Business Economy Top Story

Lagos’ economic success shines at global forum

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…

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Business Debt Economy Top Story

World Bank approves $2.25 billion loan to bolster Nigerian economy

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…

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Business Economy Top Story

Nigeria eyes growth despite challenges, President Tinubu reassures investors

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…

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Business Economy Top Story

African Development Bank reports decline in economic growth, foresees recovery

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…

Business Economy Featured Notes Owei Lakemfa

World Bank and IMF: In the shadow of their talons.

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…

Business Economy Top Story

World Economic Forum: Oxfam highlights soaring wealth disparity as Nigerian VP joins global leaders

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…

Business Economy Top Story

Stears report urges proactive measures amidst Nigeria’s 2024 inflation concerns

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…

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Business Economy Featured Manufacturing Notes

Inflation: Specific blueprint critical to manufacturing, other performances in 2024

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…

Business Debt Economy

Approval Granted: Nigeria Secures $1 Billion AfDB Loan for Budget Support and Forex Supply

Finance Minister Olawale Edun announced the Federal Executive Council’s (FEC) approval of a $1 billion concessional loan from the African Development Bank (AfDB) aimed at bolstering the budget and enhancing foreign exchange reserves. Edun revealed the loan details, citing a 4.2% interest rate over 25 years with an eight-year moratorium, following a cabinet meeting in Read More…

Business Economy Top Story

CBN set for tightened policy and economic expansion, says Cardoso

Olayemi Cardoso, the newly appointed governor of Nigeria’s central bank, announced plans to implement tighter monetary policies in the next two quarters to manage inflation while urging banks to bolster their capital to support economic growth. Addressing immediate challenges such as curbing excess liquidity and combating inflation, Cardoso emphasised a shift from direct fiscal interventions Read More…