Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
Nigeria and France have signed an agreement worth about $600m under the investment in digital and creative enterprise, I-DICE in Abuja. The programme, is an initiative of the Federal Government of Nigeria, which is aimed at promoting entrepreneurship and innovation in the digital technology and creative industry. The Vice President, Kashim Shettima who welcome the…
The House of Representatives Committee on Petroleum Resources downstream has pledged to assist the Federal Government to recover over twenty Billion US dollars revenue from the sector. The committee also said it will review the implementation of Petroleum Industry Act (PIA) to remove bottlenecks and allay fears of stakeholders in the sector. The Chairman of…
The Central Bank of Nigeria (CBN) has refuted claims of planning to redenominate the country’s currency, the Naira, with effect from January 2024. This clarification was provided in a statement released by the CBN’s Director of Corporate Communications, Isa AbdulMumin, in response to speculations about the apex bank’s intentions regarding the nation’s legal tender. The…
The naira dropped even more on Friday, in the parallel segment of the foreign currency (FX) market, reaching N1,315 per dollar. Comparing the amount to the N1225 it traded on Monday, it shows a depreciation of N90, or 7.35 percent. Bureau De Change operators (BDCs) in Lagos set the dollar’s purchasing and selling prices at…
President Bola Tinubu has praised the judgment delivered by Judge Robin Knowles of the Business and Property Court in London which awarded a significant victory to the Federal Government in a case against Process & Industry Development (P&ID) Limited. Judge Knowles dismissed the $11.5 billion award, which included accumulated interest, previously granted to P&ID over…
Mining is one of the oldest economic activities in Nigeria. However, the sector have been plagued with lack of regulation, hazardous health impact, illegal mining, lack of globally accepted equipment and very recently insecurity associated to mining activities. As a result of banditry and other insecurity challenge associated with the mining sector, some governors have…
The European Commissioner for International Partnerships Jutta Urpilainen, says a financial package of over €900 million (₦728 billion) will be used to drive education, energy and transport projects across Nigeria. The package together with Team Europe, forms a central part of the EU-Nigeria cooperation to advance the country’s green, resilient, digital inclusive transition under Government…
The United Nations International Children’s Emergency Fund (UNICEF) says it will continue to support the Federal Government to end open defecation in the country. The international agency also said that it would continue to partner with state governments to minimise the menace of open defecation. Mr Monday Johnson, UNICEF Water, Sanitation, and Hygiene (WASH) specialist,…
The Coalition of Civil Society Networks has called on President Bola Ahmed Tinubu to make a pronouncement on the Nigerian Postal Service (NIPOST) leadership crisis following the purported refusal of the former Postmaster-General Sunday Adepoju to relinquish office to newly appointed Tola Odeyemi. NIPOST staff had shut down the head office of the service in…
Stakeholders in Obafemi Owode Local Government Area of Ogun State on Monday debunked claims in a viral online video that a 10kg bag of rice was given to be shared as palliative in Sokeye Community. At a meeting called by the leadership of the council to explain how the palliatives meant to alleviate the pains…
The leader of the Indigenous People of Biafra, IPOB, Nnamdi Kanu, has reacted to the inability of the Appel Court to hear his appeal against the group’s proscription as a terrorist organization. Kanu lamented that the inability of the Appeal Court to hear the suit affirms the injustice of the proscription. The administration of former…
Workers of the Nigerian Postal Service (NIPOST) have shut down the head office of the service in Abuja, protesting the appointment of Tola Odeyemi as Chief Executive Officer/Postmaster-General. Ajuri Ngelale, a Presidential spokesman, announced last week that President Bola Tinubu changed the leadership of under the Ministry of Communications, Innovations and Digital Economy., including NIPOST….
The Minister of Agriculture, Abubakar Kyari, has said that the Federal Government is giving a 50 per cent subsidy to wheat farmers across the country to ensure adequate food security. He said President Tinubu’s Renewed Hope agenda was aimed at making sure that Nigeria secured food production starting next month, with wheat given prominence in…
The World Bank’s chief economist warned Wednesday that interest rate hikes could spell trouble for countries struggling to deal with debt. The US Federal Reserve, the European Central Banks and others have raised rates and warned that they could remain high longer than expected in order to bring down elevated inflation. The InternationatoFund said Tuesday…
Nigeria’s external reserve fell by $841.75 million between July and September, 2023 Figures obtained from the Central Bank of Nigeria CBN report on the movement of external reserve, shows that the reserves, stood at $34.07bn as of July 7, 2023, but fell to $33.23bn as of October 5, 2023. External reserves fell by $2.85bn in…
Terra Seasoning Cube’s recently launched campaign, “Unwrap Joy, Unleash Taste,” has been honoured with the prestigious “Best Marketing Campaign of the Year 2023” Award at the recently concluded Marketing Edge Brands and Advertising Excellence Award 2023. This prestigious recognition underscores the brand’s remarkable creative marketing prowess, innovation, impact, and its profound connection with consumers through…
President Bola Tinubu is set to launch a $617.7 million investment through the digital and creative enterprises (i-DICE) programme. The i-DICE plan is a federal government programme aimed at promoting investment in information and communications technology (ICT) and creative industries as part of efforts to build better, more inclusive, and more sustainable jobs. While speaking…
The National Bureau of Statistics (NBS) has revealed that the prices of household kerosene surged in August 2023 as consumers paid N1,272.40 per liter approximated to N1,260.81 recorded in July 2023. According to the Bureau, the increase indicated 0.92%, while it stated on a year-on-year basis, that the par retail price per liter of the…
In a striking demonstration of commitment to talent development and its Diversity, Equity, and Inclusion (DEI) agenda, British American Tobacco Nigeria (BAT Nigeria) proudly announces the elevation of Kikelomo Fisayo-Okusanya from her former role as the Area Head of 360 Activation & Marketing Operations to the position of Marketing Deployment Director for the West and…
The Ebonyi State Governor, Francis Nwifuru has ordered the immediate reconstruction of waterworks in Abakaliki capital city. The waterworks road leads to Ebonyi River, where the state water reservoir is located. The bridge linking the end of the road to the Ebonyi River was destroyed years ago, reportedly during the Biafran War. Nwifuru had on…
On Thursday, the Nigerian naira had a conflicting performance against the US dollar, strengthening on the black market but weakening through the Investors and Exporters (I&E) window. The naira increased in value, selling at N997 to the dollar as opposed to N1,000 on Wednesday, according to black market data. However, at the I&E window, the…
The Federal Ministry of Humanitarian Affairs and Poverty Alleviation will from next month start payment of N25,000 grants to the benefiting members of the Nigeria Union of Pensioners captured in the expanded National Social Register of the Conditional Cash Transfer (CCT) Scheme. Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu announced this during…
Authorities of the Lagos State Traffic Management Authority, LASTMA, have recounted the incident that led to the death of a pregnant woman and a commercial tricyclist, popularly called Keke NAPEP, in an auto crash in the early hours on Tuesday, at Ago Palace Way, Okota area of Lagos State. Recall that pandemonium broke out when…
A federal court in Manhattan, in the United States will start hearing the case against the former cryptocurrency guru, Sam Bankman-Fried, with jury selection beginning on Tuesday. Bankman-Fried, who founded cryptocurrency exchange FTX and associated hedge fund Alameda Research, is facing trial on finance crimes stemming from the shocking collapse of FTX. The Guardian UK…
Former Big Brother Naija reality show winner, Ijeoma Otabor, known as Phyna, has emerged the female celebrity of the year amid a family feud. Phyna won the ‘Celebrity Of The Year’ award at the recently concluded La Mode Green October event. This is coming amid the ongoing feud between the reality star and her family….
To mitigate the sufferings of Nigerians, President Bola Tinubu has been urged to come up with doable economic team and policies that would discourage the monopoly of the nation’s economy. Speaking on the nation’s 63rd Independent, business Mugul and a Fellow of the Nigeria Institute of Architects, Rev. Benson Ezem, stressed in a chat with…
Residents of Osun State have lamented the economic conditions in the state as Nigeria marked its 63rd Independence Day on Sunday. The rate of inflation is beginning to bite hard. They lamented the soaring food prices, transport fares, school fees, fuel, gas and other consumables. This is coming despite interventions by the federal and state…
The Senior Staff Association of Nigerian Universities (SSANU) has urged the Federal Government to set in motion the modalities for the implementation of approved 25 percent and 35 percent salary increments for the staff of all federal tertiary institutions. President Bola Tinubu had, last month, approved the implementation of 35 percent and 25 percent salary…
Capital market analysts anticipated cautious trading in the local stock market this week due to the absence of significant positive catalysts to boost sentiments. The bearish mood on the Nigerian stocks persisted as selloffs and profit booking continued to defy the quarter-end window dressing on a declining traded volume, reflecting the mixed sentiment, as well…
Following consultations between a Federal Government delegation and leadership representatives from the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) in Abuja on Sunday, the federal government has agreed on a provisional wage increase of N35,000 to all treasury-paid federal government employees for a duration of six months. President Bola Tinubu had, during an…
President Bola Tinubu announces a temporary wage increment, which he says will improve the federal minimum wage without triggering excessive inflation. This, he said, was based on talks with labour unions. In a broadcast to commemorate the country’s 63rd independence day anniversary on Sunday, he said, “For the next six months, the average low-grade worker…
