Economy Archives - Nairametrics https://nairametrics.com/category/economy/ Destination for Business news and analysis from Africa's largest economy Sun, 18 Aug 2024 05:54:46 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 https://nairametrics.com/wp-content/uploads/2021/08/cropped-cropped-favicon-1.png?resize=75,75 Economy Archives - Nairametrics https://nairametrics.com/category/economy/ 32 32 201037849 Federal Government to introduce new tax laws by September, targets regulation of cryptocurrency industry  https://nairametrics.com/2024/08/18/federal-government-to-introduce-new-tax-laws-by-september-targets-regulation-of-cryptocurrency-industry/ https://nairametrics.com/2024/08/18/federal-government-to-introduce-new-tax-laws-by-september-targets-regulation-of-cryptocurrency-industry/#respond Sun, 18 Aug 2024 05:54:46 +0000 https://nairametrics.com/?p=496025 The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, announced that the Federal Government is set to introduce new tax laws by September, which will include regulations for the cryptocurrency industry.  

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]]> https://nairametrics.com/2024/08/18/federal-government-to-introduce-new-tax-laws-by-september-targets-regulation-of-cryptocurrency-industry/feed/ 0 496025 FAAC: FG, States, Local Governments share N1.358 trillion in July 2024   https://nairametrics.com/2024/08/17/faac-fg-states-local-governments-share-n1-358-trillion-in-july-2024/ https://nairametrics.com/2024/08/17/faac-fg-states-local-governments-share-n1-358-trillion-in-july-2024/#respond Sat, 17 Aug 2024 08:01:16 +0000 https://nairametrics.com/?p=495976 The Federation Accounts Allocation Committee (FAAC) has distributed a total of N1.358 trillion among the Federal Government, States, and Local Government Councils (LGCs) for the month of July.  

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]]> https://nairametrics.com/2024/08/17/faac-fg-states-local-governments-share-n1-358-trillion-in-july-2024/feed/ 0 495976 Over 90% of Nigerians say they are living in an economic recession- Report   https://nairametrics.com/2024/08/16/over-90-of-nigerians-say-they-are-living-in-an-economic-recession-report/ https://nairametrics.com/2024/08/16/over-90-of-nigerians-say-they-are-living-in-an-economic-recession-report/#respond Fri, 16 Aug 2024 12:30:50 +0000 https://nairametrics.com/?p=495955 A new report has revealed that up to 93% of Nigerians think that they are living in an economic recession in 2024.  

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]]> https://nairametrics.com/2024/08/16/over-90-of-nigerians-say-they-are-living-in-an-economic-recession-report/feed/ 0 495955 Average worker in Lagos earns N60,000 monthly, below new minimum wage — Report  https://nairametrics.com/2024/08/16/average-worker-in-lagos-earns-n60000-monthly-below-new-minimum-wage-report/ https://nairametrics.com/2024/08/16/average-worker-in-lagos-earns-n60000-monthly-below-new-minimum-wage-report/#respond Fri, 16 Aug 2024 10:08:53 +0000 https://nairametrics.com/?p=495939 The average worker living in Lagos earns the sum of N60,000 as monthly salary, according to a new survey covering Nigeria’s commercial hub.  

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]]> https://nairametrics.com/2024/08/16/average-worker-in-lagos-earns-n60000-monthly-below-new-minimum-wage-report/feed/ 0 495939 Nigeria eyes $500 million World Bank loan to reduce staffing gaps in education, health sectors  https://nairametrics.com/2024/08/16/nigeria-eyes-500-million-world-bank-loan-to-reduce-staffing-gaps-in-education-health-sectors/ https://nairametrics.com/2024/08/16/nigeria-eyes-500-million-world-bank-loan-to-reduce-staffing-gaps-in-education-health-sectors/#respond Fri, 16 Aug 2024 08:55:06 +0000 https://nairametrics.com/?p=495927 Nigeria is on the verge of securing a $500 million loan from the World Bank, a significant financial boost aimed at addressing critical challenges in the country’s education and healthcare sectors. 

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]]> https://nairametrics.com/2024/08/16/nigeria-eyes-500-million-world-bank-loan-to-reduce-staffing-gaps-in-education-health-sectors/feed/ 0 495927 Consumer Goods Companies report reduced margins in the first half of 2024, blame higher production   https://nairametrics.com/2024/08/16/consumer-goods-companies-report-reduced-margins-in-the-first-half-of-2024-blame-higher-production/ https://nairametrics.com/2024/08/16/consumer-goods-companies-report-reduced-margins-in-the-first-half-of-2024-blame-higher-production/#respond Fri, 16 Aug 2024 07:53:24 +0000 https://nairametrics.com/?p=495908 Consumer goods companies listed on the Nigerian Stock Exchange (NGX) reported a significant uptick in their cost of production in the first half of the year.  

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]]> https://nairametrics.com/2024/08/16/consumer-goods-companies-report-reduced-margins-in-the-first-half-of-2024-blame-higher-production/feed/ 0 495908 Top 10 most expensive states to live in Nigeria in July 2024  https://nairametrics.com/2024/08/16/top-10-most-expensive-states-to-live-in-nigeria-in-july-2024/ https://nairametrics.com/2024/08/16/top-10-most-expensive-states-to-live-in-nigeria-in-july-2024/#respond Fri, 16 Aug 2024 07:10:09 +0000 https://nairametrics.com/?p=495902 The cost of living in Nigeria is high but stabilizing, with July 2024 Consumer Price Index (CPI) data showing a decrease in inflation rates across both all items and food.   

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]]> https://nairametrics.com/2024/08/16/top-10-most-expensive-states-to-live-in-nigeria-in-july-2024/feed/ 0 495902 Nigeria’s inflation rate drops for the first-time in 19 months, at 33.40% in July  https://nairametrics.com/2024/08/15/nigerias-inflation-rate-drops-for-the-first-time-in-19-months-at-33-40-in-july/ https://nairametrics.com/2024/08/15/nigerias-inflation-rate-drops-for-the-first-time-in-19-months-at-33-40-in-july/#respond Thu, 15 Aug 2024 11:21:43 +0000 https://nairametrics.com/?p=495854 Nigeria’s headline inflation rate decreased to 33.40% in July 2024, down from 34.19% in June 2024. This marks the first decline in the headline inflation rate since December 2022, when it last dropped to 21.34%.

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]]> https://nairametrics.com/2024/08/15/nigerias-inflation-rate-drops-for-the-first-time-in-19-months-at-33-40-in-july/feed/ 0 495854 Nigerian businesses are reducing workforce, CBN data reveals https://nairametrics.com/2024/08/15/nigerian-businesses-are-reducing-workforce-cbn-data-reveals/ https://nairametrics.com/2024/08/15/nigerian-businesses-are-reducing-workforce-cbn-data-reveals/#respond Thu, 15 Aug 2024 08:11:13 +0000 https://nairametrics.com/?p=495832 The Central Bank of Nigeria's (CBN) latest Purchasing Managers' Index (PMI) report for July 2024 reveals that the Composite Employment Index continued its downward trend for the seventh consecutive month, reflecting ongoing challenges in the labour market. 

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]]> https://nairametrics.com/2024/08/15/nigerian-businesses-are-reducing-workforce-cbn-data-reveals/feed/ 0 495832 Nigerian Manufacturer’s CEO economic confidence index drops in Q2, 2024  https://nairametrics.com/2024/08/15/nigerian-manufacturers-ceo-economic-confidence-index-drops-in-q2-2024/ https://nairametrics.com/2024/08/15/nigerian-manufacturers-ceo-economic-confidence-index-drops-in-q2-2024/#respond Thu, 15 Aug 2024 05:43:05 +0000 https://nairametrics.com/?p=495815 The Confidence Index of the Chief Executive Officer (CEO) of the Manufacturers Association of Nigeria (MAN) fell to 51.9% in the second quarter of this year. 

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]]> https://nairametrics.com/2024/08/15/nigerian-manufacturers-ceo-economic-confidence-index-drops-in-q2-2024/feed/ 0 495815 Zero-Duty, VAT exemption on essential food imports effective July 15 to year-end – Nigeria Customs Service  https://nairametrics.com/2024/08/15/zero-duty-vat-exemption-on-essential-food-imports-effective-july-15-to-year-end-nigeria-customs-service/ https://nairametrics.com/2024/08/15/zero-duty-vat-exemption-on-essential-food-imports-effective-july-15-to-year-end-nigeria-customs-service/#respond Thu, 15 Aug 2024 05:29:50 +0000 https://nairametrics.com/?p=495813 The Nigeria Customs Service has announced the implementation of the duty waiver on essential food imports, effective from July 15, 2024, through December 31, 2024, to make basic food commodities more affordable.  

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]]> https://nairametrics.com/2024/08/15/zero-duty-vat-exemption-on-essential-food-imports-effective-july-15-to-year-end-nigeria-customs-service/feed/ 0 495813 Nigeria’s Purchasing Managers’ Index contracts for the 13th consecutive month – CBN  https://nairametrics.com/2024/08/14/nigerias-purchasing-managers-index-contracts-for-the-13th-consecutive-month-cbn/ https://nairametrics.com/2024/08/14/nigerias-purchasing-managers-index-contracts-for-the-13th-consecutive-month-cbn/#respond Wed, 14 Aug 2024 15:52:47 +0000 https://nairametrics.com/?p=495801 The Central Bank of Nigeria's (CBN) Purchasing Managers' Index (PMI) report for July indicates a continued contraction in economic activities, marking the 13th consecutive month of decline since June 2023.  

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]]> https://nairametrics.com/2024/08/14/nigerias-purchasing-managers-index-contracts-for-the-13th-consecutive-month-cbn/feed/ 0 495801 Inflation: FMCG transaction volume in Nigeria declines by 17.4% in 2024 – Report   https://nairametrics.com/2024/08/14/inflation-fmcg-transaction-volume-in-nigeria-declines-by-17-4-in-2024-report/ https://nairametrics.com/2024/08/14/inflation-fmcg-transaction-volume-in-nigeria-declines-by-17-4-in-2024-report/#respond Wed, 14 Aug 2024 13:07:53 +0000 https://nairametrics.com/?p=495780 The latest report by NielsenIQ has revealed that the Nigerian Fast-Moving Consumer Goods (FMCG) market has seen a 17.4% decline in the volume of transactions this year as Nigerians continue to battle with the high cost of goods. 

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]]> https://nairametrics.com/2024/08/14/inflation-fmcg-transaction-volume-in-nigeria-declines-by-17-4-in-2024-report/feed/ 0 495780 US govt allocates $27 million new humanitarian aid to support Nigeria  https://nairametrics.com/2024/08/14/us-govt-allocates-27-million-new-humanitarian-aid-to-support-nigeria/ https://nairametrics.com/2024/08/14/us-govt-allocates-27-million-new-humanitarian-aid-to-support-nigeria/#respond Wed, 14 Aug 2024 10:10:40 +0000 https://nairametrics.com/?p=495769 The United States government has announced $27 million in humanitarian funding specifically allocated to support Nigeria as part of its Sub-Saharan African aid efforts. 

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]]> https://nairametrics.com/2024/08/14/us-govt-allocates-27-million-new-humanitarian-aid-to-support-nigeria/feed/ 0 495769 Naira Posts First Loss at Retail Dutch Auction; Traders Await U.S. CPI Data  https://nairametrics.com/2024/08/14/naira-posts-first-loss-at-retail-dutch-auction-traders-await-u-s-cpi-data/ https://nairametrics.com/2024/08/14/naira-posts-first-loss-at-retail-dutch-auction-traders-await-u-s-cpi-data/#respond Wed, 14 Aug 2024 09:31:07 +0000 https://nairametrics.com/?p=495766 The local currency marked its first bearish fall on the Nigerian forex market since the Central Bank of Nigeria began its Dutch Auction System last Tuesday.  

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]]> https://nairametrics.com/2024/08/14/naira-posts-first-loss-at-retail-dutch-auction-traders-await-u-s-cpi-data/feed/ 0 495766 MPC member warns against proposed increase in Ways and Means limit  https://nairametrics.com/2024/08/14/mpc-member-warns-against-proposed-increase-in-ways-and-means-limit/ https://nairametrics.com/2024/08/14/mpc-member-warns-against-proposed-increase-in-ways-and-means-limit/#respond Wed, 14 Aug 2024 08:56:11 +0000 https://nairametrics.com/?p=495758 Murtala Sabo Sagagi, a member of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), has expressed concerns that the proposed increase in the Federal Government of Nigeria's Ways and Means limit from 5% to 10% could lead to a significant surge in excess liquidity within the Nigerian economy. 

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]]> https://nairametrics.com/2024/08/14/mpc-member-warns-against-proposed-increase-in-ways-and-means-limit/feed/ 0 495758 Nigeria’s economy growing, recorded $55 billion non-oil export in 2023 – Wale Edun   https://nairametrics.com/2024/08/14/nigerias-economy-growing-recorded-55-billion-non-oil-export-in-2023-wale-edun/ https://nairametrics.com/2024/08/14/nigerias-economy-growing-recorded-55-billion-non-oil-export-in-2023-wale-edun/#respond Wed, 14 Aug 2024 07:32:17 +0000 https://nairametrics.com/?p=495753 The Minister of Finance, Wale Edun, has reassured Nigerians that the economy is thriving under President Bola Tinubu’s leadership, noting that the country achieved an impressive $55 billion in non-oil exports last year. 

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]]> https://nairametrics.com/2024/08/14/nigerias-economy-growing-recorded-55-billion-non-oil-export-in-2023-wale-edun/feed/ 0 495753 Manufacturers applaud tax incentive initiative, says it will reduce production cost  https://nairametrics.com/2024/08/13/manufacturers-applaud-tax-incentive-initiative-says-it-will-reduce-production-cost/ https://nairametrics.com/2024/08/13/manufacturers-applaud-tax-incentive-initiative-says-it-will-reduce-production-cost/#respond Tue, 13 Aug 2024 17:43:35 +0000 https://nairametrics.com/?p=495726 The Manufacturers Association of Nigeria (MAN) has thrown its weight behind the tax incentive initiative stating that it will help reduce production costs and encourage innovation in the country.  

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]]> https://nairametrics.com/2024/08/13/manufacturers-applaud-tax-incentive-initiative-says-it-will-reduce-production-cost/feed/ 0 495726 CBN resumes regular publications on Inflation, business expectations survey, others to promote transparency   https://nairametrics.com/2024/08/13/cbn-resumes-regular-publications-on-inflation-business-expectations-survey-others-to-promote-transparency/ https://nairametrics.com/2024/08/13/cbn-resumes-regular-publications-on-inflation-business-expectations-survey-others-to-promote-transparency/#respond Tue, 13 Aug 2024 16:02:15 +0000 https://nairametrics.com/?p=495716 The Central Bank of Nigeria (CBN) has announced the reintroduction of periodic reports on key economic indicators as part of its efforts to enhance transparency in the country’s economic direction. 

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]]> https://nairametrics.com/2024/08/13/cbn-resumes-regular-publications-on-inflation-business-expectations-survey-others-to-promote-transparency/feed/ 0 495716 Three MPC members vote to retain interest rate at 26.25% during July meeting  https://nairametrics.com/2024/08/13/three-mpc-members-vote-to-retain-interest-rate-at-26-25-during-july-meeting/ https://nairametrics.com/2024/08/13/three-mpc-members-vote-to-retain-interest-rate-at-26-25-during-july-meeting/#respond Tue, 13 Aug 2024 15:06:42 +0000 https://nairametrics.com/?p=495709 At least three members of the Monetary Policy Committee (MPC) voted to retain the Monetary Policy Rate (MPR) at 26.25% during the MPC meeting of the Central Bank of Nigeria (CBN) on July 22-23, 2024. 

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]]> https://nairametrics.com/2024/08/13/three-mpc-members-vote-to-retain-interest-rate-at-26-25-during-july-meeting/feed/ 0 495709