Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
The Nigerian government has reiterated its commitment to fulfilling the agreements made with organized labor concerning the overall welfare of workers and related issues. This affirmation was made in a statement by Segun Imohiosen, the Director of Information in the office of the Secretary to the Government of the Federation, Abuja. Imohiosen disclosed that the…
The Coalition of June 12 Activists, representing various pro-democracy groups advocating for a better Nigeria, has advised Nigerians to refrain from protesting against the country’s economic challenges. This statement comes in response to calls from certain groups, both domestically and internationally, urging Nigerians to protest against the prevailing hardships. Awa Bamiji, the National Coordinator of…
Nigeria Nigeria Customs Service says it is determined to intensify efforts to curtail the menace of illegal exportation of Nigeria’s grains to other African countries to ensure adequate food security for citizens. Zonal Coordinator Zone B of the service, Ify Ogbudu, disclosed this when she paid a courtesy call to the Emir of Kano, Alhaji…
Amid escalating food prices in Nigeria, Dr. Emmanuel Chuks, the Founder and President of the Global Youth Skills Acquisition and Poverty Eradication Organization (GYSAPEO), has called for the Federal Government to significantly enhance its investment in agriculture. Chuks emphasized the urgency of this action during a visit from Apostle Emmanuel Iren, the Senior Pastor of…
The Nigeria Employers’ Consultative Association, NECA, has called on the Federal Government to take actions to improve the operating environment for businesses in the country. It wants such action to enable businesses to return to an improved level of stability that would support decent employment. This is contained in a statement Tuesday by NECA’s Director-General,…
The Nigeria Agricultural Quarantine Service (NAQS) has increased the deployment of officers to both land and sea borders in order to deter hoarders and smugglers of food items and other agricultural produce. This decision, announced by the agency in a statement on Monday, aims to complement the Federal Government’s initiatives to stabilize food prices across…
In a landmark ruling, the Federal High Court, Abuja, has delivered a decisive verdict restraining key government officials and entities from encroaching on the Centenary Economic City Free Zone along Airport Road, Abuja. Judge Inyang Ekwo, in a historic judgement, has issued a sweeping injunction preventing Minister of Federal Capital Territory (FCT), Nyesom Wike,…
The Central Bank of Nigeria, CBN, under President Bola Ahmed Tinubu, increased the Customs duties exchange rate for the third time in 2024. Import duties have been reviewed upward to N1,417.63 per US dollar from N1,413.62. With the upward review, Nigerians will pay more to clear their goods at the port because import duties are…
Two leading agro-processing firms in Nigeria, Olam Agri and Premier Feed Mills, PFM, have temporarily suspended the offtake of Maize and Sorghum amid economic hardship and the food crisis in the country. In separate statements dated February 16, 2024, the firms said the move was part of efforts to manage the ongoing food insecurity and…
By Akinseye temitope G. H22/Mac/0119 Department of Mass Communication The Polytechnic Ile-Ife, Osun State The Nigerian economy faces a complex challenge as the naira experiences a continuous decline against the US dollar, intensifying existing economic vulnerabilities. In the parallel market, the naira witnessed a significant drop to N1,510 per dollar from its previous rate of…
In response to the current economic struggles in Nigeria, Pastor Enoch Adeboye, the General Overseer of the Redeemed Christian Church of God, conveyed optimism about the nation’s imminent resolution. Stressing that the issues are spiritual rather than political, he highlighted Nigeria’s abundant resources and the intelligence of its people. During his visit to Governor Uba…
Nigerian Naira reached an unprecedented low, sliding to N1,534.39 against the US dollar in the foreign exchange market on Monday. FMDQ data reveals a stark depreciation from Friday’s rate of N1,469.97, marking a 4.2% or N64.42 decline. This notable drop mirrors the exchange rate observed on Monday, January 29, coinciding with the Central Bank of…
By Annan maryann ND/22/MAC/0088 Department of Mass Communication The Polytechnic Ile-Ife, Osun State Nigeria, a vibrant and populous nation in West Africa, navigates a complex economic journey influenced by diverse factors such as rich natural resources, demographic dynamics, historical context, and contemporary challenges. This exploration delves into the intricate facets of Nigeria’s economic framework, shedding…
The Auditor-General of the Federal Republic of Nigeria, Shaaka Chira has demanded accountability from the Central Bank of Nigeria (CBN) regarding an elusive $4.5 billion within the country’s foreign reserves. The call for clarification stems from an audit report released by the Office of the Accountant General, revealing an unexplained deficit in Nigeria’s foreign reserves…
The Economic and Financial Crimes Commission (EFCC) has officially declared Margaret Emefiele, spouse of the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, alongside three other individuals, as wanted in connection with alleged money laundering activities. The EFCC accuses Margaret Emefiele, Eric Odoh, Anita Omoile, and her husband Jonathan Omoile of actively participating in…
President Bola Tinubu has officially endorsed the Electricity Act (Amendment) Bill 2024, solidifying its status as law. The announcement came from Ajuri Ngelale, Special Adviser to the President, in a statement issued on Friday. The legislative journey of the bill saw the House of Representatives passing it on July 27, 2023, followed by the Senate…
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says Nigeria and the World Bank are working towards strengthening mutually beneficial bilateral relations. Edun said this when he received the World Bank Managing Director of Operations, Ms Anna Bjerde, who was on a two-day visit to Nigeria. The News Agency of…
Fuji legend, Wasiu Ayinde, popularly known as Kwam 1, has expressed concerns about the growing economic hardship and widespread insecurity under President Bola Tinubu’s administration. A popular fan of the President, Kwam 1, could be heard complaining about the state of affairs in Nigeria in a video that went viral. While performing at a recent…
The Senate, in a decisive move, summoned Mr. Olayemi Cardoso, the governor of the Central Bank of Nigeria, on Wednesday. This summons, issued by the Committee on Banking, Insurance, and other Financial Institutions led by Senatorial Adetokunbo Abiru, is in response to the alarming free fall of the Naira and escalating hyperinflation. Governor Cardoso and…
The Federal Government has commenced the allocation of affordable houses to Nigerians, an official has confirmed. Mr Martin Gyado, the Federal Controller of Housing in charge of Adamawa, disclosed this in an interview with the News Agency of Nigeria (NAN) on Friday in Yola. He said that President Bola Tinubu has improved the National Housing…
Prof. Garba Sharubutu, Executive Secretary, Agricultural Research Council of Nigeria, ARCN, says the council has recruited 1,650 scientists to boost food security in the country. Sharubutu disclosed this at a news conference on Friday in Abuja. He said the Federal Government had approved the recruitment with specific instructions to engage plant breeders to develop more…
Governor Babajide Sanwo-Olu of Lagos State has said the Lagos Red Line rail would be unveiled in February. Sanwo-Olu said he has written to President Bola Tinubu regarding the unveiling of the rail line. He disclosed this at the Lagos West Senatorial District Town Hall Meeting held at the Balmoral Convention Centre, Sheraton, Ikeja. “Our…
Japan, one of the few developed countries to still impose capital punishment, on Thursday sentenced to death a man found guilty of carrying out an arson attack that killed 36 people at an anime studio in 2019. The sentence comes as a convicted murderer in the United States is scheduled to be executed this week…
The U.S. Secretary of State, Anthony Blinken, says America is committed to lasting peace and security in Africa. He said this on Tuesday in Abuja after meeting with President Bola Tinubu during his visit to Nigeria as part of his tour of African nations. Blinken, however, said the initiatives of America would greatly depend on…
United States Secretary of State, Anthony Blinken, has just landed in Abuja, Nigeria. The high-profile visit includes a stop at Nnamdi Azikiwe International Airport, with plans to meet Nigerian President Bola Ahmed Tinubu at the Presidential Villa. Despite his ongoing African tour, Blinken will swiftly move to Lagos by 10pm for further commitments on Wednesday,…
Nigerian businessman Femi Otedola explained why he is investing in Dangote Cement, saying it is part of his overall strategy to ensure long-term wealth preservation. Otedola stated this in a statement from his media office on Monday. The billionaire investor stressed that the move also underscores his confidence in the capacity of the company to…
The National Identity Management Commission (NIMC) has unveiled plans to introduce a user-friendly self-service application, enabling Nigerians in the Diaspora to enrol seamlessly for their National Identity Number (NIN). This initiative was disclosed during a strategic meeting at the office of Hon. Abike Dabiri-Erewa, Chairman/CEO of the Nigerians in Diaspora Commission (NIDCOM), when Engr. Abisoye…
The Canadian government is considering prohibiting foreign students from bringing their family members to Canada, just like the policy the United Kingdom adopted and started implementing on January 1, 2024. Reports revealed that Canada has been considering a cap on the number of international students allowed to live in the North American country. According to…
Nigeria’s inflation rate reached the highest level in over 27 years in December, primarily driven by soaring food prices, intensifying the cost-of-living crisis and prompting increased expectations for the Central Bank of Nigeria (CBN) to raise interest rates. The National Bureau of Statistics (NBS) reported on Monday that consumer inflation marked its 12th consecutive monthly…
Brent crude price rose by 2.3 per cent to $79.18 per barrel on Friday amid tension in the Middle East. According to figures from oilprices.com, Brent was trading at $79.19 per barrel as of the earlier Friday hours. This is as West Texas Intermediate, WTI hovers around 73.73 per barrel on Friday. The development comes…
The Nigerian Exchange Limited bounced back after Wednesday’s losses as the All-Share Index appreciated by 0.66 per cent, 540.88 points, to close at 82,565.26 points on Thursday. Equities gained N314 billion as the market capitalization appreciated by 0.66 per cent to close at N45.199 trillion, up from yesterday’s N44.885 trillion. There was a 46.5 per…
