Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
Minister of the Federal Capital Territory, FCT, Nyesom Wike, has vowed to end open grazing within Abuja city. Wike made this vow when he received in the audience the Belgian Ambassador to Nigeria, His Excellency, Daniel Bertrand, in Abuja on Wednesday. The minister told worried residents of Abuja that plans are underway to put an…
The global Monetary Fund has highlighted the need for the Nigerian government to fully implement its cash transfer programme targeted at assisting susceptible households.The fund expressed this in a document titled, “IMF Staff Completes 2024 Article IV Mission to Nigeria” published on its website on Monday.IMF noted that this step is vital before tackling the…
The Special Adviser to Governor Babajide Sanwo-Olu of Lagos State on Housing, Barrister Barakat Odunuga-Bakare, has attributed the rising inflation in the country and the population as major factors affecting the delivery of massive housing schemes to residents in the state’s government’s drive to bridge the deficit. Odunuga-Bakare, however, revealed that the agency has received…
In a momentous event at the Qatar Presidential Palace, President Bola Ahmed Tinubu and the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, presided over the signing of groundbreaking agreements, marking a significant stride in the bilateral ties between the two nations. The comprehensive agreements span various key areas, including education, enterprise development, investment…
In a pivotal move addressing the prevailing hardships, Senator Abubakar Kyari, Minister of Agriculture and Food Security, has announced the imminent rollout of a comprehensive grain distribution initiative. President Bola Tinubu has greenlit the allocation of 42,000 metric tons of grains to be disseminated across all 36 states. Minister Kyari, in a statement on his…
A clinical psychologist, Dr Akin Gabriel, at the Federal Neuropsychiatric Hospital, Yaba, Lagos, says about four out of 10 Nigerian women are depressed. “In this country, out of 10 women, four will have one form of depression or another,’’ he told the News Agency of Nigeria (NAN) in Lagos. Gabriel also said that about 25…
President Bola Tinubu has vowed that he will fight the menace of corruption in Nigeria to ruin. Tinubu made this vow while speaking at the inauguration of the Red Line Rail Project in Lagos on Thursday. He said, “We said we can do it, you believed in us. We said the people’s lives will end…
The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, said he and his team are not responsible for Nigeria’s current economic woes. Cardoso stated this while responding to a question about whether the CBN is responsible for the current economic challenges faced by Nigerians at the first Monetary Policy Committee (MPC) meeting in…
The Police Commissioner in Lagos State, Mr Adegoke Fayoade, said the command provided water and biscuits for protesters so as to avoid anyone collapsing on the way. Fayoade spoke with the News Agency of Nigeria (NAN) in Lagos on the sidelines of the Nigeria Labour Congress (NLC) nationwide protest carried out on Tuesday. He said…
President Bola Tinubu has approved the appointment of Mr. Ibrahim Khalil Gaga as Executive Director, Corporate Services, at the Nigerian Export-Import Bank (NEXIM). The appointment was contained in a statement released by special adviser to the President on media & publicity, Ajuri Ngelale. Mr. Gaga, who is a lawyer, has over 25 years of experience…
Removal of fuel subsidy, inflation and the increasing prices of medications influenced by foreign exchange have adversely affected healthcare in Yobe State. This is according to the Commissioner for Health in the state, Dr Muhammad Lawan Gana. Gana made the assertions at the validation of the Yobe State Contributory Healthcare Management Agency, YSCHMA, the operational…
Fuel marketers have blamed supply disruption for the resurfacing of queues in Lagos and the Federal Capital Territory. The President of Petroleum Products Retail Outlets Owners Association, PETROAN, Billy Gillis-Harry, disclosed this in a Channels Television interview on Thursday monitored by DAILY POST. “Undoubtedly, the queues have spiralled in some parts of the country. Simply…
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…
