Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
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…
Nigeria is intensifying efforts to accelerate its value chain localisation initiative, involving key discussions with global stakeholders to achieve this goal. Chief Ajuri Ngelale, the Special Presidential Envoy on Climate Action, engaged in discussions with Chido Munyati, Head of Africa at the World Economic Forum, and Ms. Abir Ibrahim, Africa’s Regional Agenda Lead. Their talks…
Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, has reassured of the commencement of production of Premium Motor Spirit (PMS) also known as petrol by the Dangote Oil Refinery and Petrochemicals company this month. Edwin disclosed during an onsite visit to the Dangote Refinery at Ibeju-Lekki, Lagos, by S&P Global,…
In a bid to make New Zealand a more attractive destination for international students and their families, the government has announced revised visa policies. These changes will allow partners of international students enrolled in specific higher education programs to qualify for work visas. The revised guidelines target spouses of students enrolled in programs that align…
President Bola Tinubu has said it’s a shame that Nigeria generates 4.5GW of electricity despite the size of the country. Tinubu, who spoke while inaugurating a 31-member Presidential Economic Coordination Council at the Council Chamber, Presidential Villa Abuja yesterday. He stressed on the need for innovative solutions to the country’s economic challenges. According to Tinubu:…
President of the Dangote Industries Limited, Mr Aliko Dangote, says Nigeria has all it takes to turn its economy around within months. He stated this on Thursday while briefing State House reporters after President Bola Tinubu inaugurated the Presidential Economic Coordination Council (PECC). The PECC, tasked with strategising a way out of the current economic…
President Bola Tinubu on Thursday inaugurated the Presidential Economic Coordination Council (PECC) tasked with strategising a way out of the current economic situation in the country. The Council has a mix of government officials, top private sector players, and consultants including President of the Dangote Industries Limited, Mr Aliko Dangote; Chairman of the United Bank…
The Nigerian Senate is in moves to strengthen inter-parliamentary relations with other democratically developed countries and to enhance their oversight functions. Speaking at the Committee meeting on Inter-parliamentary Affairs, Senator Natasha Akpoti-Uduaghan representing Kogi Central Senatorial District disclosed that she, Senator Jimoh Ibrahim representing Ondo South District and other lawmakers would embark on a study…
The Nigerian National Petroleum Company Ltd (NNPCL) has commissioned 12 Compressed Natural Gas (CNG) stations in Abuja and Lagos in a move to alleviate the burden of high transportation costs on Nigerians following the removal of fuel subsidy by President Bola Tinubu administration. Recall that Tinubu on May 29, 2023 announced the removal of fuel…
Aliko Dangote, Chairman of the Dangote Group, has criticized the Central Bank of Nigeria (CBN) for raising the interest rate to nearly 30 percent. Speaking at the Banquet Hall of the State House in Abuja during the opening session of a three-day summit organized by the Manufacturers Association of Nigeria (MAN) on Tuesday, July 2,…
The Nigerian Army has denied authorizing some soldiers to harass and manhandle cocoa farmers last Saturday in their farms in Etung LGA of Cross River State. The information officer at the 13 Brigade of Nigerian Army army Càlabar, Cross River State, Capt Jemila Jimoh denied drafting any soldiers to accompany one Mr Mbu Liku, a…
Gov. Ahmadu Fintiri of Adamawa has pledged to sustain the payment of N10,000 monthly allowance to corps members deployed to the state. He also promised to introduce a payment of N20,000, at the end of each service year, to the corps members that served as teachers. Fintiri said this at the swearing-in ceremony of the…
Establishing the African Petroleum Regulators Forum (Afri-PERF) is essential for enhancing collaboration among Africa’s oil-producing countries, according to Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission. Speaking at the Nigeria Oil and Gas Conference in Abuja, Komolafe emphasized the need for collective strength in the evolving global energy landscape to secure suitable…
A Professor of Financial Economy, Sebastian Urummadu has advised the Federal government to restore the fuel subsidy and end multiple taxation, saying it would stabilise the economy. He also urged the Nigerian Labour Congress, NLC, to concentrate its demand on the restoration of fuel subsidy and the end of multiple taxation. Professor Urummadu who is…
The Nigeria Federal Government has removed five oil blocks earlier put up for the ongoing 2024 licensing round due to legal disputes. The Nigerian Upstream Petroleum Regulatory Commission confirmed the development in a recent circular. The five oil blocks are said to be under various litigation, however, NUPRC did not state the litigants. The affected…
The Nigeria Governors Forum has assured both citizens and organized labour that ongoing negotiations will result in an enhanced national minimum wage. In a communiqué released by the acting head of media and public affairs, Hajiya Halima Ahmed Salihu, it was stated that the new national minimum wage was a primary topic of discussion. “The…
The Federal Government of Nigeria has entered into an agreement with the Foundation for Sustainable Social Responsibility in Emerging Africa (FOSSREA) to advance the development of hydrogen as a sustainable energy source. In a statement, Mrs. Oluwakemi Ogunmakinwa, Deputy Director of Press and Public Relations in the Ministry of Petroleum Resources, announced that the Permanent…
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, on Tuesday said the apex bank is determined to tame inflation through conventional methods. He stated this during an interview with Bloomberg in London while sharing key insights on the current state of the market, mainly focusing on the stability of the naira and…
Kenyan President William Ruto vowed to take a tough line against “violence and anarchy” on Tuesday after protests against his government’s proposed tax hikes turned deadly and demonstrators ransacked parliament. Mainly youth-led demonstrations had been largely peaceful as they grew over the past week but chaos erupted in Nairobi on Tuesday, with crowds throwing stones…
Argentina, a country historically plagued by high inflation, has just experienced a landmark week. For the first time in three decades, there were no price increases in food and beverages, according to the private consulting firm Econométrica. This remarkable event occurred in the third week of June 2024, marking a break from a 30-year trend…
The Edo State governor, Mr. Godwin Obaseki, has linked Nigeria’s persistent rising inflation to the country’s inability to consistently produce and export goods and services. According to him, the trend continues to affect the nation’s economy negatively. Obaseki said this while receiving representatives from the World Bank, led by the organisation’s Task Team Leader, TTL,…
Operatives of the National Drug Law Enforcement Agency (NDLEA) have dismantled a shrine guarded by a snake used for storing illicit drugs in the Igor community of Benin City, Edo State. The NDLEA discovered a specially constructed large hole in a wall, hidden by wallpapers and surrounded by fetish objects, used for concealing drugs. According…
