Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
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…
As trading ended in September, investors in Nigeria’s equities market recorded an N91 billion decline in the value of their investments as the market dropped by 0.25 percent following sessions of profit-taking after the August rally. According to available statistics in the Eight months before September, the market’s positive return stood lower at +29.52 percent….
The Monetary and Monetary Wrongdoings Commission (EFCC) has discredited the unexpected ascent of phony dollars and digital violations in the Benue pivot. Its Acting Executive, Mr Abdulkarim Chukkol, who unveiled this on Thursday in Makurdi, said the commission had gone to lengths to address what is happening. The EFCC director talked during a studio on…
An integrated financial services group, Norrenberger recently received upgraded ratings from Agusto & Co Limited to ‘BBB(IM)’ and Data Pro Limited to ‘A-’ respectively. The credit rating companies in their 2023 investment manager rating exercise determined Norrenberger’s rating as higher than the previous report, following the remarkable increase in its assets under management, streamlined operations,…
Governor of Enugu State, Barr Peter Mbah, on Sunday, told all political appointees that they would be assessed by the performance benchmarks set for all Ministries, Departments, and Agencies (MDAs), saying the administration was in a hurry to deliver on its campaign promises. Mbah stated this in his closing remarks at a three-day Executive Leadership…
Chairman of the House committee on Petroleum Resources (Downstream), Ikeangwuonu Ugochinyere, says that the House of Representatives is committed to amending the act that established the Nigeria Extractive Industries Transparency Initiative (NEITI). He stated this when he visited the NEITI office in Abuja. This amendment will ensure that NEITI functions optimally and has the power…
President Bola Tinubu has emphasized the importance of creating a sustainable environment for investment opportunities in Agriculture to strive in Africa to achieve food security in the continent. Tinubu said this at the High-Level Meeting on “Attracting investments in Land Restoration, Food Systems, and Rural Transformation in Africa”. It was organized by the African Union…
The iconic NASDAQ building in the heart of New York City’s financial district played host to a historic event on Wednesday, as President Bola Ahmed Tinubu, rang the closing bell. In a speech delivered to a diverse audience of international investors and financial magnates, Tinubu emphasised Nigeria’s newfound stability and burgeoning economic potential. He stated…
The Nigerian naira has faced further depreciation, reaching an exchange rate of N980 to the US dollar on the parallel market, as reported by The Cable. The situation has prompted concerns among citizens and businesses, as they grapple with the impact of these currency fluctuations on their daily lives and financial stability. The Central Bank…
By Damilola AdelekeThe National Drug Law Enforcement Agency, NDLEA, says delegates from 54 African countries and 15 observer nations will converge in Abuja next week for the 31st meeting of Heads of National Drug Law Enforcement Agencies, Africa, (HONLAF) to discuss new trends and partnerships to curb the global drug scourge. A statement by the…
The Federal Government’s meeting with the Nigeria Labour Congress (NLC) on Monday ended in deadlock as the two parties could not reach an agreeable resolution. The meeting followed NLC’s threat to embark on an indefinite strike. Minister of Labour and Employment, Simon Lalong and his colleague in the Ministry, Minister of State for Labour and…
The Group Chief Executive Officer of the Nigeria National Petroleum Company Limited (NNPCL) Mele Kyari, says the company has made a profit of N18.4 billion in the first quarter of 2023. Mr Kyari disclosed this at the resumed investigative hearing of the house of Representatives Ad-hoc Committee on the Acquisition of OVH Energy by the…
President Bola Tinubu has approved the appointment of Zacch Adedeji as the new Acting Executive Chairman of the Federal Inland Revenue Service (FIRS). The President has also directed the erstwhile FIRS Chairman, Muhammad Nami, to proceed on 3 months pre-retirement leave, as provisioned by Public Service Rule (PSR) 120243, with immediate effect. This will lead…
By Damilola Adeleke The Federal Competition and Consumer Protection Commission (FCCPC) has delisted 37 loan apps.Here is a list of delisted apps: 1. Swiftkash App 2. Hen Credit Loan App 3. Cash Door App 4. Joy Cash-Loan Up To 1,000,000 App 5. Eaglecash App 6. Luckyloan Personal Loan App 7. Getloan App 8. Easeloan Apps…
By Damilola Adeleke Senator Binta Masi Garba stated that the recent judgment delivered by the Presidential Election Petition Court (PEPC) reaffirms Nigeria’s dedication to transparency, accountability, and the rule of law. She extended her congratulations to President Bola Ahmed Tinubu and Vice President Kassim Shettima on their victory in the tribunal. In a media statement…
President Bola Tinubu was hosted by the leaders of nations identified as key partners in his economic development, diplomacy drive for local investment and wealth creation. “It is also about the practicality of aligning the perspectives of your large-scale manufacturers, such as Volkswagen and others, with the reality of the new incentives my government is…
Niger State Governor, Muhammed Umar Bago, has urged key stakeholders in the state to support his ambitious vision for a “New Niger” to drive growth and development. He made this call during a grand reception held in honor of ministers from the state’s House of Assembly at the Justiće Idris Legbo Kutigi International Conference Center…
The African Union has been granted permanent membership to the G20, host nation India has announced, in an historic expansion of the economic bloc. Indian prime minister Narendra Modi invited the president of the 55-member African Union (AU) to take a seat at the table among permanent members at the opening of the two-day summit…
The Speaker of the House of Representatives, Dr Tajudeen Abbas says Nigeria loses about $46 billion dollars (N16.25 trillion) to crude oil theft between 2009 and 2020. The Speaker made this known while constituting the Adhoc committee to investigate crude oil theft and loss of revenue. Dr Abbas said the menace of crude oil theft…
President Bola Tinubu has secured a 14 billion dollar investment pledge from Indian companies. The companies made the pledge during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India. President Tinubu told the captains of industry that Nigeria was ready to give them the best returns for investment possible, stressing that there is nowhere…
The Nigerian naira depreciated against the US dollar on Monday, exchanging at N747.87 at the Investors and Exporters window. This represents a 1.01% drop compared to the N740.38 exchange rate on September 1st. The open indicative rate closed at N772.06 to the dollar. The highest rate recorded during the day’s trading was N799.90 before settling…
By Damilola Adeleke President Bola Tinubu has terminated the appointment of Dr. Bashir Gwandu as the Executive Vice-Chairman/Chief Executive Officer (CEO) of the National Agency for Science and Engineering Infrastructure (NASENI). In his place, Khalil Suleiman Halilu, aged 32, has been appointed as the new Executive Vice Chairman and CEO of NASENI. The appointment is…
