Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
The Central Bank of Nigeria has directed all banks and other financial institutions to transfer all dormant accounts, unclaimed balances and other financial assets to its dedicated account. A circular released on Friday and signed by its acting Director of the Financial Policy and Banking Regulation Department, John Onojah, said all dormant accounts and unclaimed…
President Bola Tinubu on Friday in Abuja said the federal government would ensure that investments in key sectors of the economy follow clear timelines and are impactful on the lives of citizens. A statement by the Special Adviser to the President (Media & Publicity), Chief Ajuri Ngelale, on Friday, said President Tinubu made the promise…
The leadership of the House of Representatives have visited the Dangote Petroleum Refinery in Lagos. Speaker of the House of Representatives, Hon. Tajudeen Abbas, led the lawmakers who arrived at the refinery located in the Lekki Free Trade Zone in Lagos around 11am. Africa’s richest man and President of Dangote Group, Aliko Dangote, and top…
President Bola Tinubu has called for the strengthening of economic benefits in bilateral relations between Nigeria and its partner nations. He made this appeal while receiving Letters of Credence from the Ambassadors of Portugal, Jorge Adao Martins Dos Santos; the Socialist Republic of Vietnam, Bui Quoc Hung; and the State of Kuwait, Salim Khalifa Mohammed…
The 16th Emir of Kano, Muhammadu Sanusi II, has expressed deep concern over Nigerians’ severe economic hardships. His comments came during a ceremony for the distribution of free fertiliser to 52,800 smallholder farmers across Kano State’s 44 local government areas on Thursday. Addressing the gathering at the Government House, alongside the newly appointed second-class Emirs of…
The President of the Nigeria Labour Congress (NLC), Joe Ajaero, says the Organised Labour rejected a proposal by President Bola Tinubu to pay ₦250,000 minimum wage and increase petrol prices. “Accepting ₦70,000 was the best way to save Nigerians from further hardship,” Ajaero said on Channels Television’s Politics Today programme on Thursday shortly after Labour met with…
The Nigerian government plans to implement a 50 percent tax on the profits banks earned from foreign exchange revaluation in 2023 to fund an increase in workers’ minimum wage. This comes as President Bola Tinubu on Wednesday submitted proposed changes to the 2023 Finance Act to the National Assembly for approval. An All Progressives Congress…
The Special Presidential Envoy on Climate Action, Chief Ajuri Ngelale, has initiated discussions with global stakeholders to explore new opportunities for climate finance and risk mitigation platforms aimed at boosting renewable energy technology manufacturing in Nigeria. Chief Ngelale held a virtual meeting with the Managing Director of the Bank of Industry, Dr. Supo Olusi, and…
President Bola Tinubu is in discussions with the leadership of organized labour to resolve ongoing issues regarding the National Minimum Wage. A meeting was held on July 10 after the tripartite committee, established by the President to negotiate with labour, failed to reach an agreement. The government is proposing a National Minimum Wage of ₦62,000,…
The Federal Government has called on the newly reconstituted NEITI Board to enhance the agency’s commitment to domestic resource mobilization for Nigeria. Senator George Akume, Secretary to the Government of the Federation and Chair of the NEITI Board, issued this directive during the opening session of the NEITI Board retreat in Lagos. He urged the…
The IMF held its global growth expectations for 2024 steady in a report Tuesday even as it cut forecasts for the United States and Japan, while warning of inflation risks and trade tensions ahead. The International Monetary Fund expects the world economy to grow 3.2 percent this year, unchanged from its April forecast, according to…
The Chief of Defence Staff (CDS), General Christopher Musa has vowed to eliminate all acts of vandalism and other criminal activities throughout the Niger-Delta region. General Musa stated this on Tuesday at the Defence Headquarters in Abuja after a meeting with all security and intelligence agency heads he convened. The CDS said, “The truth about…
Human Rights Writers Association of Nigeria, HURIWA, has reminded President Bola Tinubu that the renewed hope he promised Nigerians is speedily turning to a forlorn hope. The group made the observation more than a year after Tinubu promised Nigerians that the economic hardship that followed the sudden hike in the fuel pump price will soon…
The Nigerian National Petroleum Company Limited (NNPCL) has announced that the Port Harcourt refinery will start refining crude oil by early August. Addressing an emergency session at the National Assembly’s joint committee on finance, the Group Chief Executive Officer of NNPCL, Mr. Mele Kyari, confirmed this development on Monday. He also mentioned that the Kaduna…
The World Bank, in collaboration with the Federal Ministry of Education, has announced a $10 million investment aimed at equipping Nigerian youths with essential employment skills. Dr. Mistura Rufai, an Education Specialist at the World Bank, disclosed this at a workshop held in Abuja on Monday. The initiative, under the Innovation Grant Facility of the…
The Federal Government has distributed 20 trucks of rice each to the 36 states of the Federation and the Federal Capital Territory (FCT), Abuja. The Minister of Information and National Orientation, Mohammed Idris, disclosed this after Monday’s Federal Executive Council (FEC) meeting. The minister said this is the first step as the government takes steps…
Africa’s richest man, Aliko Dangote, announced that the Nigerian National Petroleum Company (NNPC) Limited no longer holds a 20 percent stake in Dangote Petroleum Refinery. During a press briefing at the refinery on Sunday, Dangote revealed that NNPC’s stake has been reduced to 7.2 percent due to their failure to pay the remaining balance of…
The President of Dangote Group, Aliko Dangote, has announced that the group intends to list its multibillion-dollar companies – Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited, on the Nigerian Exchange Group in the first quarter of 2025. He said the move will allow Nigerians to participate in the ownership of these companies,…
Vice President Kashim Shettima has launched the Presidential Food Systems Coordination Unit (PFSCU) to tackle the rising commodity prices and overall food insecurity in the nation. The inauguration followed a presentation by Marion Moon, Technical Assistant to the President on Agriculture, at the Presidential Villa in Abuja. A statement from Stanley Nkwocha, Senior Special Assistant…
The Federal Government has brought charges against eight Chinese nationals and one Nigerian for engaging in illegal mining activities in the Lokpaukwu community of Umuchieze, Umunneochi Local Government Area, Abia State. In a statement released by Segun Tomori, the Special Assistant on Media to the Minister of Solid Minerals Development, the suspects were apprehended by…
The meeting between President Bola Tinubu and the leadership of the organised labour concluded without any clear details on the discussions held. Following the one-hour session, Joe Ajaero, President of the Nigeria Labour Congress (NLC), informed the press that financial matters were not part of their discussion with the President. When asked whether the meeting…
The Senate Chief Whip, Ali Ndume, has said that President Bola Tinubu is unaware that Nigerians are angry and going through severe hunger. Ndume made this known while speaking with newsmen at the National Assembly complex in Abuja on Wednesday. He said the president is just in the Presidential Villa and being fed with lies…
President Bola Tinubu will meet with the Organised Labour in Abuja on Thursday to further discussions on a new minimum wage for workers in Nigeria. A top labour source told Channels Television that the President invited the leadership of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) to the meeting expected to be held at…
According to data from the Central Bank of Nigeria, Nigeria’s external reserves have reached $35.05bn as of July 8, 2024. This is the first time it has crossed the $35bn ceiling under the administration of President Bola Tinubu. According to CBN’s data on external reserves, as of May 30 2023, the reserves were $35.09bn, about…
Nigeria’s Federal Executive Council (FEC) has announced the approval of 2,000 tractors, 4,000 disc ploughs, 1,200 tractor trailers and other equipment under its National Agricultural Mechanization Programme, NAMP, to promote food security in Nigeria. Bayo Onanuga, President Bola Tinubu’s Special Adviser on Information and Strategy disclosed this in a statement on his X handle, outlining…
President Bola Ahmed Tinubu has approved the creation of a new Ministry of Livestock Development. This came as he inaugurated the Renewed Hope livestock reform implementation committee at the State House, Abuja, on Tuesday. The committee is mandated to provide sector-focused solutions to address the age-long farmers-herders crisis. On September 14, 2023, the National Livestock…
The Nigerian Electricity Regulatory Commission(NERC) has cautioned Nigerians against paying for electricity distribution infrastructures such as transformers, cables or poles. In a statement shared alongside a video on X(Twitter) on Tuesday, NERC stressed that consumers should not be coerced into purchasing transformers, cables, or poles, as this responsibility lies squarely with the distribution companies. The…
The Coalition of Ethnic Nationalities Youth Leaders in Nigeria have expressed anger over the worsening fuel scarcity in the country. It could be recalled that the youths, under the aegis of Nigeria Ethnic Nationality Youth Leaders Council Worldwide, had slammed a one-week resignation ultimatum on the Managing Director of the Nigerian National Petroleum Corporation Limited,…
Members of the Non-Academic Staff Union of Educational and Associated Institution, NASU, of the Federal University of Agriculture, Abeokuta, FUNAAB, and the Senior Staff Association of Nigerian Universities, SSANU, on Tuesday staged a peaceful protest. The protesters marched from the Secretariat of the unions to the Senate building on the campus with placards carrying inscriptions…
— Says over 2,000 hectares of farmland sold, 10,000 farmers to be displaced — Two million cocoa trees to be destroyed — Approach court asking for revocation of Certificate of Occupancy Cocoa farmers in the Oluwa Forest Reserve in eight settlements, in the Odigbo council area of Ondo state, have protested against the sales of…
The Federal Government has announced a 150-day duty-free import window for certain food commodities, suspending duties, tariffs, and taxes on imports through land and sea borders. In a statement on Monday, the Minister of Agriculture and Food Security, Abubakar Kyari, revealed that duties, tariffs, and taxes on imported maize, husked brown rice, wheat, and cowpeas…
