Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
A Director at the Security and Exchange Commission (SEC), Abdulkadir Abbas, has stated that the operations of Binance negatively impacted Nigeria’s financial system. Appearing before a Federal High Court in Abuja heard on Friday, May 17, Abbas who is the Director of Registration, Exchanges and Market Infrastructure Department at SEC disclosed that not only…
President Bola Tinubu affirmed that Nigeria is a safe hub for investments and pledged his administration’s support to foster a thriving business environment. During a meeting on Friday with a delegation led by Mr. Dai Hegen, chairman of the China Railway Construction Corporation (CRCC), at the State House in Abuja, Tinubu assured the Chinese executives…
The Federal Government plans to establish a regulatory framework to protect the gemstone and jewelry industry from sabotage. Dr. Dele Alake, Minister of the Solid Minerals Department, announced this at a National Gemstone and Jewelry Show and the graduation ceremony for students trained under the Mineral Sector for Economic Diversification (MinDiver) project in Abuja. Dr….
The Federal Government and governors from 32 states have agreed to establish a joint committee to address ongoing issues in the mining sector nationwide. This decision emerged from a significant meeting between the Nigerian Governors Forum, led by Kwara State Governor AbdulRahman AbdulRazaq, and the Minister of Solid Minerals, Dr. Dele Alake. The initiative represents…
The Trade Union Congress (TUC) has condemned the N48,000 proposed by the Federal Government as the new minimum wage, saying that it does not make any sense. The TUC President, Festus Osifo, on Wednesday blasted the proposal and berated the government for not being serious in the negotiation with the workers. According…
Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, has commended President Bola Tinubu for the courage and vision in ending fuel subsidy, saying the decision has led to increased investments in unlocking the Nation’s huge gas potential for the benefit of citizens, the economy and environment. The minister stated this in an address at the…
The World Bank has barred 59 Nigerian companies and individuals for engaging in corrupt practices and other procurement offences. This is according to a document recently released on its website, ‘World Bank Listing of Ineligible Firms and Individuals Notes on Debarred Firms and Individuals’. Among those affected are 39 Nigerian companies previously debarred by the…
The local equities market yesterday closed on a negative note as selloffs on Nigerian Exchange Group Plc and 29 others dragged the capitalisation lower by N74 billion. The All Share Index (ASI) declined by 130.56 points, representing a decline of 0.13 per cent to close at 97,343.42 points. Accordingly, market capitalisation shed by N74 billion…
The National Bureau of Statistics (NBS) says Nigeria’s inflation rate rose to 33.69 percent in April, as prices of food and non-alcoholic beverages soared. The NBS shared the inflation data in its consumer price index (CPI) report on Wednesday. “Looking at the movement, the April 2024 headline inflation rate showed an increase of 0.49% points…
The Cross River State Government has secured $3.5 billion in funding from Afreximbank in Cairo for the Bakassi Deep Seaport Project. Governor Bassey Edet Otu announced this development via his official X (formerly Twitter) handle on Tuesday. According to Governor Otu, the collaboration between the state government and Afreximbank will foster economic growth and development…
Rivers State Governor, Siminalayi Fubara, has revealed that the state is heavily in debt and that his administration inherited a huge debt profile from the previous administration of Nyesom Wike. Governor Fubara stated this on Tuesday during the commissioning of the Aleto-Ogale-Ebubu-Eteo Road, (also known as Old Bori Road in Eleme Local Government Area of…
The Federal Government may need to raise a supplementary budget to accommodate the proposed minimum wage increase for workers. This is because the negotiated amount may surpass the budgeted amount in the original 2024 budget. The International Monetary Fund gave this recommendation in its latest staff country report for Nigeria. “The authorities noted that a…
The Nigerian Ports Authority (NPA) has announced that it has successfully cleared the notorious decade-long gridlock on the Mile 2-TinCan-Apapa corridor, home to the TinCan and Apapa ports. The announcement was made through a post on the NPA’s official X (formerly Twitter) account on Monday. According to the NPA, this success was made possible through…
Members of organised labour are currently protesting at the Nigerian Electricity Regulatory Commission (NERC) in Lagos and Abuja. The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC), are protesting the increase in electricity tariff for customers under the Band A category. On April 3, NERC approved an increase in electricity tariff for customers…
Business activities came to a halt at the head office of the Yola Electricity Distribution Company (YEDC) in Maiduguri, the capital of Borno State, as organized labour staged a protest against the recent electricity tariff increase by the Nigeria Electricity Regulatory Commission (NERC). As early as 6:30 a.m., workers gathered at the Yerwa Business office…
The organised labour will on Monday (today) commence nationwide protests over the electricity tariff hike and removal of subsidy from the power sector by the Federal Government. The National Treasurer of the Nigeria Labour Congress, Olatunji Ambali and the National Deputy President of the Trade Union Congress, Tommy Etim, who confirmed the planned protests to…
The Nigerian Police Force (NPF) has declared Dorcas Adeyinka, a Nigerian blogger based in the United Kingdom, wanted on multiple allegations including cyberstalking, abduction, and murder. The notice was issued on Sunday and posted on NPF’s Facebook page on the order of the the Inspector-General of Police. Dorcas, who has been a notable figure online,…
The Economic and Financial Crimes Commission has barred foreign missions based in Nigeria from transacting in foreign currencies and mandated them to use Naira in their financial businesses. The EFCC has also mandated Nigerian foreign missions domiciled abroad to accept Naira in their financial businesses. The anti-graft agency said the move is to…
The Economic and Financial Crimes Commission (EFCC) has issued a stern directive to foreign missions operating in Nigeria, mandating them to conduct all financial transactions in the local currency, the naira. In a letter addressed to the Ministry of Foreign Affairs, EFCC Chairman, Ola Olukoyede, emphasized the imperative for Nigerian embassies abroad to adhere strictly…
Amid Nigerians battling with fuel scarcity, a filling station has been sealed off by the Nigerian Midstream and Downstream Petroleum Regulatory Authority for allegedly diverting 18 trucks of Premium Motor Spirit. The filling station named Batoson OiI and Gas Limited is situated at Mararaba, Baissa Kurmi Local Government Area of Taraba State. …
The International Monetary Fund (IMF) has released its projection for Nigeria’s growth rate in 2024, estimating it to be at 3.3%. This forecast is underpinned by anticipated improvements in both oil and agriculture sectors, coupled with enhanced security measures. According to a statement from the IMF headquarters in Washington D.C., Nigeria’s financial sector has shown…
The World Bank said yesterday the conditional cash transfer programme of the Federal Government has had limited impact on household consumption and financial inclusion. The Bretton Woods institution disclosed this in its latest report, titled, ‘Beta Don Come: Effects of Cash Transfers on Women and Households in Nigeria’. According to the report, the intervention also…
•Backs recapitalisation of banks, tax raise, FX reform •Keeps Nigeria’s 2024 growth forecast at 3.3% •Says petrol subsidy will be fully off in 2yrs The International Monetary Fund (IMF) has cautioned the Federal Government against the proposed amendment of the Act establishing the Central Bank of Nigeria (CBN), calling rather for the strengthening of…
The House of Representatives has issued a directive to the Central Bank of Nigeria (CBN), instructing the suspension of the proposed implementation of a 0.5% cybercrimes levy on electronic transactions conducted by bank customers. Consequently, the House mandated the CBN to retract the existing ambiguous circular and issue a clear directive in alignment with the…
The Presidential candidate of Labour party in the 2023 general election, Peter Obi, has condemned the Federal government over the introduction of the Cybersecurity levy. In a statement released this morning May 8, Obi said the “introduction of Cybersecurity Levy is further proof that the government is more interested in milking a dying economy instead…
President Bola Tinubu returned to the country on Wednesday morning from his trips to the Netherlands, and Saudi Arabia. It was reported that the president landed in Abuja and was welcomed by some of the officials of his administration to Aso Rock. Recall that there have been national discussions on the whereabouts of the…
The deadlock between Governor Siminalayi Fubara and the Rivers State House of Assembly persists as the Assembly intensifies its scrutiny of the state’s Public Procurement Law, culminating in a veto standoff. During Monday’s plenary session, Speaker Martin Amaewhule leveled accusations of fiscal mismanagement and unauthorized spending against the governor, sparking heated debate over the state’s…
The federal government has unveiled plans to remove the naira from all peer-to-peer (P2P) exchanges, a decision aimed at tackling concerns related to the manipulation of the local currency’s value in the foreign exchange market. The announcement was made by Emomotimi Agama, the Director General of the Securities and Exchange Commission, during a virtual conference…
The federal government has unveiled plans to remove the naira from all peer-to-peer (P2P) exchanges, a decision aimed at tackling concerns related to the manipulation of the local currency’s value in the foreign exchange market. The announcement was made by Emomotimi Agama, the Director General of the Securities and Exchange Commission, during a virtual conference…
President Bola Tinubu has given the assurance that his administration would continue to put in place policies for the industrialisation of the country. A statement by the presidential spokesman Ajuri Ngelale, said Tinubu disclosed this when he received a delegation of the African Association of Automotive Manufacturers and the Nigerian Automotive Manufacturers Association. The President, represented…
Young serial investor, Osborn Nweze Umahi, is emerging as a powerhouse businessman in Nigeria and in Africa. Born 24 years ago, Osborne Nweze, the son of minister of Works, Dave Umahi, is changing the narrative about the reliance of sons of the rich on the pedigree and profile of their parents. Groomed and sharpened by…
