Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
With the Central Bank of Nigeria (CBN), the Bank of Industry (BOI), and the Development Bank of Nigeria (DBN) commitment to the Women Entrepreneurs Finance Code (We-Fi Code) the stage is set to close the N294 billion funding gap affecting Women-Led businesses in the country. To this end, stakeholders eagerly awaiting positive feedback…
Indications have emerged that President Bola Tinubu may present Nigeria’s 2025 budget to a joint session of the National Assembly in the first week of December 2024, even as crucial budget templates remain incomplete as of mid-November. In response to concerns about the budget’s timing, the Senate Finance Committee clarified that determining the presentation date…
The Nigeria Labour Congress (NLC) has alledged fuel marketers of increasing petrol prices, claiming the pump price is significantly higher than the actual market value. The NLC contends that Nigerians are being exploited, with citizens enduring heightened suffering and hunger due to government policies that are pushing many into destitution. In a communique released following…
President Bola Tinubu has arrived in Riyadh, Saudi Arabia, to attend the highly anticipated Joint Arab-Islamic Summit, where leaders from across the Middle East and the Islamic world will convene to address urgent issues is affecting the region, including the ongoing conflict between Israel and Palestine. The summit, which will open on Monday, November 11,…
The world is nowhere near ready for the “calamity” being caused by climate change and must urgently prepare for even worse in the future, UN Secretary General Antonio Guterres said Thursday. Global efforts to adapt to climate change — from building defensive sea walls to planting drought-resistant crops — have not kept pace…
The Nigerian National Petroleum Company (NNPC) Limited has firmly stated it does not import adulterated fuel and is not responsible for the recent hike in fuel prices. Responding to demands for Group Chief Executive Officer Malam Mele Kyari’s resignation over rising fuel prices, NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, clarified on Tuesday…
In a significant move toward reducing carbon emissions in the aviation sector, the Nigerian government has intensified efforts to develop and implement Sustainable Aviation Fuel (SAF), Low Carbon Aviation Fuel (LCAF), and other eco-friendly fuel alternatives. These efforts are part of a broader strategy to make aviation in Nigeria more sustainable and align with global…
President Bola Tinubu has turned down the National Economic Council’s (NEC) recommendation to withdraw the proposed Tax Reform Bills submitted to the National Assembly, emphasizing that ongoing reforms remain vital for Nigeria’s economic future. Vice President Kashim Shettima, along with the 36 state governors comprising NEC, had suggested that the bills be withdrawn to allow…
In a recent interview with DAILY POST, Bill Gillis-Harry, President of the Petroleum Products Retail Outlet Owners Association (PETROAN), expressed the unpredictability surrounding the future price of Premium Motor Spirit (Petrol) in Nigeria. Responding to speculation that prices could soar to N1,500 per litre by December, Gillis-Harry stated, “Nothing is static,” highlighting the challenges posed…
The House of Representatives has called on the Central Bank of Nigeria (CBN) to begin the gradual withdrawal of old N200, N500, and N1,000 notes from circulation ahead of the December 31, 2024 deadline. During a plenary session on Thursday, lawmakers also asked the CBN to increase the issuance of the new banknotes to ensure…
As fuel prices continue to soar in Nigeria, many motorists are looking for alternatives to petrol. Compressed Natural Gas (CNG) is gaining attention as a viable option. But how does it compare to petrol? This post explores five key aspects to consider when weighing CNG vs Petrol in Nigeria. 1. Cost Efficiency: CNG Offers Major…
In a decisive move aimed at controlling the surging prices of Liquefied Petroleum Gas (LPG), commonly referred to as cooking gas, the federal government has mandated domestic producers to halt all exports of the commodity. This action is part of a broader strategy to mitigate the economic strain on Nigerian consumers grappling with increasingly high…
The head of Enterprise Risk Management and Product Development at the Federal Housing Authority (FHA) Mortgage Bank Limited, Stanley Oparaocha has advised Nigerians to key into the National Housing Fund (NHF) to become homeowners. He said Nigerians can access the fund which has hit N21 trillion. The mortgage banker noted that keying into…
The African Union (AU) has called on Nigeria to incorporate blue economy performance indicators into its fiscal policies, highlighting the country’s significant potential to lead Africa’s blue economy initiatives. This appeal was made by the Head of the AU’s Blue Economy Division, Mr. George Mba-Asseko, during the conclusion of a stakeholder validation workshop for Nigeria’s…
The Naira yesterday appreciated to N1,680 per dollar in the parallel market compared to N1,690 per dollar last weekend. Similarly, the Naira appreciated to N1,552.92 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,552.92 per dollar from…
The World Bank Group has urged the Nigerian government to redirect its oil wealth to benefit all citizens, not just the elite. Addressing the current economic challenges, Indermit Gill, the Chief Economist and Vice President of the World Bank stated that the suffering is widespread in Nigeria, with children and young people bearing the…
Compiled and Edited by Saula quadri T The Polytechnic Ile-Ife, Osun State The Federal Government has selected Osun State to coordinate the implementation of the Food System Transformation Pathways in the South West region. This initiative, aimed at improving food security and nutrition in Nigeria, will focus on boosting food production, increasing employment, and enhancing…
Oando Plc has been shortlisted by the Trinidadian government as one of three final contenders to take over the country’s state-owned refinery, which was owned by the defunct Petrotrin. Speaking during a budget presentation on September 30, the Trinidadian finance minister, Colm Imbert noted that among the initial 10 proposals, BusinessDay reports. …
The Bauchi State government, in collaboration with the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), has inaugurated an 11-member tripartite technical committee to finalize the implementation of the national minimum wage for civil servants in the state. Speaking to reporters after the State Executive Council meeting, NLC Chairman Comrade Dauda Shu’aibu announced…
A high-level delegation from Burundi has arrived in Nigeria, seeking to strengthen business ties and attract Nigerian investments to Burundi. Led by Ambassador Liberat Mfumukeko, Senior Advisor on Missions of the Presidency of Burundi, the delegation engaged with the Nigerian business community in Abuja, extending an invitation for investments in various sectors. Ambassador Mfumukeko highlighted…
About hundreds of Ghanaians, mostly university students, protested on the streets of the capital city Accra on Thursday to demand an immediate halt to illegal mining. The demonstrators, who plan to stage rallies for three days, are also demanding the release of 54 activists detained last month for demonstrating against illegal mining. The government’s handling…
Yesterday, the Naira strengthened to N1,700 per dollar in the parallel market, up from N1,705 per dollar on Monday. In contrast, it fell to N1,669.15 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ indicated that the indicative exchange rate for NAFEM dropped to N1,669.15 per dollar, down from N1,541.94 per…
The protest scheduled to take place across the country today, has not gained any traction in Ado-Ekiti, the capital of Ekiti State, as the city remains peaceful with citizens quietly enjoying the public holiday in their homes. Fajuyi Park, the usual gathering spot for protests, was empty, with no sign of demonstrators. Commercial activities continue…
President Bola Tinubu says the economic hardship bedevilling Nigerians is not peculiar to the country, saying it is a global issue. The president made the claim in his nationwide broadcast on Tuesday to mark the 2024 Independence Day anniversary. He said, “The central concern of our people today is the high cost of living, especially…
Nigerian police has fired teargas at hundreds of protesters participating in the #FearlessInOctober demonstration against poverty, hardship, and bad governance in Abuja on Tuesday. This incident occurred in the Jabi and Utako areas of the Federal Capital Territory, forcing residents to flee and protesters to scamper for safety. The October 1 protest were part of…
The Economic and Financial Crimes Commission (EFCC), has vowed to prosecute any corrupt government official that has been found wanting on the scale of corruption. EFCC Spokesperson, Dele Oyewale, stated this when the Chairman of APC Akida Forum (AAF), Musa Mahmud, led protesters to the Commission headquarters and demanded a probe of the…
•Targets improved governance in education, health, sustainable power, irrigation •Bank’s loans under Tinubu hit $6.2bn The World Bank has approved the sum of $1.57 billion for three new projects in Nigeria, including supporting the country in addressing governance challenges in education and healthcare. Others are improving primary healthcare services as…
President Bola Tinubu has named Mr. Joseph Olasunkanmi Tegbe as the Director-General and Global Liaison for the Nigeria-China strategic partnership. This follows the agreements made during Tinubu’s recent visit to China in early September. Tegbe, a 1988 first-class graduate in civil engineering from Obafemi Awolowo University, will report directly to the President. A fellow of…
The naira appreciated massively against the dollar in the foreign exchange market 24 hours after the Federal Bank of Nigeria sold FX to operators of Bureau De Change, BDC. FMDQ data showed that the naira gained N91.32 to appreciate to N1576.10 per dollar on Thursday from N1667.42 exchanged on Wednesday. Similarly, on…
The house of Representatives Thursday, urged the Federal Government to direct the Nigerian National Petroleum Corporation Limited (NNPCL) and the Dangote Refinery to allow independent marketers to lift fuel from the newly established refinery. The resolution was reached after a motion sponsored by Oboku Oforji, representing Yenagoa/Opokuma Federal Constituency, Bayelsa State, during plenary in…
The House of Representatives has initiated the process to approve an additional N288 billion supplementary statutory budget for the Federal Capital Territory Administration (FCTA). During a plenary session, the FCT Supplementary Statutory Appropriations Bill for 2024 was passed through its first and second readings. The bill was introduced following President Bola Tinubu’s recent request for…
