Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
The Minister of Budget and Economic Planning, Atiku Bagudu, tendered the apology in Abuja yesterday, May 22, at the Ministerial Sectoral Update as part of activities for the one-year anniversary of President Bola Ahmed Tinubu. He said the way-out “is to restore macroeconomic stability that will ensure that investors, both domestic and international, put…
The monetary policy committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates, from 24.75 percent to 26.25 percent. This comes after Nigeria’s inflation rate rose to 33.69 percent amid the surge in food prices. Olayemi Cardoso, CBN’s governor, announced the monetary policy rate adjustment at…
Chief Executive Officer (CEO) of TotalEnergies, Patrick Pouyanne, has explained why they will be investing $6 billion in energy projects in Angola instead of Nigeria. Explaining why they took the decision, Pouyanne who spoke with panellists of the Africa CEO in Kigali, Rwanda, said the inconsistency in policy making decisions led to the diversion of…
Nigerian Railway Corporation workers has issued a seven-day ultimatum to Governor Peter Mbah of Enugu State to negotiate on how to replace all the properties that was demolished illegally or be dragged to court. The workers staged a peaceful protest to register their displeasure over the demolition of their offices, staff quarters, training schools,…
A Nigerian lady, Helen Williams, has set a world record for making the ‘wildest wig’, the Guinness World Record revealed on Monday. The GWR stated in a blog post that Helen “crafted a hairpiece that’s 3.65 m (11 ft 11 in) wide and trails all the way to the floor,” which is equivalent to a…
The Federal Government, on Monday, urged the United Arab Emirates to invest in the renewal and reconstruction of the more than 50-year-old oil pipelines in Nigeria, stressing that the facilities had outlived their lifespans. It also stated that Nigeria and the UAE were on the same page concerning oil exploration as crude oil drilling would…
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), the Chief Justice of Nigeria, Justice Olukayode Ariwoola; the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, have expressed support for the proposed 300% increase in the salaries and allowances of judicial officers in the country. Fagbemi expressed displeasure…
The Organised Labour comprising the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) has reiterated its May 31, 2024 ultimatum to the Federal Government to meet all of its demands which includes implementation of a new national minimum wage and reversal of the hike in electricity tariff. This followed a Monday emergency meeting of…
The Central Bank of Nigeria has retracted its directive asking banks and payment service providers to collect and remit the cybersecurity levy as outlined in the Cybercrime Prevention and Prohibition Amendment Act of 2024. The apex bank announced this in a revised circular dated May 17, 2024. The circular, signed by the Director of Payment…
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…
