The Nigerian government has unveiled its Medium Term Expenditure Framework (MTEF) for 2025-2027, proposing a total expenditure of ₦47.9 trillion for the 2025 fiscal year. This ambitious plan aims to drive economic growth and development across various sectors. The MTEF includes several critical assumptions and projections: The MTEF is a crucial document that outlines the government’s fiscal Read More…
Mr. Segun Ogunsanya, the former CEO of Airtel Africa, has been appointed as the new Chairman of the Nigeria Sovereign Investment Authority (NSIA). This significant move, aimed at bolstering the nation’s economic stability, was officially announced by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, at the Ministry of Read More…
Governor Babajide Sanwo-Olu highlighted Lagos State’s transformative economic journey and its pivotal role in driving Africa’s growth narrative during the 3rd AfriCaribbean Trade and Investment Forum in Nassau, Bahamas, on Wednesday. Addressing a diverse audience from Africa and the Caribbean, Sanwo-Olu underscored Lagos’ remarkable economic achievements, attributing them to robust internal revenue generation and strategic Read More…
The World Bank has approved a $2.25 billion loan for Nigeria aimed at stabilising the economy following recent reforms and enhancing support for the nation’s poor, the financial institution announced in a statement on Thursday. In April, Finance Minister Wale Edun revealed Nigeria’s intent to secure up to $2.25 billion in loans from the World Read More…
President Bola Tinubu is determined to steer Nigeria through economic headwinds, emphasising his unwavering commitment to reforms and investments that support businesses and create opportunities for the growing population. “We are right in the middle of a challenging stage of our reforms. We have headwinds, no doubt, but we are not going back,” he declared Read More…
Africa’s economic growth witnessed a decline to 3.2% last year from 4.1% in 2022, as reported by the African Development Bank (AfDB) on Friday. Despite this setback, the bank projected higher growth rates this year for all regions except central Africa. According to the AfDB, factors such as political instability and China’s economic slowdown, compounded Read More…
The American World Bank and the European International Monetary Fund, IMF, in the past few weeks, circled Nigeria like vultures waiting for the prey to die. The twin organisations have become more active and quite audacious since President Bola Ahmed Tinubu came to power on May 29, 2023. They are like predators, ready for the Read More…
An Oxfam report revealed that the collective wealth of the world’s five richest individuals surged to $869 billion since 2020, doubling, while five billion people experienced increased poverty. The report coincides with the annual World Economic Forum (WEF) meeting in Davos, where business elites gather. Oxfam emphasised the rise of billionaires as key figures in Read More…
Stears, a prominent provider of economic analysis and data-driven insights, has highlighted the imperative of proactive measures to safeguard Nigeria’s economic stability amidst mounting inflation pressures in its 2024 African Outlook Report. Dumebi Oluwole, Senior Economist at Stears, emphasised the urgency for preemptive actions to address the nation’s economic stability amidst the current headline inflation Read More…
By Rukayat Moisemhe, News Agency of Nigeria (NAN) Some Stakeholders in the manufacturing sector say Nigeria needs a specific blueprint to critically address the impact of inflationary pressures on all economic activities in the country. According to the World Economic Forum’s Global Risks Report 2023, the world’s top current risks are energy, food, inflation, and Read More…
