Debt threatens FG’s economic recovery plan

Nigeria’s recently launched Economic Recovery and Growth Plan (ERGP2017-2020) appears to have been generally well received by industry experts. However, the country’s already high debt service ratio in proportion to income, is raising concerns in some quarters about government’s ability to fund the scheme. TONY CHUKWUNYEM writes   Nearly two years after he assumed office, President Muhammadu Buhari last Wednesday, launched what his administration has tagged the Nigeria Economic Recovery and Growth Plan (NERGP2017-2020). Although the event came about a month after the Ministry of Budget and National Planning posted…

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Manufacturing: Surviving under FG’s economic recovery plan

Last week, the Federal Government formally launched the Economic Recovery and Growth Plan (ERGP) 2017-2020, where the country’s manufacturing sector is expected to play a critical role. Stakeholders are anxiously waiting to see the sector’s growth under the plan. TAIWO HASSAN reports     Globally, the manufacturing sector is always the backbone of industrialisation and one of the highest employers of labour among sectors that constitute economic development. Regrettably, the same cannot be said of Nigeria as the sector has been facing challenges propped up by government’s macro-economic policies, infrastructural…

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US stocks struggle amid pick up in volatility

US stocks tumbled yesterday as volatility measures continued to climb. Havens, including gold and Treasuries, edged higher, but oil fell slightly after a government report showed stockpiles dropped from record levels while production increased. The S&P 500 Index was down 0.45 per cent at 2343.29 in New York, while the Dow Jones Industrial Average fell 0.30 per cent to 20,571.37. The Chicago Board Options Exchange SPX Volatility Index, better known as the VIX, rose four a fourth consecutive day, gaining 5.6 per cent. The index has increased more than 23…

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Shareholders endorse UBA’s N19.9bn dividend

Shareholders of United Bank for Africa Plc (UBA) at their 55th Annual General Meeting (AGM) held in Lagos last weekend approved the payment of a final dividend of N19.9 billion declared by the lender for the financial year ended Dec 31, 2016. The dividend translated to a final dividend of 55 kobo per share against 40 kobo per share paid in the corresponding period of 2015. This was in addition to the 20 kobo interim dividend earlier paid by the bank, bringing the total dividend to 75 kobo against 60…

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Customs, Licensing Office should synergise on smuggling, duty evasion – Onuora

Prince Ben Onuora is a Fellow and past Chairman of the Research & Advocacy Committee of the Institute of Directors (IOD), Director of notable companies, including Consolidated Hallmark Insurance Plc and Vestor Group Limited. Onuora, who is also the Managing Partner, Benon Chambers, a Lagos-based law firm, spoke to CHIJIOKE IREMEKA on burning issues in Nigeria’s economy What is your take on the ban on rice and vehicle importation through the land borders? First of all, why do Nigerians patronise the land borders to bring in goods from neighbouring countries?…

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