Business News

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South Africa avoided slipping into recession today with official statistics showing the economy grew three-point-three percent in the second quarter after a one-point-two percent contraction in the previous quarter. The annualized growth rate was mainly spurred by the manufacturing sector which expanded by eight-point-one percent, as well as the real estate and transport sectors that […]

In view of the current economic condition of the country, stakeholders in the Maritime industry have called on the Nigerian Ports Authority, NPA, to halt charging tariffs in foreign currencies saying it is having adverse effects on the industry and could lead to further retrenchment in the industry. They also urged the NPA to review […]

South Africa has regained the title of Africa’s largest economy, two years after Nigeria rebased its GDP to claim the spot, according to IMF data. A recalculation using current exchange rates put South Africa on top because the rand has strengthened against the dollar. Both economies face recession after contracting this year. But while the […]

The Federal Government has rolled out what it calls “immediate tasks” to reflate the economy and reduce the current hardship in the country.  Vice President Yemi Osinbajo unveiled the measures in Lagos yesterday at the Presidential Policy Dialogue organized by the Lagos Chamber of Commerce and Industry. Such measures include reducing fiscal and forex imbalances; […]

The European Union, EU has formally agreed to waive fines for Spain and Portugal over their excessive budget deficits. Under EU rules, member states are not supposed to run annual deficits greater than three percent of their total economic output. Last year, Spain’s deficit was five-point-one percent of its gross domestic product (GDP) and Portugal’s […]

The African Development Bank (AfDB) has approved a nine million dollars equity investment in the Fund for Agricultural Finance in Nigeria (FAFIN) to provide expansion capital to agric small and medium-sized enterprises (SMEs). A statement issued by continental lender yesterday said FAFIN is a first-generation private equity fund that provides financial, capacity-building and technical assistance […]

President Muhammadu Buhari has called for more intensive trade and economic engagement between Nigeria and Italy. The call was made when the Italian Minister of Foreign Affairs and International Cooperation, Mr. Paolo Gentiloni, visited him at the Presidential Villa, Abuja. President Buhari described the connection between Nigeria and Italy as very strong. He however urges […]

UK interest rates have been cut to a record low zero-point-two-five percent from zero-point-five percent. This is the first cut since 2009. The Bank of England has also signaled that rates could go lower if the economy worsens. The Bank announced additional measures to stimulate the UK economy, including a one hundred billion pounds scheme […]

A fresh tranche of money for debt ridden Greece has been approved by the Eurozone’s bailout fund. The amount of seven-point-five billion euros is scheduled to be paid out early next week. The money is part of a larger deal agreed on in May but depended on a number of reform conditions to be fulfilled […]

The Nigerian Export Promotion Council (NEPC) says it will train eighty youths for free to equip them with the knowledge of export procedures to boost non-oil exports. NEPC’s Regional Coordinator, Mr Babatunde Faleke, made this known in an interview with newsmen in Lagos on Thursday. Faleke, who said the programme is targeted at youths in […]


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