According to the Debt Management Office, the country’s debt profile has risen to ₦16.29 trillion. DMO stats released Tuesday showed that the country’s total debt liability had risen to ₦16.29 trillion as of June 30, 2016, up from ₦12.12 trillion, a 34.41 percent increase. External debt by the federal and state governments stood at $11.26 billion (₦3.19 trillion), up from $10.32 billion in July last year. The domestic debt of the FG alone stood at
Nigerian regulators have approved plans to enable the investment of as much as $20 billion of pension-fund money in the development of the country’s infrastructure, Finance Minister, Kemi Adeosun, has said. The SEC and PenCom have approved “a new instrument that will allow pension funds to invest in infrastructure bonds,” Adeosun said at a meeting of business leaders Monday. “That’s what will drive, for example, our social housing and our roads program
Nigeria’s economy recorded a $2.1 billion decline in investment inflow in the first 12 months of the Muhammadu Buhari administration. a figure which amounts to ₦642 billion at the official exchange rate of ₦305/$. An analysis of NBS data showed that the country attracted a total investment inflow of $2.75 billion in 2015 2Q; that figure declining to $647.1 million at the end of June this year. All three major investment components, FDI, FPI and other
The federal government, as part of efforts towards reflating the country’s economy and pulling it out of recession, has summoned an economic session to brainstorm on the issue. President Muhammadu Buhari, his vice, Prof Yemi Osinbajo as well as ministers and heads of relevant federal ministries, departments and agencies converged on Abuja for a one-day retreat to discuss steps to salvage the receding economy.
Following increased hardship to Nigerians as a result of
Nine Nigerian cities have been named as key drivers of middle-class growth in sub-Saharan Africa between 2015 and 2030. According to a Euromonitor International report, rising urban income in Aba, Ibadan, Maiduguri, Ilorin, Lagos, Kaduna, Abuja, Kano, Port Harcourt, and Benin will play a major role in middle-class growth across the region. Kenya’s Kisumu, Mombasa and Nairobi, are projected to take the lead in household income growth in East Africa. Johannesburg
Nigeria’s agricultural import bill hit ₦960 billion in Q2 2016, after a fall in the value of the naira against the US dollar which shot up the cost of imported items, NBS data shows. The value of agricultural import increased by ₦360 billion or 60 percent from ₦600 billion in Q1 2016 to ₦960 billion in Q2 2016. “Increase in import value can be traced to a decline in the value of the naira,” the foreign trade report stated. The naira has weakened
Arik Air has announced that it will resume normal flights operations on today, hours after announcing the suspension of its services. Airline spokesman, Olabanji Ola, said the airline will notify passengers and customers that flight services will resume at 11 am. The update comes hours after the airline —whose fleet of 28 aircraft— announced an indefinite suspension of operations, which left thousands of travellers stranded as the Sallah holidays ended. Arik blamed a delay in “approval
Where do Nigeria’s problems lie?
There is no argument that sports administration and lack of funding are two of Nigeria’s biggest impediments to sports development. However, the problems are more than these.
Nigeria prefers to spend money on sports like football which is a crowd pleaser compared to the top nations which prefer to focus available funds on those sports that offer lots of medals. Team sports like football, hockey and basketball are expensive because
The military doubles down in the Delta Niger Delta Affairs minister Usani Uguru Usani, says President Muhammadu Buhari is not contemplating any war in the Niger Delta. There is an air of apprehension in the oil-rich region, the Niger Delta as a convoy of about 32 articulated vehicles on Thursday, was seen on the roads of its principal city, Port Harcourt carrying long-range tanks, armoured personnel vehicles and a wide range of weapons. In response to the above security
Nigeria’s presidency has approved plans for external borrowing from the World Bank, China and Japan. Nigeria will take on debt from institutions including the World Bank, African Development Bank, Japan International Cooperation Agency and Export-Import Bank of China, the presidency commented on Twitter. This will include “low-cost, long-term” loans with interest rates of 1.25 percent and maturities of 20 years, according to the tweets. Details of a Eurobond