Nigeria’s Oil Reserves Dropped By 543m Barrels – OPEC           The 2021 Annual Statistical Bulletin of the Organisation of Petroleum Exporting Countries released on Wednesday showed a drop of 543 million barrels in the crude oil reserves of Nigeria. Figures on world proven oil reserves by country...

Buhari Says Nigeria Needs $400bn To Close Energy Shortfall         The President of the Federal Republic of Nigeria Muhammadu Buhari has said that Nigeria needs over $400bn to fund its critical energy needs. Buhari said that $300bn would be needed for electricity generation, transmission and distribution infrastructure...

Nigeria Recorded N2.29trn Fiscal Deficit In Q1, 2021             Nigerian economy took a battering in the first quarter of 2021 as the country recorded a fiscal deficit of N2.293 trillion or 6.43 percent of the year’s quarterly GDP. The Budget Office of the Federation (BoF) in its...

W/Bank Says Nigeria, 39 Others May Not Attain Pre-COVID-19 GDP Levels By 2026             The World Bank has said that Nigeria and 39 other countries may not return to pre-COVID-19 levels of Gross Domestic Product per capita even by 2026 despite projected rates of economic growth. It...

Nigeria, China Trade Volume Hit $20bn             The Chinese Ambassador to Nigeria, Ambassador Cui Jianchun, has said that the trade volume between his country and Nigeria was $20bn in 2020 despite the coronavirus pandemic. During the period, the envoy explained, China’s GDP also grew to $15.7tn from...

Naira Depreciation Threatens Economy’s Outlook - LCCI           The continuing depreciation of the naira is affecting business activities and threatening Nigeria’s corporate outlook with wide implications for the economy, the Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinyere Aloma has said. In an interview, Almona lamented...