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Business Solutions General News

Afreximbank, U.S EXIM sign a US$500 million MoU

Washington DC (U.S.), Dec. 20. 2022 – African Export-Import Bank (Afreximbank) has signed a Memorandum of Understanding (MoU) with the Export-Import Bank of the United States (U.S. EXIM) to enhance trade between Africa and the United States of America. The MoU is also to expand commercial engagements of the African Diaspora community in the U.S. toward facilitating transactions critical to the economic growth of both the U.S. and Africa. The two banks will support trade and economic integration in Africa and across a broad range of trade-enabling sectors, including helping to …

Business Planning General News

Inflation rises to 21.47%

Nigeria’s inflation rate rose to 21.47 per cent in November due increased food demand in the festive season. The National Bureau of Statistics’ “Consumer Price Index” for November 2022 released on Thursday, said the figure was 0.38 per cent higher than the 21.09 per cent recorded in October 2022. “In November 2022, on a year–on–year basis, the headline inflation rate was 21.47 per cent. “This was 6.07 per cent points higher compared to the rate recorded in November 2021 which was 15.40 per cent. “This means that in the month …

Business Planning General News

Sanwo-Olu commends small-scale businesses for resilience

Lagos, Nov. 30, 2022 – The Lagos State Governor, Mr Babajide Sanwo-Olu,  has commended the resilience of small and medium scale entrepreneurs despite the harsh business environment Sanwo-Olu, who was represented by the state Commissioner for Commerce, Industry and Co-operatives, Mrs Lola Akande, gave the commendation at the closing ceremony of the 2022 Lagos International Trade Fair held yesterday. He commended the exceptional will-power of participants, especially the small and medium entrepreneurs, whose level of participation at the annual exhibition had remained very strong.” Sanwo-Olu said that the realities of the …

Business Planning General News

Research coy predicts higher 2.7% GDP growth for Nigeria in 2022

Lagos, Nov. 30, 2022 – United Capital Research, a Nigerian research firm, has predicted a 2.7 GDP growth rate for Nigeria in 2022. The research firm gave this projection in its economic outlook for the year, a copy of which was made available to the Global Business News in Lagos on Wednesday. It also predicted that the last quarter of 2022 will record a GDP growth rate of 2.0 percent, describing the 2.3 percent real GDP recorded in the third quarter of 2022 as the eighth consecutive high GDP growth rate …

Business Planning Money market

Nigeria’s GDP declines by 1.78% in Q3 2022

Abuja, Nov. 25, 2025 – Nigeria ‘s Gross Domestic Product (GDP) dropped by 1.78 percent in the third quarter of 2022 from its level in the corresponding period in 2021. The GDP grew by 2.25 percent in real terms in third quarter of 2022 against the 4.03 growth rate recorded in the third quarter of of 2021. The Nigerian Bureau of Statistics (NBS) gave the statistics on its website. It attributed the decline to the base effects of the recession and the challenging conditions that impeded productive activities. The GDP …