The federal government had changed the baseline for calculating Gross Domestic Product for the first time since 1990, and as a result the economy was boosted by around 75%. This was thanks, in part, to the contributions of accelerated sectors like telecoms and entertainment.

National Assembly to pass 2016 budget today by John Ameh and Sunday Aborisade, Abuja – After weeks of delay, both chambers of the National Assembly received a report on the 2016 budget on Tuesday from the Senate and the House of Representatives Joint Committee on Appropriation

Nigeria has devalued the naira, saying a drop in oil prices had made it hard to defend its currency. The country’s bank central bank also raised interest rates from 12% to 13% in a bid to stem foreign reserve loses.

Six Questions African Policymakers Must Answer Now – Essay by by Ngozi Okonjo-Iweala The “Africa rising” story of the past decade, fueled by 5 percent average annual growth, is in danger of faltering, due to the impact of global uncertainty, depressed commodity prices, and weakly performing economies like China. Don’t be lulled by the IMF’s 2016 forecast: yes 4 percent growth will outperform global expectations, but continued commodity price volatility and global uncertainty are giving rise to a fresh bout of Afro-pessimism. To change the narrative, and — more importantly — the reality it describes, African policymakers must urgently answer these six questions.

Why Nigeria is the Next Economic Power – Nigeria is Africa’s largest economy. With a population of 177 million people whose incomes and opportunities are rising, it is poised to be one of the world’s 20 largest economies within the next decade. This economic assent is powered by an average growth rate of 6.4% over the past five years, one of the fastest in the world.

Nigeria says too much boom time oil savings spent on state governors – By Camillus Eboh and Julia Payne – Reuters. ABUJA (Reuters) – Nigeria’s finance minister said on Thursday that a significant portion of the billions of dollars drained from the oil savings account over the past two years was distributed to powerful governors instead of being saved for a rainy day.

Nigeria’s embattled currency, the naira, has continued to slide on the back of low oil prices, closing at record intra-day lows against the dollar, even as the central bank intervenes.

CNN)Ever hopped in a taxi and sat in traffic for hours whilst pedestrians and cyclists sailed past your window? If so, you may wondered whether you’re part of the problem and not the solution. As public transport networks continue to improve in many African cities, taxis remain a common mode of getting around

Cocoa Production Still A Family Enterprise In Nigeria –US The United States, US says it is worried by the fact that cocoa production is still raised by hand, not by machine, and remains a very labor-intensive commodity to produce in Nigeria.

Onitsha in Nigeria has one of the world’s biggest markets Nigeria has Africa’s largest economy. It is mostly known for oil, but that wealth has not trickled down. As it joins the global economic top table, what kind of businesses and businesspeople are thriving in Africa’s most populous nation?

The Nigerian central bank has imposed new foreign exchange controls to try to stem the flow of dollars out of the country. It means importers will not be able to get hard currency to buy a list of 40 items ranging from rice to cement. The list includes Indian incense, plastic and rubber products, soap and even private jets.

More foreign investors are switching out of Nigerian bonds into forwards speculating on the naira’s future value, a report has stated. For instance, Bloomberg cited the case of Bryan Carter, who oversees almost $500 million for Acadian Asset Management Incorporated who is also switching out of the Nigerian bonds into forwards speculating on the naira’s future value. Record-high yields on the derivatives imply a 25 per cent loss against the dollar over the next year. This Carter said is too much.