Category: Economy
Nigeria’s GDP Grows by 3.19% in Q2 2024, Driven by Services Sector
Abuja, August 27, 2024 — Nigeria’s Gross Domestic Product (GDP) recorded a notable year-on-year growth of 3.19% in real terms for the second quarter of 2024, reflecting an uptick in the nation’s economic performance. This growth surpasses the 2.51% growth rate recorded in the corresponding quarter of 2023 and also marks an improvement from the…
Minister of Agriculture Responds to Devastating Floods and Drought Affecting Farming Communities
August 27, 2024 The Minister of Agriculture and Food Security, Senator Abubakar Kyari, has expressed deep concern over the recent floods that have ravaged farming communities across Nigeria, as well as the drought that has further strained the agricultural sector. Despite these challenges, the Minister assured the nation that food security targets will still be…
House of Representatives Calls for Suspension of NMDPRA Chief Executive Amid Investigation
Abuja, Nigeria – In a decisive move, the House of Representatives has called for the suspension of the Chief Executive of the Nigerian Midstream and Downstream Petroleum Authority (NMDPRA) pending a thorough investigation into allegations against the Authority. The decision came after Honorable Esosa Iyawe raised a motion of urgent public importance regarding the need…
Minister of State Petroleum Resources Hosts Crucial Meeting with Dangote, NMDPRA, NUPRC, and NNPC Leadership
Abuja, Nigeria – Distinguished Senator Heineken Lokpobiri, the Honourable Minister of State Petroleum Resources [Oil], hosted a high-level meeting with key stakeholders to address and resolve ongoing issues surrounding the Dangote Refinery. Attending the meeting were prominent figures in Nigeria’s oil and gas sector: The stakeholders expressed their gratitude to the Honourable Minister for his…
Agriculture Minister Predicts Significant Decrease in Food Prices Within 6 Months
Abuja, Nigeria – The Minister of Agriculture and Food Security, Senator Abubakar Kyari, announced on Wednesday that the Federal Government expects a substantial decrease in food prices over the next 180 days. This forecast follows the unveiling of several strategic measures aimed at addressing the high food prices currently affecting the nation. Among the initiatives,…
CBN Expected to Ease Interest Rate Hikes Soon, Says Cardoso
Lagos, Nigeria – The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, announced that the bank will soon implement measures to ease the upward trajectory of the benchmark interest rate. The announcement was made on Saturday during the unveiling of the book ‘The Power of One Man: How Soludo’s Consolidation Revolutionized Nigerian…
The Tinubu government unveils measures to overcome high food prices.
At a press briefing today, the Minister of Agriculture and Food Security, Senator Abubakar Kyari, said the measures will be implemented over the next 180 days: g. fast-tracking ongoing engagements with the Nigerian Military to rapidly cultivate arable landsunder the Defence Farms Scheme, while encouraging other Para-Military establishments to putsecured available arable lands to cultivation….
VP Shettima Urges Investment in Nigeria’s Non-Oil Sectors
Highlights Agriculture, Manufacturing, Renewable Energy as Key Areas for Growth Vice President Kashim Shettima has emphasized the need for Nigeria to diversify its economy by attracting investment in non-oil sectors. Speaking at the Existing Foreign Direct Investors Roundtable held at the Presidential Villa in Abuja on Friday, Shettima highlighted the significant opportunities available in agriculture,…
President Bola Tinubu announced on Thursday that his government aims to inject N2 trillion into the economy within the next six months.
President Tinubu made this statement during the inauguration of his Presidential Economic Coordination Council (PECC), consisting of representatives from various sectors of society and the economy. During the inauguration, the President shared the results of his assessment of the fast-tracked stabilization and progress plan. In a session with reporters at the State House following the…
Breaking News: A Simplified and Business-Friendly Withholding Tax Regime Approved
Background Withholding tax, introduced into Nigeria’s tax system in 1977, was initially designed to serve as an advance payment of income tax on specified transactions. It aimed to provide the government with a steady revenue stream and curb tax evasion. However, over time, the regime expanded to cover more transactions, resulting in ambiguities and complications…