Business news nigeria 2016

Here are some of the major business news stories in Nigeria for 2016:

1. Economic Recession: Nigeria's economy slipped into recession in the second quarter of 2016, with GDP contracting by 2.06%. The recession was caused by a combination of factors, including a decline in oil prices, a drop in oil production, and a decline in agricultural production.
2. Devaluation of the Naira: In June 2016, the Nigerian government devalued the naira by 30% to 285 per US dollar, in an effort to boost foreign exchange reserves and stimulate economic growth.
3. Fuel Subsidy Removal: In January 2016, the Nigerian government removed fuel subsidies, leading to a significant increase in the price of petrol from N97 to N145 per liter.
4. Power Sector Reforms: In 2016, the Nigerian government launched a series of reforms aimed at improving the power sector, including the privatization of power distribution companies and the introduction of a new electricity tariff.
5. Agricultural Sector Growth: Despite the economic recession, Nigeria's agricultural sector experienced significant growth in 2016, with the sector growing by 4.5% and contributing 22.4% to the country's GDP.
6. Investment in Infrastructure: In 2016, the Nigerian government launched several infrastructure projects, including the construction of new roads, bridges, and rail lines, aimed at improving the country's transportation network and stimulating economic growth.
7. Telecoms Sector Growth: Nigeria's telecoms sector experienced significant growth in 2016, with the number of mobile phone subscribers increasing by 10.5% to 155 million.
8. Banking Sector Consolidation: In 2016, several Nigerian banks merged or acquired other banks, leading to a consolidation of the banking sector and improved financial stability.
9. Oil and Gas Sector Challenges: Nigeria's oil and gas sector faced several challenges in 2016, including a decline in oil production and a drop in oil prices, which led to a significant decline in government revenue.
10. Entrepreneurship and Startups: In 2016, Nigeria's startup ecosystem experienced significant growth, with several startups raising funding and launching new products and services.

Some of the major business news stories in Nigeria for 2016 include:

• Dangote Cement: In 2016, Dangote Cement, Nigeria's largest cement producer, launched a new cement plant in Obajana, Kogi State, with a capacity of 6 million metric tons per annum.
• MTN Nigeria: In 2016, MTN Nigeria, the country's largest telecoms operator, launched a new mobile money service, called MoMo, aimed at increasing financial inclusion in Nigeria.
• Airtel Nigeria: In 2016, Airtel Nigeria, the country's third-largest telecoms operator, launched a new 4G LTE network, aimed at improving mobile internet services in Nigeria.
• First Bank of Nigeria: In 2016, First Bank of Nigeria, the country's largest bank, launched a new mobile banking app, aimed at increasing financial inclusion in Nigeria.
• Nigerian Stock Exchange: In 2016, the Nigerian Stock Exchange (NSE) launched a new trading platform, aimed at increasing efficiency and reducing costs for investors.

These are just a few examples of the many business news stories that made headlines in Nigeria in 2016.