Business

Sanwo-Olu Presents N1,155trn 2021 Budget To Lagos Assembly

The Lagos State governor, Babajide Sanwo-Olu has presented a 2021 budget proposal of N1,155,022,413,005.82 to members of the State House of Assembly. He made the presentation on Tuesday at the legislative chamber of the Assembly complex in Alausa. Ikeja. Governor Sanwo-Olu is confident that the proposal, tagged Budget of Rekindled Hope, will provide employment for youths, improve the healthcare system, ...

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Chinese Tech Shares Fall As Beijing Begins Industry Clampdown

Chinese tech giants including Alibaba and Tencent tumbled for a second day Wednesday after Beijing’s market regulator put out draft antitrust rules that signaled a looming crackdown on high-flying internet giants. Rules published on Tuesday outlined plans to prevent “monopolistic behavior” among internet companies, a shift from a previously more hands-off approach to antitrust issues. The timing of the announcement ...

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Why Merit Is Crucial To Economic Growth – Osinbajo

Vice President Yemi Osinbajo says Nigeria’s desire and pursuit of economic growth and sustainable development is best achieved through the adoption of merit as a national value. He made the remarks in a keynote address delivered at the Nigeria Leadership Initiative (NLI) webinar series with the title, “A National Conversation on Rebuilding our National Values System.” “Meritocracy is crucial in ...

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European Union Backs Okonjo-Iweala For WTO Job Ronke Idowu Updated October 6, 2020

The European Union governments has thrown its support behind Nigeria’s candidate, Ngozi Okonjo-Iweala, for the position of the director-general of the World Trade Organisation (WTO). The EU also expressed support for Korea’s, Yoo Myung-hee. Bloomberg reported that EU member-country envoys agreed on Monday in Brussels to endorse Nigeria’s Ngozi Okonjo-Iweala, and Yoo , South Korea’s trade chief, in their bids ...

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FG, States Received N3.88tn From FAAC In Six Months

The Federation Accounts Allocation Committee (FAAC) on Tuesday said it shared N3.879 trillion to the Federal Government, States, local government areas, and other statutory recipients in the first half of 2020. In a statement by the committee’s Director, Communications and Advocacy, Orji Ogbonnaya, the Federal Government received a total of N1.53 trillion while the states got N1.29 trillion and the ...

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French Economy To Bounce Back As Lockdown Lifted

France’s economy, which like those of other countries was pushed into a bruising recession by the coronavirus, will bounce back now that lockdown measures are lifted but will still contract over the year as a whole, official data showed Tuesday. France’s gross domestic product, which had shrunk by a record 13.8 percent in the second quarter, is forecast to grow ...

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Justify The Necessity For Electricity Tariff Increase, Organised Private Sector Tells FG

The Organised Private Sector of Nigeria (OPSN) has asked the Federal Government to justify the recent increase in electricity tariff which took effect on September 1, 2020. The OPSN said this at a meeting with the Special Adviser to President Muhammadu Buhari on Infrastructure, Ahmad Zakari, on Friday A statement by the OPSN on Monday said that the meeting had ...

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Financial Inclusion: CBN Directs Licence Payment Service Banks To Reach Unbanked Persons

The Central Bank of Nigeria (CBN) has issued guidelines for licensing and regulation of Payment Service Banks (PSBs) as it aims to enhance financial inclusion to small businesses, low-income households, and other financially excluded entities. In a circular to PSBs on Thursday, the financial regulator said that despite several initiatives introduced, the inclusion rate remained below expectations. It added that ...

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South Africa’s Annual Inflation Climbs To 3.2%

South Africa’s annual consumer inflation rate climbed to 3.2 percent in July from 2.2 percent the previous month, driven mainly by transport, food and housing prices, official statistics showed Wednesday. Prices are starting to pick up as the economy gradually re-opens after months of tight restrictions imposed to limit the spread to coronavirus. Under the hard lockdown, the consumer inflation ...

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Presidency Reacts To –6.10% GDP Decline, Says Nigeria Not Doing Bad

The Presidency has hailed the second quarter (Q2) Gross Domestic Product (GDP) estimates by the National Bureau of Statistics (NBS). According to the NBS report, Nigeria’s GDP fell by –6.10% (year-on-year) in real terms in the second quarter of 2020 while for the first half of 2020, real GDP declined by –2.18% year-on-year, compared with 2.11% recorded in the first ...

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