Business News

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South Korean-American president of the World Bank, Jim Yong Kim stands unopposed for a second term, with an invaluable endorsement by the US Treasury Department. In keeping with an unbroken tradition, the US nominee will again fill the presidency at the World Bank, while the International Monetary Fund remains in European hands as Christine Lagarde […]

The head of the International Monetary Fund says that governments need to directly support those who suffer from globalization amid a rising tide of protectionist sentiment around the world. Christine Lagarde, who spoke at an event hosted by The International Economic Forum of the Americas in Toronto Monday, said that the backlash against globalization represents […]

Nigeria’s external reserves have been depleted by one billion dollars in the last five weeks, according to the latest statistics from the Central Bank. The decline was attributed to the regulator’s almost daily sale of currencies or interventions at the new floating foreign exchange market. Africa’s largest oil producer sees its external forex reserves down […]

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 […]

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