Economic Confidential

No Allocation for LGAs Without Elected Chair — Senate

The Senate committee on Constitution amendment has recommended that the release of federal allocation to local governments in the country be hinged on the conduct of elections. The Deputy Senate President, Ike Ekweremadu and chairman of committee stated this while...

Suspend Vehicle Importation Ban, Reps tell Buhari

The House of Representatives has asked the Federal Government to suspend its new policy of banning the importation of vehicles through land borders. The lawmakers specifically advised President Muhammadu Buhari to intervene by urgently directing the Nigeria Customs Service to...

FG’s Borrowings Targeted at Infrastructure Projects – Udoma

The Minister of Budget and National Planning, Senator Udo Udoma, said that the borrowings of the Federal Government would be used to fund critical infrastructure projects across the country. He said this during a meeting with the Assistant Secretary for...

UN Report: Africa Lost $580bn in Six Years to Gender Inequality

The pervasive gender gap in economic activities is constraining the African continent from achieving its full economic potential, averaging a loss of about $95 billion annually or $580 billion in sub-Saharan Africa since 2010. This was contained in the Africa...

Oil Rises on Hopes for Non- OPEC Output Cuts

Oil prices extended gains on Friday on optimism that non-OPEC producers would agree to cut output following a cartel agreement to limit production. The Organization of Petroleum Exporting Countries (OPEC) will meet non-OPEC nations in Vienna on Saturday seeking their...

Nigeria Witnesses Low Import and Export

...‘Why economy won’t recover soon’ ...Clearing agents, LCCI blame exchange rate, high duties Efforts at job creation and price stabilisation are proving very little in the face of dwindling seaport operations. Statistics from the Nigerian Ports Authority (NPA) showed nine-month low...
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