Tuesday, March 16, 2021
‘Mortgage Bill Will Raise Gross GDP by 51%’
Proponents of the Institute of Mortgage Brokers and Lenders (IMBL) bill which has just passed its third reading at the House of Representatives, have said that when passed, it will increase Nigeria’s Gross Domestic Product (GDP) by at least 51 per cent. The bill, which was initiated by Ondo State born entrepreneur, realtor and financial analyst, Jasper Olusayero, when passed, is expected to regulate mortgage practice in Nigeria. Read more
NEITI Decries Nigeria’s $3bn Share of Africa’s $75bn FDI
The Nigeria Extractive Industries Transparency Initiative (NEITI) has described as regrettable that out of the $75 billion foreign direct investment (FDI) flowing into Africa, Nigeria has a meagre share of just $3 billion. Speaking in Abuja in separate consultative meetings with leading Civil Society Organisations (CSOs) and forum of oil, gas and mining companies in the extractive sector, the Executive Secretary, NEITI, Dr. Ogbonnaya Orji, said the situation underscored why all hands must be on deck to eliminate all bottlenecks in the country’s business environment. Read more
Nigeria’s public debt rose to N32.9tn in Dec – DMO
Nigeria’s total public debt rose to N32.9tn at the end of December 2020, the Debt Management Office said in a statement on Monday. From its last report on public debt, the figure stood at N32.2tn as of the end of September 2020, which showed an increase of N700bn. The DMO disclosed that the total public debt to the Gross Domestic Product was 21.61 per cent, adding that it was within Nigeria’s new limit of 40 per cent. Read more
Unemployment rate hits 33.3%, 23.18million Nigerians jobless – NBS
Nigeria’s unemployment rate rose from 27.1 per cent in the second quarter of 2020 to 33.3 per cent in the fourth quarter of 2020, latest figures from the National Bureau of Statistics showed on Monday. The NBS stated in its report on ‘Labour force Statistics: Unemployment and underemployment report- Abridged labour force survey under COVID-19 (Q4, 2020) that this translated to 23.19 million unemployed people. Read more
Fuel price: I wish Dangote Refinery existed years ago, says Okonjo-Iweala
The Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, says Nigeria would have started producing its own oil if Dangote Refinery had existed years ago. She said this during her visit to the President, Major General Muhammadu Buhari (retd.), on Monday. According to her, the President/Chief Executive, Dangote Industries Limited, Aliko Dangote, should be supported to build a refinery in the country. Read more
‘FG must reposition capital market to accumulate global savings’
Experts have stressed the need for the Federal Government to reposition the local bourse to make it more attractive to accumulate savings from the rest of the world. The Managing Director, Chief Economist Africa, and the Middle East, Global Research, Standard Chartered Bank, Razia Khan, argued that Nigeria is in dire need to borrow from the savings crew available abroad to finance growth. Read more
Nigeria gets $3 billion from $75 billion invested in Africa’s oil, firms lament
Oil companies operating in Nigeria have rued the retention of only three billion dollars out of an estimated $75 billion investment in the oil and gas sector in the Sub-Saharan Africa countries in the last few years. The firms stated this in a virtual meeting organised by the Oil Trade Section of the Lagos Chamber of Commerce and Industry (LCCI) with the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr. Ogbonnaya Orji. Read more
Stakeholders to explore Africa commodity ecosystem at investment summit
Following the impacts of the COVID-19 pandemic on African economies, stakeholders are to meet to review solutions to the continent’s macroeconomic challenges at a conference. The conference organised by JODOR Asset Management (JAM) Ltd is billed for March 29 and 30. Read more
