The Central Bank of Nigeria, CBN, has assured of its willingness to continue intervention in the Inter-bank Foreign Exchange market in order to sustain liquidity and stability in the sector. Isaac Okoroafor, acting director, Corporate Communications Department, CBN, gave the assurance in Abuja, on Friday, September 8, stressing that the measures being taken by the Bank had yielded positive results as far as forex supply was concerned.

FG To Launch One-Stop-Shop For MSMES States

The Federal Government has resolved to launch one-stop shops in seven states and FCT to spur Micro, Small and Medium Scale Enterprises (MSMEs). The measure is also to facilitate smoother government’s regulation and the interface between entrepreneurs and agencies of government.

Telecoms Sector Adds N1.5tn To GDP

The country’s telecommunications sector contributed N1.549tn to the Gross Domestic Product in the second quarter of this year, representing 6.68 per cent increase from the first quarter’s figure of N1.452tn, the Nigerian Communications Commission has said.

Nigeria Out Of Recession

Nigeria is finally out of recession as data on the country’s Gross Domestic Product released on Monday by the National Bureau of Statistics (NBS) shows that the economy grew at 0.55 per cent in the second quarter of 2017. This is 2.04 per cent higher than the rate recorded in the corresponding quarter of 2016 and higher by 1.46 per cent points from rate recorded in the preceding quarter.

Weekly equity transactions on the Nigerian Stock Exchange (NSE) closed on Thursday on upbeat note as the All-Share Index grew by 1.42 per cent, News Agency of Nigeria (NAN) reports. The market index rose by 507.12 basis points to close higher at 336,116.19 against the 35,609.07 achieved on Wednesday.

The sustained strategic intervention of the Nigerian National Petroleum Corporation, NNPC, in the efficient supply and distribution petroleum products has led to significant fall in the prices of Premium Motor Spirit (PMS), also known as petrol, and Liquefied Petroleum Gas (LPG), also known as cooking gas, nationwide.

Old Notes Damages ATMs

An economic expert, Prof. Uche Uwaleke, has called on the Central Bank of Nigeria (CBN) to remove old and dirty notes from circulation. Uwaleke, an Associate Professor of Banking at the Nasarawa State University, said such notes were causing constant malfunctioning of Automated Teller Machines (ATMs), especially during pressure periods.

Address Economic Hardship, CAN Tells FG

The President, Christian Association of Nigeria, Rev. Samson Ayokunle, has called on the Federal Government to address the economic hardship and the high cost of living in the country which he said had reached an alarming level.

Borno Farmers Expect Bumber Harvest Following FAO Support

Some farmers in Maiduguri have expressed optimism of recording bumper harvests in the 2017 cropping season. They also commended the Food and Agriculture Organisation (FAO) for supporting displaced farmers to return to their farms. Thousands of displaced farmers supported by FAO cultivated their farmlands in Maiduguri and other liberated communities.

State Of The Art Dangote Tomato Factory Lying Idle

At a state-of-the-art Dangote Tomatoes plant in northern Nigeria, shiny machines stand next to a conveyor belt ready to crush tomatoes to satisfy the country’s insatiable demand for tomato paste. But a lonely cleaner mopping the floor is the only sign of activity in Nigeria’s biggest tomato factory, equipped with the latest Italian and German technology. There aren’t enough tomatoes to run it.