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Nigeria’s economy has not recorded progress since 1995 – World Bank

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According to a new report released by World Bank group, Nigeria has been ranked among nations whose economies did not record progress between 1995 to 2018.

This was revealed in a report titled Africa’s Pulse released on Monday, April 8, which is an analysis of issues concerning Africa’s future.

According to the report, Nigeria was among the 19 countries which were at the bottom in terms of economic performance.

The other 18 countries are Angola, Burundi, Botswana, the Republic of Congo, the Comoros, Gabon, Equatorial Guinea, Liberia, Lesotho, Mauritania, Malawi, Namibia, Sierra Leone, Eswatini, Chad, South Africa, Zambia, and Zimbabwe.

A part of the report read: “These countries did not show any progress in their economic performance from 1995-008 to 2015-18. For instance, their median economic growth rate decelerated, from 5.4 percent per year in 1995-2008 to 1.2% per year in 2015-2018.

“The population in this group accounts for 33 percent of the region’s total population (similar to the top and middle terciles) and produces almost 60 percent of the region’s total GDP (which is much greater than the top and middle terciles).

“This group includes the three largest countries in the region – Nigeria, South Africa, and Angola – and comprises many commodity exporters. The bottom tercile’s average GDP per capita is about US$2,696.”

The World Bank said that its report’s yardstick for measuring economic performance is based on the average annual Gross Domestic Product (GDP) growth rates during the years.

The bank also added that the reason for the stagnation is connected with the fact that household consumption has been on the low because of high exchange rates, restrictions on foreign exchange and infrastructure constraints that have affected private investment.

The World Bank, however, added that there may be a slight change as growth may rise to 2.2% in 2020 and a bit high in 2021 at 2.4%.

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Nigeria: List Of Small Scale Businesses You Can Start With N10,000 (Video)

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Having a sustainable income is very essential for you to survive in Nigeria. With unemployment rate on the rise in the country, you might want to look for alternatives to make ends meet. Setting up a business venture might be the next step. With a minimum of N10,000, you can find something worth doing. All you need is the right information from the right source then you are good to go.

I guess you’re wondering what type of small scale business you can start up with such a small budget. This is where Information Nigeria comes in. Stay with us as we bring to you five business ideas you can start with a capital of N10,000.

1. Snacks making business:

This is a lucrative business in the country and it is one of the fastest ways to get returns on your money. A snack is a small service of food which is usually eaten between meals. In Nigeria, we have snacks like puff puff, akara, doughnut, chin-chin, meat pie, fish rolls and so on. I know you might have your reservations but people have shared their testimonies about how they were able to become successful from engaging in this type of small scale business. There are people who were even brought up by hard-working mothers, who fried Akara balls and puff puff by the roadside. You require very little capital to start the business but you need to find a good location to attract more customers. Learning how to make these snacks is also important and you need to be consistent.

2. Starting up an Indomie joint:

Food is a necessity because people need it to survive. Also, keep in mind that you can’t cater to the needs of everyone but you can make your mark. You need to buy a stove, pots, serving plates, spoons and forks, a carton of noodles and so on. Your culinary skills might also come in handy because you need to come up with different recipes.  You also need to set up your business at a populated location and ensure that the place is neat.

3. Okrika or bend down select:

This is a thriving business in the country due to the tough economy, You can set up the business of selling recycled clothes to people. Just like food, clothes are also a basic need because we wear them every day to cover our nakedness and we are always in need of new ones. Some people prefer okrika because they are durable and cheaper. A low-income earner wouldn’t be caught at a boutique as they would rather opt for clothes that are not very expensive. You could make use of social media to advertise your business and you also need to be creative. You don’t need to own a shop before you start selling and it is a business that will last. You could put in additional effort when you get the clothes by washing and ironing them to make them presentable.

4. Selling of recharge cards:

We consider this business idea as one of the best cause it doesn’t require much energy to set up. You can buy a certain amount of card, sell and promote your business online and also in your neighbourhood, place of worship, among others.

5. Running errands for people:

If you love shopping then this is your best option. Running errands for people is a great way to earn cool cash because not many people enjoy doing this and they would rather let someone else run them. Just like the name implies, you run errands for people and you get paid to do them. Some errand runners offer packages to their customers, which come with a fixed rate.

 Offering packages help you get money in advance and it lets you know well ahead of time how much work you can expect. If your errands involve lots of driving then you can consider charging for mileage as well.

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Kogi Introduces Levy On Every Loaf Of Bread

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Kogi Introduces Levy On Every Loaf Of Bread

Loaves of bread

According to reports, the Kogi State government will introduce a new tax on every baked bread in the state.

The Ministry of Commerce and Industry says the tax will help increase domestic revenue.

However, the state bakery association said they do not support the tax.

The Kogi State Government reportedly hired a consultant to levy bakers and caterers for every single loaf of bread and confectionery they produce in the state.

Also Read: #EndSARS Protests Politically Motivated – Kogi Governor

The state’s Ministry of Commerce and Industry appointed Musag Enterprises as the consultant.

The ministry made the introduction on November 9, through a memo signed by the Commissioner’s Permanent Secretary, Usman Ibrahim.

The memo was addressed to the chairperson, Association of Master bakers and Caterers of Nigeria, Kogi State branch.

The collection of the levy will reportedly start from November 16, 2020.

 

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CBN Opposes Suit To Remove Arabic Inscriptions From Banknotes

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CBN Opposes Suit To Remove Arabic Inscriptions From Banknotes

CBN, Abuja

The Central Bank of Nigeria (CBN) has opposed a suit before the federal high court in Lagos seeking to remove Arabic inscriptions on the naira notes.

CBN informed the court that it will cost a lot of money to discard existing notes and print new ones without the inscriptions.

Also Read: #EndSARS promoter, Rinuola reacts as CBN secures court order to freeze her account

The apex court also argued that Ajami is not a symbol or mark of Islam, but an inscription to help non-English speakers who are Ajami literate.

The apex bank made the submission in a counter-affidavit to a suit filed by Malcolm Omirhobo, a Lagos-based lawyer, before Mohammed Liman, presiding judge over the case.

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