wheat producer, the exporter As Nigeria and other African countries suffer wheat shortage, the Minister of Agriculture and Rural Development, Dr. Mohammad Abubakar, vowed to ensure Nigeria ranks as Africa’s largest wheat producer and exporter. Abubakar made the declaration in his keynote address delivered at the Stakeholders Validation […]