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Nigeria Experiences Steady Growth In Non-Oil Sector

National Bureau of Statistics, NBS, has released the third Quarter GDP figures of the Nigerian economy. The report reveals a consistent growth in Agric and Solid Mineral sectors, indicating the success of the Buhari administration’s economic policies even though overall economy is still in recession. This is disclosed in a …

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Crude Oil Production Hits 2.1 Million Barrels Per Day – Ibe Kachikwu

Nigeria’s oil production is nearly back to normal following a sharp drop earlier this year due to rebels attacking pipelines, the oil minister said Tuesday. “The reality is that as of today and this morning, we are at 2.1 million barrels production. That’s substantial,” Minister of State for Petroleum Emmanuel …

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Federal and State Governments Shared N420 billion in September

Mrs Kemi Adeosun, minister of finance said N420 billion was shared as revenue by the Federal, state governments and the local councils for September as against N510.3 billion shared in August. Adeosun, said this in Abuja on Thursday at the monthly revenue allocation to Federal, States and Local Governments. She …

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Nigeria Overtakes South Africa As Africa’s Biggest Economy

A new report from the International Monetary Fund (IMF) puts Nigeria back as Africa’s biggest economy, ahead of South Africa, and Egypt. In August, South Africa was reported to have regained top spot on the continent, following the recalculation of Nigeria’s Gross Domestic Product (GDP). The IMF’s World Economic Outlook …

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Economic Recession: Nigeria will be free by 2018

A Lagos-based financial expert, Mr Bismarck Rewane, on Friday expressed optimism that Nigeria would get out of recession by 2018 with the right economic policies. Rewane, also the Chief Executive Officer, Financial Derivatives Ltd., said this  at the 2016 Independent Shareholders Association of Nigeria (ISAN) Triennial Delegates Conference/Gala Night in …

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CBN Renews Strategy For Naira-Yuan Swap Deal

The Central Bank of Nigeria (CBN) yesterday, raised the hope that the lingering Naira-Yuan swap deal will be achieved as part of strategies to reducing the huge dollar demand pressure on the local currency. The CBN Governor, Godwin Emefiele, gave the indication at the ongoing International Monetary Fund/World Bank Group …

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President Buhari is building solid structure for Nigeria – Ibe Kachikwu

The Minister of State for Petroleum, Dr Ibe Kachikwu, has assured Nigerians of the commitment of President Muhammadu Buhari to building a solid structure for the country. Kachikwu stated this at the 2016 Convocation of the Petroleum Training Institute (PTI), Effurun, Delta, on Saturday. He said that there was no …

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The Naira may record gains next week

The naira is expected to stabilise on the parallel market after international money transfer agencies started selling dollars to Bureau De Change operators in line with the Central Bank of Nigeria directive. “We have started receiving dollar supply from Travelex and we expect this to gradually impact positively on the …

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Travellers out of Nigeria get dollar for N356 at MMIA

Travelex, a global foreign exchange dealer, on Friday resumed sale of dollars directly to travellers at N356 to a dollar. The News Agency of Nigeria (NAN) reports that the firm’s office inside the Murtala Muhammed International Airport, Lagos terminal was besieged by hundreds of travellers. Some Bureau de change operators …

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China To Inject Additional $70b Into The Nigerian Economy

The Minister of State for Petroleum, Dr Ibe Kachikwu, on Wednesday said Chinese private sector companies had pledged an additional investment of 70 billion dollars to the Nigerian economy. Kachikwu said this while addressing State House correspondents on the outcome of the Federal Executive Council (FEC), presided over by President …

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