Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
Nigeria has appealed to the Action Group Against Money Laundering in West Africa (GIABA) to create an institutional framework for the subregion’s financial crime legislation to be enforced. The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, (SAN), made the appeal at the inauguration of the 27th Meeting of the Ministerial Committee of…
The Central Bank of Nigeria, CBN, has postponed the meeting of its Monetary Policy Committee, MPC, for the second time since September 2023. Isa Abdulmumin, the director of corporate communications of the apex bank, confirmed that the MPC meeting will not be held. Since the appointment of Olayemi Cardoso, the meeting of the MPC –…
The Ministry of Women Affairs is collaborating with a Chinese-owned company to enhance the skills and productivity of women through mechanized farming. The Minister, Mrs Uju Kennedy-Ohanenye, who made this known when she received some staff of the company in Abuja, said the partnership, is part of the ministry’s program, to elevate the income levels…
The Organised Labour has decried the increasing anti-workers’ practices by multinational companies in the telecommunications and communications sector, saying it will undermine the Federal Government efforts to use digital transformation in telecommunications sector to improve business and operational efficiencies. However, State Controller, Federal Ministry of Labour and Employment, Lagos, Itemoagbo E A, who spoke at…
The government in Ghana and the organised labour have agreed on a 23% pay increase. The public service base pay will be effective from January to June 2024 and readjusted to 25% from July to December. Employement Minister Ignatius Awuah, Fair Wages CEO, Benjamin Arthur, TUC Secretary-General, Dr Anthony Yaw Baah and Forum Chairman, Dr…
The Central Bank of Nigeria (CBN) has announced that the old N200, N500, and N1,000 notes will continue to be accepted as legal tender indefinitely. The decision comes in the wake of new currency notes that were introduced last year, initially intended to replace the old ones. Isa AbdulMumin, Director, Corporate Communications, CBN, saidin a…
The German government has donated 20 million euros to member countries of the Niger Basin Authority (NBA) to promote efficient usage of water and enhance adaptation to climate change. The Head of the Political Section, German Embassy, Mathias Dold stated this on Tuesday in Abuja at this year’s session of the Regional Steering Committee of…
Plans are on by the federal government to establish the Nigeria Institute of Vocational Studies alongside upgrading the infrastructure of secondary and tertiary vocation systems. Senior Special Assistant to the President on technical, vocational and entrepreneurial education, Abiola Arogundade, made this known at the unveiling ceremony of the House Committee on Federal Polytechnics and higher…
President Bola Tinubu has assured potential investors that their investments are safe in Nigeria. The President, who gave the assurance at the Saudi-Africa Summit in Riyadh, Saudi Arabia, said Nigeria was ready for business. He said Nigeria was desirous of enhancing collaboration with the Kingdom of Saudi Arabia on combating terrorist organizations such as Boko…
Members of the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) on Thurday have mobilised their members for a protest at the Nnamdi Azikiwe International Abuja. The organized labour gathered at the airport around 8:58am to enforce their directive to members working in the aviation sector to stop all flights to Owerri, the…
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…
