$380bn lost to capital flight before NOGICD Act – Wabote
The Nigerian Content Development and Monitoring Board has said Nigeria lost over $380bn before the Nigerian Oil and Gas Industry Content Development Act was enacted in 2010. The Executive Secretary, NCDMB, Simbi Wabote, said this while speaking at a sensitisation workshop for the Rivers State judiciary in Port Harcourt on Thursday, with the theme, ‘‘Philosophy […]
World Bank urges Nigeria to reduce govt borrowing from CBN
The World Bank Group has urged Nigeria to take measures to reduce government’s borrowing from the Central Bank as part of an effort to address inflationary pressures on the economy. This recommendation was made by Alex Sienaert, the World Bank’s Lead Economist for Nigeria, on Thursday during an economic review session held at the Lagos […]
AfCFTA: Why Nigeria’s missing, as 8 countries commence guided trade
Nigeria’s absence from the from the first batch of participating countries under the Guided Trade Initiative (GTI) of the Africa Continental Free Trade Area (AfCFTA) has been attributed to failure to meet the minimum requirements for trade under the agreement. Ad The requirements include submission of a Schedule of Tariff Concessions (STCs) to the AfCFTA Secretariat […]
Net forex inflow into economy falls 2% to $7.28bn
Net foreign exchange (forex) inflow into the economy fell year-on-year (YoY) by 2.4 percent to $7.28 billion in the first quarter of the year (Q1’23) from $7.46 billion in Q1’22 reflecting challenges in the external sector of the economy. Data from the Central Bank of Nigeria, CBN, Economic Report for Q1’23 showed that forex inflow […]