Nigeria recorded its lowest-ever quarterly Foreign Direct Investment (FDI) figures, according to the Q2 Capital Importation Report by the National Bureau of Statistics (NBS), FIJ has learnt. This comes a few days after President Bola Ahmed Tinubu’s October 1 speech which generated controversy over FDI inflows. In the second quarter of 2024, FDI into Nigeria […]
The Federal Government has announced the exemption of 63 items from Value-Added Tax (VAT), as part of its latest fiscal reforms. This was revealed by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, via a post on X (formerly Twitter) on Friday. The exemptions are outlined in the official […]
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says Nigeria may experience gas supply crisis with a potential shortfall of 3.1 billion cubic feet (bcf) per day by 2030. Gbenga Komolafe, chief executive officer (CEO) of NUPRC, spoke during the Association of Energy Correspondents of Nigeria (NAEC) conference on Thursday. “Between 2020 and 2030, demand for […]
Importation of Premium Motor Spirit (PMS) also known as petrol dropped by 3.5 billion litres in the last year, data gathered from the National Bureau of Statistics (NBS) has shown. In the latest petroleum products distribution statistics released by the agency on Tuesday, total petrol imports reduced to 20.30 billion litres in 2023 from the […]
The World Bank has approved three new loan requests totalling $1.57bn in financing for Nigeria. According to a statement released on Monday, the approval is to support the Federal Government in strengthening human capital through better health for women, children and adolescents. It added that the approved projects would also help build resilience to the […]
The Federal Government of Nigeria says it is not discussing debt forgiveness with China, noting that Beijing is willing to lend Nigeria more money and invest more in the economy of Nigeria. The Minister of Foreign Affairs, Yusuf Tuggar, stated this on Channels Television’s Sunday Politics programme. Nigeria has been making proposals for debt forgiveness […]
The National Bureau of Statistics (NBS) says prices of beans, bread, yam, rice and other food items increased in August 2024. In its ‘Selected Food Prices Watch’ report for August on Wednesday, NBS said the average price of 1 kilogram (kg) of brown beans (sold loose) stood at N2,574.63. On a year-on-year basis, NBS said […]
Nigeria’s local currency, the naira, is among the 10 worst-performing currencies in the world, Bloomberg is reporting. According to a report by the publication, out of the 10 worst-performing currencies, five are from Africa, including the Zambian kwacha, the Angolan kwanza and the naira. The drop in the performance of the African currencies was linked […]
The federal government is expected to receive a new loan from the World Bank, totalling $1.5 billion. According to the Washington-based financial institution’s project list, the loan is set to be approved on September 26. The $1.5 billion will be distributed through three major development projects aimed at improving Nigeria’s economic stability and resource mobilisation […]
The Central Bank of Nigeria, CBN, has said that fuel subsidy removal, lower import bills, and increased external debt servicing obligations could pose downside risks for the growth of external reserves by 2024/2025. CBN disclosed this in its Monetary, Credit, Foreign Trade and Exchange Policy guidelines for fiscal years 2024/2025. However, the apex bank in […]
