WHY BUHARI SHOULD HIRE A NATIONAL ECONOMIC ADVISER

Buhari Should Hire a Chief Economic Adviser, If He’s Serious about the Economy editor / 11 minutes ago MUSTAfA CHIKE-OBI Just one month into the second term of President Muhammadu Buhari, issues in the economy are once again on the front burners. A former managing director of Asset Management Corporation of Nigeria (AMCON) and Managing Partner, Alpha African Advisory, Mr. Mustafa Chike-Obi, takes a critical look at the economy, highlights its challenges and proffers solutions. Specifically, Chike-Obi faulted the Economic Recovery and Growth Plan (ERGP), the economic blueprint of the government. The…

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NIGERIA ON THE VERGE OF BANKRUPTCY, EMIR SANUSI WARNS

Kolade Adeyemi, He warned in 2013, he was shut down only for the recession that crept in later to prove him right. Emir of Kano, Muhammad Sanusi 11 on Tuesday declared that Nigeria is on the threshold of bankruptcy following unfavourable economic policies such as subsidizing petroleum products and electricity tariffs. The former Governor of the Central Bank of Nigeria (CBN), who spoke during the ongoing 3rd National Treasury Workshop organized by the office of the Accountant General of the Federation holding in Coronation Hall, Government House, Kano advised President…

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CBN SET TO BLOCK THE BANK ACCOUNTS OF BANK SABOTEURS

Mr Godwin Emefiele, Governor of Central Bank of Nigeria (CBN) says the bank has identified smuggling and dumping as major challenges sabotaging Nigeria’s economic policies, noting that some companies’ bank accounts have been blocked. The governor said this on the sideline of a consultative roundtable with some economic stakeholders in Lagos titled, “Going for Growth”. Emefiele said, “We have identified smugglers and people dumping goods as those who sabotage those policies and we decided that we will deal with them. The strategy that we came up with is that we…

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WANT TO LOSE MONEY IN AFRICAN ECONOMY? INVEST IN NIGERIA, SAYS FORBES

In five years, the Nigeria ETF has blown up, now down over 74.5%. Equity investment between 2013 and 2018 has fallen from around $2.9 billion in 2013 to just $139 million in 2018. Want to lose money in one of Africa’s biggest markets? Put it to work in Nigeria. Despite sitting on nearly 40 billion barrels of proven oil reserves and over $48 billion worth of investment opportunities in the oil and gas sector, Africa’s largest economy is mired in problems with big corporate investors as president Muhammadu Buhari readies…

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ECONOMY: TOUGHER TIMES AHEAD OF NIGERIA SAYS EMEFIELE

The Governor of Central Bank of Nigeria(CBN) Dr Godwin Emefiele said on Wednesday that tough times are ahead of the country in view of a rapid increase in population on yearly basis and what he called penchant of Nigerians to sabotage government policies on economic growth. Dr Emefiele, who stated this while appearing before the Senate Committee on Banking, Insurance and other Financial Institutions, on in the Senate, said that Nigeria will be the third largest populated country in the world by 2050. He said that the country by 2050 is projected…

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ONLY 10 NIGERIAN STATES ARE ECONOMICALLY VIABLE, 17 ARE BANKRUPT, SEE DETAILS

The Economic Confidential on Sunday released its Annual States Viability Index (ASVI) report. It showed that 17 States are insolvent as their Internally Generated Revenues (IGR) in 2018 were far below 10% of their receipts from the Federation Account Allocations (FAA) in the same year. The index declared that without the monthly disbursement from the Federation Account Allocation Committee (FAAC), many states remain unviable, and cannot survive without the federally collected revenue, mostly from the oil sector. The IGR are generated by states through Pay-As-You-Earn Tax (PAYE), Direct Assessment, Road…

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WHAT EMEFIELE’S REAPPOINTMENT MEANS FOR NIGERIAN ECONOMY

The decision by President Muhammadu Buhari to renew the appointment of Godwin Emefiele as Governor of the Central Bank of Nigeria has elicited excitement among analysts and stakeholders, who believe his comeback is a good omen for the economy, report Kunle Aderinokun and Bamidele Famoofo History was made last Thursday, when a letter from President Muhammadu Buhari was read Senate President Bukola Saraki on the floor of the upper chamber, asking the lawmakers to endorse his re-appointment of Godwin Emefiele as CBN governor. The letter from the president titled: ‘Renewal…

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PROPHET OF DOOM? YARI PREDICTS RECESSION IN 2020

Chairman of Nigeria Governors Forum (NGF) and Governor of Zamfara State, Abdulaziz Yari, has warned that Nigeria could be heading into another round of recession. He made statement at the the opening ceremony of the induction programme for newly-elected and returning governors put together by NGF Secretariat, at the State House Conference Center, Abuja. Yari warned incoming governors to be prepared for the possibility of another cycle of recession by the mid-2020 to third quarter of 2021. Nigeria had officially entered a recession for the first time in more than…

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STATE OF THE NATION: NIGERIA’S ECONOMY BLEEDING :GANI ADAMS TELLS BUHARI

By Dapo Akinrefon & Patrick Azamosa LAGOS—THE Aare  Onakakanfo of Yorubaland, Iba Gani Adams, yesterday, urged the Federal Government to work on policy programmes that can alleviate the suffering of Nigerians at the grassroots. Aare Ona Kakanfo of Yorubaland, Chief Gani Adams Adams, who was a guest at the 2nd annual Public Lecture of Freedom Online, in Ikeja, Lagos, said from all indications, the present situation in the country shows that majority of Nigerians are suffering, with little or no hope. While reacting to issues raised by the Special Assistant to…

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TINUBU AND FASHOLA ACCUMULATED 1.43BILLION DOLLAR DEBT, NOT ME- AMBODE

The outgoing Lagos State Governor, Akinwunmi Ambode, has explained that the current foreign debt owed by the State Government was inherited from previous administrations before his tenure which began in 2015. This is a clear attempt by Governor Ambode to distance himself and his administration from the $1.43 billion foreign debt which the Lagos State Government currently owes. According to him, during his four-year tenure, his administration never took foreign credit facility to run State activities. The Governor, who made the disclosure during an interview, said that despite the numerous…

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