Category: Economy - Page 15 - African News Today

We Must Exit This Recession With Precision – Atiku

22Nov

By Obiajulu Joel NwoluNo Comments

Economy, News, Nigeria

We Must Exit This Recession With Precision – Atiku

It is with a very heavy heart that I received the confirmation that for the second time in five years, Nigeria has entered into another recession. Heaviness of heart, because this could have been avoided had this administration taken heed to patriotic counsel given by myself and other well meaning Nigerians on cutting the cost of governance, saving for a rainy day, and avoiding profligate borrowing. Yes, the COVID19 pandemic has exacerbated an already bad situation, however, we could have avoided this fate by a disciplined and prudent management of our economy. Be that as it may, it serves no one’s purposes to quarrel after the fact. We must focus on solutions. Nigeria needs critical leadership to guide her back to the path of economic sustainability. We cannot afford hand wringin...

19Nov

By Chinedu IbeakanmaNo Comments

Covid-19, Economy, Lagos News, Nigeria

Lagos Govt. Unveils N5b Recovery Fund for Entrepreneurs

The Lagos State Employment Trust Fund (LSETF) has unveiled a N5 billion Lagos Economic Acceleration Programme (LEAP), a post-COVID-19 recovery programme for micro, small and medium enterprises. The launching, tagged: “From Pandemic to Prosperity”, was held in Ikeja, Lagos. LSETF Executive Secretary Mrs. Tejumola Abisoye said the intervention would provide access to affordable finance at single-digit interest to MSMEs, thereby saving existing businesses, jobs and also creating new job opportunities. According to her, interested applicants in other sectors apart from agriculture and agribusiness sector should register with the Ministry of Tourism to apply for the loan. “It is a sector specific intervention programme targeted at sectors that have been severely affected by the pand...

Commercial Banks in Ekiti Town Shut Down Over Police Withdrawal

10Nov

By Chinedu IbeakanmaNo Comments

Economy, Finance, Nigeria, Violence, Youths

Commercial Banks in Ekiti Town Shut Down Over Police Withdrawal

Commercial banks in Ikere-Ekiti, the headquarters of Ikere Council Area of Ekiti State on Tuesday shut down operations following the alleged withdrawal of service by policemen. According to a report by The Nation, financial institutions as well as Point of Terminal(POS) outlets were under lock and key due to fear of being attacked over alleged absence of policemen. Findings also indicated that there had been no police officer in the town following the burning of two police stations and destruction of the Area Command by hoodlums during the #ENDSARS protests. The Area Command and Divisional police stations in the town were razed with vehicles as well as other vital items in the premises. Reacting to alleged withdrawal of policemen, banks in the town did not open for operation on...

6Nov

By Chinedu IbeakanmaNo Comments

Breaking News, Communication, Economy, Finance, Nigeria, Trade, United States of America

WTO Postpones Meeting to Pick New DG

The World Trade Organisation on Friday postponed a meeting where members are expected to pick a new Director-General. The postponement is coming days after the United States declined to support the favored candidate, Ngozi Okonjo-Iweala. The organization earlier announced that the meeting would hold next week but a communication sited by AFP showed that the meeting has been postponed indefinitely. “It has come to my attention that for reasons including the health situation and current events, delegations will not be in a position to take a formal decision on 9 November,” the head of the selection committee told member states. “I am therefore postponing this meeting until further notice during which period I will continue to undertake consultations with delegations,” he added....

5Nov

By Chinedu IbeakanmaNo Comments

Economy, Finance, Interview, Nigeria

No Plan to Increase VAT – FG

The Federal Government has debunked claims on social media that it plans to increase the Value Added Tax (VAT) and other taxes in its proposed Finance Bill. Minister of Finance, Zainab Ahmed, who issued the disclaimer while defending the Ministry’s budget before the Senate Committee on Finance in Abuja, said the report of an imminent increase in VAT and other taxes in the proposed Finance Bill to be presented to the National Assembly was false. Ahmed said: “There will be no increase in VAT or any form of taxes because we see 2021 as a year of recovery – not only for government but businesses as well.” Earlier, the Account General of the Federation, Ahmed Idris, who was present at the session, complained about poor budgetary allocation to his office. Idris said: “We have 37 offi...

Opinion: 5 Reasons Why President Trump won’t Support Okonjo-Iweala as Next WTO Director General – Blessing Mene

31Oct

By adminNo Comments

Africa, China, Economy, Features, Finance, Nigeria, Trade, United States of America, Women Empowerment

Opinion: 5 Reasons Why President Trump won’t Support Okonjo-Iweala as Next WTO Director General – Blessing Mene

This is an opinion article by Blessing Mene. People who want Okonjo-Iweala to become the next WTO Director-General mostly are excited about the prospect of the first female & African to lead the WTO. But President Trump doesn't think that way, here are five secret reasons why President Trump won't support Okonjo-Iweala: 1. He thinks from the perspective of Nationalism and his biggest interest is to have a WTO leader who will stand up to China and other countries leveraging loopholes in the WTO to supposedly "take advantage" of America. Look at how Trump is reshaping to the US Supreme Court and Federal Courts. 2. President Trump's a radical conservative who is currently looking to end the influence of liberals and globalism. That's why he got elected in the first place. He doesn'...

Obasanjo Scores Buhari Low on Foreign Direct Investment, Security

30Oct

By Obiajulu Joel NwoluNo Comments

Economy, News, Nigeria, Security

Obasanjo Scores Buhari Low on Foreign Direct Investment, Security

Former President Olusegun Obasanjo has once again rated the Muhammadu Buhari administration low on intervention security and foreign direct investment, saying that a lot is desired if the country were to impact reasonably on its citizenry. Obasanjo disclosed this at a virtual parley of former heads of state at the instance of President Muhammadu Buhari on 23rd October 2020, following the state broadcast to address the shooting of peaceful protesters at Lekki toll gate area of Lagos and other forms of violence that ensured. The former military and civilian leader quoted by Presidential aide on Media and Publicity, Femi Adesina in a statement released on Thursday warned that the country needs heavy local and international investments to make laudable impact. He said, “Let me commend...

COVID-19: Nigeria’s Economy too Fragile for Fresh Lockdown —Buhari

29Oct

By Chinedu IbeakanmaNo Comments

Covid-19, Economy, Finance, News, Nigeria, Safety

COVID-19: Nigeria’s Economy too Fragile for Fresh Lockdown —Buhari

President Muhammadu Buhari says Nigeria’s economy is too fragile to enforce a fresh COVID-19 lockdown. He however, called on Nigerians to obey all protocols recommended by health authorities to curtail the spread of the lethal coronavirus. Buhari, who stated this on Thursday via his verified Twitter handle, said compliance with COVID-19 protocols by all Nigerians is crucial to avert a second wave of the pandemic in the country. “Looking at the trends in other countries, we must do all we can to avert a second wave of COVID-19 in Nigeria. “We must make sure that our cases, which have gone down, do not rise again. Our economy is too fragile to bear another round of lockdown,” @MBuhari tweeted. The President had in March imposed a total lockdown on parts of the country includin...

IMF Raises Concerns Over Effects of #EndSARS Protests on Nigeria’s Growth Projection

23Oct

By Chinedu IbeakanmaNo Comments

Cost of Living, Economy, Finance, News, Nigeria, Security

IMF Raises Concerns Over Effects of #EndSARS Protests on Nigeria’s Growth Projection

International Monetary Fund (IMF) has warned that the projected economic growth for Nigeria may not be realized on the strength of the #ENDSARS protest. The organization expressed serious concern over the state of the nation as the protests continue. While answering questions during the virtual IMF press conference on the regional economic outlook for Sub-Saharan Africa on Thursday, the IMF Director, African Department, Abebe Selassie, noted the importance for government to find an immediate solution to the protests. His words: “On the growth projections in Nigeria, I mean, these protests happened of course, after we had closed, after the period where the data we looked at in making the growth projections for this economic outlook. And much will depend really on how these protests...

Buhari Assures Okonjo Iweala of Support for WTO Job

12Oct

By Chinedu IbeakanmaNo Comments

Economy, Finance, Nigeria

Buhari Assures Okonjo Iweala of Support for WTO Job

President Muhammadu Buhari has restated the efforts of his administration in ensuring that former Minister of Finance, Dr Ngozi Okonjo-Iweala, emerges the Director-General of the World Trade Organisation (WTO). Buhari who gave the assurance when he received Okonjo-Iweala at the Aso Rock Villa, Abuja said she deserved all Nigeria has to offer because she had also served the country diligently. “I assure you that we will do all that we can to ensure that you emerge as the Director-General of WTO, not only because you are a Nigerian, but because you are a hardworking Nigerian. You deserve this,’’ Buhari affirmed. The President assured he will make more phone calls and send letters to some world leaders for more support. “I did the same for Dr Akinwunmi Adesina for Presid...