Naira now stands at 410.25 for a dollar with the adoption of the Nigerian Autonomous Foreign Exchange (NAFEX) rate — weakening by 8 percent. The adoption of NAFEX by the Central Bank of Nigeria (CBN) implies that the official exchange rate will be determined by the relatively flexible window. The CBN had introduced the I&E window in 2017 to improve foreign exchange market mechanisms, deepen market liquidity, and ensure prompt execution and settlement of all...
Data released by the National Bureau of Statistics (NBS) has shown that Nigeria’s gross domestic product(GDP) rose by 0.51% in real terms in the first quarter of the month. The rise was triggered by the manufacturing sector which recorded a 3.40 per cent(year on year) growth in the firdt quarter(Q1) as well. This percent is higher than -1.51 per cent and 0.43 percent recorded in the fourth quarter (Q4) of 2020 and first quarter (Q1)...
The National Bureau of Statistics (NBS) said Nigeria’s Gross Domestic Product (GDP) by 0.51 per cent in first quarter (Q1) of 2021. It said in its data titled “Nigerian Gross Domestic Product Report – Q1 202” that it made it the second successive quarter of growth rates recorded in the second and third quarters of 2020. The NBS noted: “Nigeria’s Gross Domestic Product (GDP) grew by 0.51%(year-on-year) in real terms in the first quarter of...
The Board of Directors of the African Development Bank (AfDB) Group has approved a new policy on water, prioritizing water security and the transformation of water assets to foster sustainable, green, and inclusive economic growth in regional member countries. “The new water policy provides a general framework for the African Development Bank Group to expand its role as the continent’s partner promoting the integrated development and management of Africa’s water sector for inclusive and sustainable...
President Muhammadu Buhari on Tuesday in Paris, France, urged the European countries and global financial institutions to consider loan restructure or complete debt reliefs, and release more vaccines to the Africa continent. President Buhari said this will reduce the devastating effect of the Covid-19 pandemic on African economies. Buhari made the call on Tuesday at the Financing Africa Summit held at Grande Palais Ephemere, Paris. The spokesperson to the Nigerian President, Garba Shehu, quoted Buhari...
To deliberate on the executive order which grants financial autonomy to the state legislature and judiciary, all teleconferences have been scheduled for all governors. The conference which is to hold on Wednesday will also address the measures in place to prevent a third wave of COVID-19 infections in the country. This development was disclosed on Monday in a statement signed by Abdulrazaque Bello-Barkindo, head of media and public affairs of the Nigeria Governors’ Forum (NGF)....
Nigeria’s President, Muhammadu Buhari will on Sunday depart Abuja for Paris, France, on a four-day official visit to attend African Finance Summit. The Summit will be focused on reviewing the African economy, following shocks from the Coronavirus pandemic, and getting relief, especially from increased debt burden on countries. Garba Shehu, Senior Special Assistant to the President (Media & Publicity) in a statement on Saturday said the Summit will be hosted by President Emmanuel Macron. The...
ABUJA — In a major step toward addressing the heightened insecurity across the nation, President Muhammadu Buhari has pledged to put every available resource to use in the fight against insecurity in Nigeria. In a statement by his spokesperson, Garba Shehu, the president linked the activities of the bandits to food security. He affirmed that the violent attacks will be addressed to ensure the nation’s food security is not threatened. “Mr. Buhari has been criticized...
YOLA — The Adamawa state Executive Council has approved the one hundred and fifty million naira (N150m) representing thirty percent (30%) to liquidate its share of an outstanding indebtedness incurred by the previous administrations. Dr. Umar Garba Pella, Commissioner of Information and Strategy disclosed this while briefing newsmen shortly after the meeting explained that the council deliberated extensively on the direction of the state where approvals were made. “The present administration inherited nonperforming debt on...
ABUJA — The federal government says it has directed the National Salaries, Incomes & Wages Commission (NSIWC) to review salaries of civil servants and some federal agencies. BudgIT, a civic-tech non-profit organization, said it recently uncovered 316 duplicated capital projects worth N39.5 billion in the 2021 budget. Minister of finance, budget, and national planning Zainab Ahmed announced this at a policy dialogue on corruption and cost of governance in Nigeria, organised by the Independent Corrupt...
