recession

We Once Overcame Economic Hardship, We Can Do It Again – Jonathan

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PDP May Offer Jonathan Automatic Ticket

Former President Goodluck Jonathan calls for unity among Nigerians to overcome economic hardship, highlighting past recoveries attributed to divine intervention. Former President Goodluck Jonathan has emphasized the need for collaborative efforts among Nigerians to advance the country. He expressed optimism that the economic hardship in Nigeria would be overcome with God’s grace. EDITOR’S PICK Minimum … Read more

Naira Stability: CBN Stops IOCs From 100% Income Repatriation

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Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has announced far-reaching measures to shore up the value of the Naira, with more liquidity in the Foreign Exchange (FX) market as it directed International Oil Companies to henceforth repatriate 50 percent of their revenue to Nigeria.

The bank also announced an end to cash Personal Travel Allowance (PTA) and Business Travel Allowance (BTA), as such allowances are henceforth to be obtained in cards.

According to Vanguard, CBN’s Director of Trade and exchange, Dr. Hassan Mahmud, issued two different circulars on the two measures which were released to Dealer banks Wednesday night.

CBN Governor, Michael Cardoso

Until now, IOCs paid their FX earnings 100 percent directly to their parent companies through what is called Subsidiary pools, without the Nigerian FX market benefitting from their export proceeds.

However, under the new policy, the CBN said IOCs will no longer be allowed to remit 100% of their forex proceeds to their parent company abroad as soon as they are earned.

Instead, they will be allowed to repatriate only 50% of their proceeds immediately while the other 50% must be repatriated to Nigeria and the amount held for at least 90 days in Nigeria from the day of inflow before being allowed to be taken out of the country.

The apex bank therefore directed, “banks to pool cash on behalf of IOCs, subject to a maximum of 50% of the repatriated export proceeds in the first instance, the balance of 50 % may be repatriated after 90 days from the date of inflow of the export proceeds.”

The CBN outlined documentation requirements to include: its approval for the repatriation of funds under the “Cash Pooling” transaction; a “Cash Pooling” agreement with the parent entity of the IOCs operating in Nigeria; Statement of Expenditure incurred in the period prior to the cash polling.

Wale Edun, Nigeria’s Minister Of Finance

Others are: Evidence of the source of foreign exchange inflow; and Completion of relevant forex form(s) as required under extant regulations.

The CBN directed all banks to inform their customers and comply with the regulation.

It said that it remained committed to the promotion of transparency in Nigerian FX market and would continue to develop policies to stabilize and deepen the market.

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UK Economy Slips Into Recession As GDP Drops By 0.3%

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Eko Hot Blog reports that the United Kingdom‘s economy has officially slipped into a recession, with the Gross Domestic Product (GDP) declining by 0.3 percent in December 2023, signalling a downturn across all main sectors. The UK’s Office for National Statistics (ONS) confirmed the contraction, marking a significant moment for the nation’s economic landscape. This … Read more

Challenging Economic Conditions Retard The Growth of Nigeria’s GDP

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Nigeria’s GDP growth slowed in Q3 2022 amid “challenging economic conditions.” Eko Hot Blog reports that Nigeria’s Gross Domestic Product (GDP) grew by 2.25% (year-on-year) in real terms in the third quarter of 2022. EDITOR’S PICKS Nigerians Can Now Renew Student Visas Without Interview – US Why I Approved Redesign Of Naira Notes – Buhari … Read more

Borrowing Brought Nigeria Out Of Recession – Finance Minister

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Recession

Recall that the minister had said Nigeria will fund its 2022 budget deficit, pegged at ₦6.258 trillion, through fresh borrowings Minister of Finance, Budget and National Planning, Zainab Ahmed has again backed recent borrowings by the Federal Government, maintaining that they were instrumental to the country’s exit from economic recession. Ms. Ahmed stated this on … Read more

Nigeria Exited Recession ‘Faster Than Expected’ – World Bank

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World Bank

Nigeria’s economic growth is expected to be slower than other countries in West Africa due to inflation, high unemployment and COVID-19 The World Bank has said that Nigeria moved out of recession faster than its forecasts had predicted. “Following a 6.1 percent year-on-year contraction in 2020 Q2, Nigeria’s economy contracted by 3.6 percent in 2020 … Read more

Lai Mohammed Urges Nigerians to blame OPEC For Recession

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Lai Mohammed

Minister of Information and Culture, Lai Mohammed, yesterday, cast blames on the Organization of Petroleum Exporting Countries (OPEC) as the major player responsible for the slowdown of the economy. According to the minister, “Nigeria recorded positive economic developments in 2020, but these seem to have been overshadowed by the country’s recession. As you are all … Read more

Recession: Board Member, London Business School, Proffers Solution.

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London Business

Recession Dr Alim Abubakre, an advisory board member, London Business School Africa Society has proffered lofty contributions with regard to how Nigeria can manage through the economic crisis of recession occasioned by the coronavirus pandemic. Abubakre, a Nigerian born lecturer at Coventry University, observed this while speaking on the urgent need for the Nigerian government … Read more

Opinion!!! Nigeria: From Pandemic To Depression

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By Abiodun KOMOLAFE Recession is simply defined as  ‘a difficult time for the economy of a country, when there is less trade and industrial activity than usual and more people are unemployed.’ To put it succinctly, recession is a vehicular expression of what is wrong with a domestic economy. Any economy will slide into recession … Read more

Restructuring: Nigeria Can’t Make Economic Progress With 1999 Constitution – Moghalu

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Kingsley Moghalu, former presidential candidate of the Young Democratic Party (YDP), says the 1999 constitution is sabotaging the Nigerian economy from attaining its full growth and potential. Ekohotblog had reported on Saturday that Nigeria had slipped into its worst economic recession in 33 years. after the economy contracted by 3.62 percent in the third quarter … Read more

Recession: Osinbajo’s Aide Optimistic About Recovery

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Osinbajo

Senior Special Assistant on Media and Publicity to Vice-President Yemi Osinbajo, says the Nigerian economy is on its path to recovery. Laolu Akande said this while reacting to the report stated by the National Bureau of Statistics which showed that Africa’s biggest economy entered a second recession in five years. The NBS, in its report … Read more

Recession: “Cut Cost Of Governance”, SERAP Urges Buhari

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NOVEMBER 22, 2020 Socio-Economic Rights and Accountability Project (SERAP) has asked President Muhammadu Buhari to cut the cost of governance and implement bold transparency and accountability measures in response to Nigeria’s latest economic recession. This was contained in a statement issued on Sunday by SERAP’s Deputy Director Kolawole Oluwadare. “Socio-Economic Rights and Accountability Project (SERAP) … Read more

Buhari’s Legacy Of Recessions

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Governors

By Fredrick Nwabufo ‘Why always Buhari?’ As it was in 1984 under General Buhari, so it is in 2016 and 2020 under President Buhari? Is it by the unfortunate hands of kismet, that recession hits Nigeria every time Buhari takes charge of the country’s affairs? If the recession of the 80s under Buhari was a … Read more

Nigeria Plunges Into Worst Recession In 33 Years After Economy Contracted In Q3 Of 2020

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Cooking gas, NBS

Nigeria economy has taken a turn for the worse as the country officially slid into its worst recession in over 30 years. The gross domestic product numbers released by the National Bureau of Statistics on Saturday, showed that the nation recorded a contraction of 3.62 percent in the third quarter of 2020. This is the … Read more

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