Survey: Economic concerns dominate top business risks

Three of the top five global risks facing businesses over the next decade are economic threats, an annual survey by the World Economic Forum (WEF) has uncovered. After polling nearly 13,000 executives in over 130 countries, the WEF found that fiscal crises are considered the greatest threat to doing business internationally. Unemployment or underemployment was ranked the third-biggest challenge, while an energy price shock was rated fourth. The WEF said these risks are linked to social disruption, contributing to failure of national governance and profound social instability, which were ranked…

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70th Anniversary: China seeks greater economic cooperation

The Peoples Republic of China has declared  intention to strengthen its bilateral relations with Nigeria  through the pursuit of greater  economic cooperation  and massive infrastructural development in both countries. Chinese Ambassador to Nigeria, Zhou Pingjian, who disclosed this  in Abuja during the commemoration of the 70th Anniversary of the Founding of the People’s Republic of China, acknowledged that  China and Nigeria were  major developing countries of great influence in the world. Zhou also said that China  had  always  had close ties with Africa and  will continue  to strengthen  that solidarity …

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JUST IN: Nigeria’s economic growth slows in Q1 as oil sector shrinks

Growth in Nigeria’s fragile economy slowed to 2.01% in the first quarter as the country’s dominant oil sector shrank, the National Bureau of Statistics said on Monday. The annual pace dropped from the previous quarter’s 2.38%, when activity was likely to have been boosted by state spending in the run-up to February and March elections in which President Muhammadu Buhari won a second term. Nigeria’s Central Bank has forecast growth of 3% for 2019. The largely crude-dependent economy emerged from recession in 2017 and has been recovering in great part…

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‘Investors keen on Nigeria despite election uncertainty’

  Uncertainties over next month’s elections, global economic volatilities and pressure on Emerging Market assets, which may negatively impact sentiments for naira assets, are not likely to negatively impact investors’ interest in Nigeria in the medium to long term, United Capital Plc has said. In a report obtained by New Telegraph at the weekend, the financial services group noted that while Foreign Portfolio Investment outflow increased in the months leading up the election, they are anticipating net-capital inflow into Nigeria in 2019, especially after the polls next month. The firm…

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Economic challenges stall retail mall projects

Going by the current economic realities, there are indications that some of the retail mall projects scheduled for completion before the end of this year may not be feasible. These projects, nine in number, are expected to provide an additional approximately retail space of 65,000 square metres to the already existing malls in Nigeria. The new shopping mall projects are Benin Mall in Edo State, Capital and Novare malls in Abuja, Silver Valley mall in Port Harcourt, Royal Gardens, Twins Lake, Victoria Plaza, Westfield and Lennox malls in Lagos State.…

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FDC: Raising tax rates won’t stimulate economic growth

Although the Federal Government needs to urgently look for ways of boosting non-oil revenues in order to accelerate economic growth, raising tax rates should not be one of the strategies it may be considering, Financial Derivatives Company (FDC) Limited has said. The Lagos-based financial advisory and research firm gave this advice in a report obtained by New Telegraph last weekend. According to the FDC, while raising tax rates will lead to an increase in government revenue, it will, however, not stimulate economic growth. Specifically, the firm said: “Raising tax rates…

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Research institutes’ strike: Nigeria risks economic slump

STRIKE The indefinite nationwide strike of the three unions – ASURI, NASU and (SSAUTHRIAI – in the nation’s research institutes and other allied institutions, has entered its fourth month without any deliberate move or action by the Federal Government to address the crisis     Almost four months into the indefinite nationwide strike by the three workers’ unions in the country’s about 100 research institutes and allied institutions, there seems to be no concrete efforts by the Federal Government to address the crisis. The industrial action, which has since paralysed…

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The economic sanction of cow-meat boycott

BOLA BOLAWOLE TREASURES

You may have received text or WhatsApp messages asking you to sign on to a boycott of cow meat as a protest against ongoing herdsmen’s bestiality across the country and the federal government’s atrocious lackadaisical attitude towards it. Social and traditional media are awash with gory pictures and scary details of how Fulani herdsmen have turned Nigeria into killing fields akin to Rwanda, Burundi, and Kosovo while, like King Nero, President Muhammadu Buhari fiddles as this goes on. Many are they who say that Buhari has even been worse than…

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Fitch: Frontier emerging markets recorded positive growth in 2017

Economic performance across frontier emerging markets generally remained positive 2H17 as the global economy continued to strengthen and hard commodity prices increased, according to Fitch Ratings’ latest Frontier Vision chart pack. The agency stated that several countries saw rising GDP growth in 3Q17, including Nigeria, Ghana, Tunisia, Senegal, Mongolia, Vietnam, Belarus, Paraguay, Bolivia and Jamaica, although economic activity slowed in Sri-Lanka, Ecuador, Georgia, Belize, Cote d’Ivoire and Kenya. “Over two-thirds of 31 frontier EMs on JP Morgan’s Next Generation Market Index (NEXGEM) have seen an improvement in industrial production and…

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Author offers panacea to economic recession

  As the country wriggles out of the effect of economic recession which bit hard last year and dovetails to this year, an author, Mr. Nelson Oruh, proffers solution to global economic crises in his book, “Heavens Economy” (The Last Hope for Global Economic Reforms), which he recently launched in Lagos. He said that it is not by accident that the world is going through recession because God has plans for this present economic era. According to him, he has the assurance that economic recession is not heaven’s culture because…

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