• Nigeria loses to South Africa as Africa’s largest economy

    Nigeria loses to South Africa as Africa’s largest economy

    More than two years after emerging the biggest economy in Africa, Nigeria has finally been dethroned by South Africa after its  economy regained the position in dollar terms with the value of their currencies moving in opposite directions.

    Using the Gross Domestic Product (GDP) at the end of 2015, published by the International Monetary Fund (IMF), the size of South Africa’s economy is $301 billion at the Rand’s current exchange rate, while Nigeria’s GDP is $296 billion. There after the rand […]

  • Nigeria loses $2.8bn to importation of foreign ICT products – Shittu

    Nigeria loses $2.8bn to importation of foreign ICT products – Shittu

    Barrister Adebayo Shittu, Minister of Communications, said that the federal government was ready to revalidate its directive on the patronage of locally produced ICT products and services by the Ministries, Departments and Parastatal (MDAs) as a means of promoting local content in the sector.

    Shittu disclosed that Nigeria was losing about $2.8billion yearly to the continued importation of ICT hardware and ceding about 70 per cent of the country’s technology market to the foreign brands.

    He decried the attendant capital flights from […]