Nigeria

Nigeria plans to lower taxes for small and medium-sized companies to create more jobs, the finance ministry said on Thursday.

Nigeria’s central bank left its main lending rate unchanged as it weighed supporting the currency and fighting inflation while propping up an ailing economy.

According to the Nigerian Bureau of Statistics (NBS), the country’s gross domestic product (GDP) for the second quarter of 2016 contracted by 2.06 percent to record its lowest growth rate in three decades to send Africa’s biggest economy into a recession.

It was celebration galore on Monday when President of the Dangote Group and Africa’s richest man, Alhaji Aliko Dangote led other dignitaries to flag off Nigeria’s first full-fledged technology bank, SunTrust Bank.