The African Continental Free Trade Area (AfCFTA) agreement comes into effect on January 1, 2021, but Zambia is one of the 21 countries that have not yet deposited their instruments of ratification. Zambia’s Minister of Commerce, Trade and Industry, Christopher Yaluma, disclosed at a media briefing in Lusaka on Thursday that the official launch of Read More…
The Lagos State House of Assembly on Tuesday passed the 2021 Appropriation Bill of N1.163 trillion, seven weeks after the budget was presented to the Assembly by Gov. Babajide Sanwo-Olu. The House passed the budget after the report of the appropriation was presented during plenary by the Chairman, Joint Committee on Economic Planning and Budget Read More…
Nigeria stands as the number one country in Africa in the International Monetary Fund (IMF) 2020 World Economic Outlook’s ratings of countries. Using countries’ GDPs, IMF ranked Nigeria among the first 26 countries in the world in the same position with an average 442,976 million U.S. dollars. Countries are sorted by nominal GDP estimates from Read More…
The Lagos Chamber of Commerce and Industry (LCCI) says losses of Micro, Small and Medium Enterprises (MSMEs) in Lagos is about N2.7 billion, due to the recent Coronavirus (COVID-19) lockdown. LCCI’s Director-General, Dr Muda Yusuf, made this known on Sunday through the LCCI’s Economic and Business Review for 2020 and Outlook for 2021. Yusuf further attributed Read More…
Amid the resurgence of COVID-19, the Lagos Chambers of Commerce and Industry (LCCI) has predicted that Nigeria risks a further perpetuation of the current recession if the pandemic persists into the first quarter of 2021. LCCI, Africa’s second chamber of commerce with over 2,500 registered members, has equally acknowledged that the federal government initiates long-standing Read More…
THE pandemic will wipe an eye-watering $6.7 trillion – or £5 trillion – from the global economy in 2020, new analysis suggests. The forecast fall in global GDP – down 5.2% from $89.94 trillion to $83.19 trillion – is equivalent to the annual economic output of Germany and France combined. It would represent the deepest Read More…
The Badagry Chambers of Commerce, Industry, Mines and Agriculture (BACCIMA) says the reopening of four land borders in parts of the country will boost trade between Nigeria and her neighbours and help the economy to grow. Mr Opeyemi Oke, the Director-General, BACCIMA, said this in an interview with the News Agency of Nigeria (NAN) on Read More…
The average price per litre paid by consumers for National Household Kerosene increased to N353.38 in November from N352.93 in October, the National Bureau of Statistics (NBS) says. The Bureau made this known in its “National Household Kerosene Price Watch (November 2020)’’ obtained from its website on Thursday in Abuja. According to NBS, the increase is by Read More…
The Lagos Chamber of Commerce and Industry (LCCI) says the mounting inflationary pressure reported in the November 2020 was expected, given the prevailing economic conditions and escalating cost environment. Dr Muda Yusuf, Director-General, LCCI made the assertion in an interview with the News Agency of Nigeria (NAN) on Tuesday in Lagos. NAN reports that the Read More…
The International Monetary Fund (IMF) mission to Nigeria says exchange rate and monetary policy reforms, increased revenue mobilisation and structural reforms will unlock Nigeria’s growth potential. The team lead, Ms Jesmin Rahman, said this in a statement issued on Friday in Washington D.C at the conclusion of the virtual mission. The mission was conducted from Read More…
