Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
With less than three days to Christmas, foodstuff sellers in Kabusa Market in Abuja Municipal Area Council, AMAC, of the Federal Capital Territory, FCT, Abuja on Thursday lamented poor patronage and unfavourable business condition. Aminu Danlami, an onion and tomato seller, said: “A big basket of tomato we buy at N22,000 in Mararaba Market was…
The Centre for Anti-Corruption and Open Leadership, CACOL, has called on the Federal Government and the Central Bank of Nigeria to fix the naira scarcity which is currently subjecting Nigerians to untold hardship during this Yuletide season. CACOL asked both the FG and the apex bank where the printed naira notes have disappeared despite billions…
The Federal Government, FG, has said ministries, extra-ministerial departments, and agencies (MDAs) have no excuse in speedy implementation of digitalization reforms in 2024. The Head of the Civil Service of the Federation (HoSF), Dr Folasade Yemi-Esan, said this at a one-day retreat on digitalization for the Head of Service and Permanent Secretaries held on Tuesday,…
The Naira appreciated against the US dollar at the official foreign exchange market. Official data from FMDQ disclosed that it appreciated N844.85/$1 at the close of work on Monday. The figure represents 5.15 per cent increase compared to the N888.35/$1 quoted at the close of business on Monday. This is the second time the country’s…
The newly appointed board members of the Nigerian National Petroleum Corporation (NNPCL) have pledged their commitment to President Tinubu’s goal of increasing the country’s oil production to 2 million barrels per day by next year. In a briefing to State House correspondents in Abuja, the Chairman of the Board, Okokon Ekanem Udo, emphasized that the…
The National Bureau of Statistics has released its Consumer Price Index report for November 2023, which shows that the rate of inflation in Nigeria has increased by 0.87% points from October 2023. Consequently, this means that prices of goods and services are continuing to rise, making it more difficult for people to afford basic necessities….
The Nigeria Labour Congress, NLC, has described the World Bank’s call for petrol to sell for N750 per litre as mischievous. In fact, the President of NLC, Joe Ajaero, warned that the Bank wants to set the country on fire by the suggestion. According to NLC, the World Bank’s call “is an advice laden with…
Niger’s deposed president Mohamed Bazoum must be freed immediately from detention, where he has been held since a July 26 coup, the court of the West African bloc, ECOWAS, ordered on Friday. The court called for his “immediate and unconditional release” and ordered that Bazoum be reinstated, according to the judge in the case heard…
The African Development Bank, AfDB has made a case for gender mainstreaming, as part of efforts towards enhancing accountability, transparency and curbing corruption and illicit financial flows in Africa. One of the graduates of the AFdB’s Public Finance Management in Africa Executive Training on Enhancing Accountability, Transparency, and Curbing Corruption and Illicit Financial Flows in…
The Central Bank of Nigeria has instructed all licensed financial institutions to display their corporate names conspicuously on all their websites, portals, and online applications. This directive was made public on the apex bank’s website on December 7, 2023. Accordingly, the apex bank said the directive is to guard against online fraud and boost consumer…
President Bola Tinubu has been urged to make his cabinet members and other appointees give an account of their performance every six months. A cleric, Prophet Sam Olu-Alo, who gave the admonition said such appraisal will help the president and those working with him to serve Nigerians better. Olu-Alo, who belongs to the Christ Apostolic…
The Plateau Chapter of the Joint National Association of Persons with Disabilities (PWDs) has called on the state government to grant employment waivers to employable PWDs, roll out empowerment packages and provide free education and healthcare services to their families. Mr Shindol Aaron, the chairman of the chapter, made the call in a news conference…
The Nigerian National Petroleum Company (NNPCL) has revealed to the Senate Committee on Appropriations that there are approximately 4,800 illegal connections to oil pipelines across the country. This information was disclosed by Mele Kyari, the Group Chief Executive Officer of NNPCL, during an interaction with members of the committee on the budget for 2024. The…
Bishop of the Catholic Diocese of Sokoto and Founder of The Kukah Centre, Matthew Hassan Kukah, says Nigerian culture was designed to encourage injustice and oppression, particularly against women. He also said religion, which had all the instruments of reformation, had been wrongly applied in Nigeria, thus placing the country in its current bad shape….
The Nigerian government is making efforts to improve irrigation systems in order to boost food production, according to the Ministry of Water Resources and Sanitation. This was announced by Oyeronke Oluniyi, the Director of Immigration and Drainage at the Ministry, during a national workshop on irrigation and drainage practices. The workshop, which is being held…
The Nigeria Inter-Bank Settlement System has asked banks to delist Payment Solution Service Providers, Switches and Super Agents from its outward payment or transfer list. The NIBSS disclosed this in a recent circular dated December 5, 2023, with Ref: NIBSS/BD/NI/PO/005/051223 to banks. The country’s payment system explained that listing non-deposit-taking financial institutions as beneficiaries contravenes…
Stakeholders have said that effective management of both soil and water health are essential elements needed to grow and boost food production. At the experts’ dialogue to mark the 2023 World Soil Day (WSD) in Abuja yesterday, they said soil and water conservation contribute to climate change mitigation and adaptation, adding that it improves the…
A former member of the House of Representatives and chairman of the House Committee on Financial Crimes, Hon Kayode Oladele, has commended the new chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, over his promotion of rule of law, transparency and enhancing the operational efficiency of the agency. The anti-corruption expert…
Enugu State Governor, Peter Mbah, has presented a N521.6 billion 2024 Appropriation Bill to the House of Assembly for approval. Mbah presented the ‘Budget of Disruptive Economic Growth’ on Tuesday at the Assembly Legislative Complex in Enugu, saying it was 132 per cent larger than the revised 2023 budget of approximately N210 billion. He stated…
Governor of Bauchi State, Bala Mohammed, has said the discovery of oil and gas deposits in the Kolmani area of the state has presented it with huge potential for economic development, especially in the area of natural gas and associated components. He said the opportunities include increased revenue – through 13 percent derivation; improved internally-generated…
Countries Under OPEC has initiated important steps towards maintaining a stable and balanced oil market took center stage at the 36th OPEC and non-OPEC ministerial meeting held via video conference with participating countries. OPEC Permanent Secretary, Ministry of Petroleum Resources, Amb. Gabriel Aduda disclosed this to newsmen in Abuja at the end of a virtual…
The Chancellor of the Federal University Dutsinma, Katsina State, King (Dr) Dandeson Douglas Jaja, has expressed concern over security challenges facing the institution. Speaking during the institution’s 7th and 8th joint convocation ceremony on Saturday, he revealed that the university’s main campus is located in a volatile area prone to kidnappings and bandit attacks. Jaja…
The President of the Economic Community of West African States (ECOWAS), Mr Omar Touray, has said that the situation in the Republic of Niger is of concern to the bloc. Touray said this when he visited the ECOWAS Parliament to deliver the Community State Report for 2023 in Abuja on Friday. He said ECOWAS Heads…
The Africa Centre for Disease Control and Prevention (AfricaCDC) says only one country is ready to respond to a public health emergency. The Director-General of the Africa CDC, Dr Jean Kaseya, said this in Lusaka, Zambia, at the third International Conference on Public Health in Africa (CPHIA), held from November 27 to November 30. Kaseya…
The Nigerian Community in Rome, Italy, has urged the Minister of Interior, Mr Olubunmi Tunji-Ojo, to resolve the e-passport challenges encountered by Nigerians in the diaspora. President of the community, Prince Chima Ibezim, made the call in an interview with the News Agency of Nigeria (NAN) on Friday. The News Agency of Nigeria (NAN) recalls…
The Abakaliki Rice Mill Owners Industry Association, in collaboration with Ebonyi State government, has begun distribution of genuine bushel for measuring rice, following the ban on the use of scaling machine. Mr Linus Obeji, Chairman of the Mill Owners, spoke at the inauguration of the approved bushel in Abakaliki on Thursday. He said that the…
The South-South region took the highest share as the 36 states, the Federal Capital Territory and the 774 local governments in the country received a total of N8.79 trillion in 2020 and 2021 from Federation Account allocations. This was disclosed in a recent report by the Nigeria Extractive Industries Transparency Initiative, NEITI. The report showed…
The National Emergency Management Agency (NEMA) has launched the National Contingency Plan (2023 to 2025), which is aimed at tackling flooding and other natural disasters in the country. Speaking at the launch in Abuja, the director-general of NEMA, Mustpha Ahmed, said: “the importance of a National Contingency Plan cannot be overstated as Nigeria has experienced…
The Nigeria Customs Service has expressed readiness to collaborate with the Nigerian Copyright Commission (NCC) to combat piracy of intellectual and creative property in Nigeria. The Comptroller-General of Customs, CGC Bashir Adeniyi, made this known on Tuesday, when receiving members of the Commission at the Customs Corporate Headquarters, Abuja. The CGC, welcoming the delegation to…
Chairman, Oyo State Agricultural Credit Corporation of Oyo State, (ACCOS), Sheik Taofik Akeugbagold, has stated the criteria being used to disburse the N1billion loan to farmers to ensure geographical spread. Akeugbagold who made the revelation during a sensitization tour to the seven geopolitical zones in the state which ended yesterday, said to access the single…
Experts have opined that the government economic reform policies introduced by President Bola Ahmed Tinubu-led government are one of the reasons why Nigerians are battling with economic hardship. Analysts revealed that regional instability, climate change, and inflation are the major triggers of food insecurity in Nigeria. According to the United Nations estimation, 25 million people……
