Shubham Chaudhuri, the World Bank Country Director for Nigeria, has praised President Bola Tinubu’s reform policies. Speaking at a symposium in Ibadan, Chaudhuri commended the policies while urging the prompt implementation of palliative measures to mitigate their impact on Nigerians. The symposium’s theme was “Economic Opportunity Pathways to Navigating Post-Reform Challenges in Nigeria,” which the Read More…
Nigeria’s economic growth slowed to 2.4% in the first quarter of 2023, from 3.6% in the fourth quarter of 2022, according to the Organisation of the Petroleum Exporting Countries (OPEC). The slowdown is expected to continue in 2023, with OPEC forecasting growth of 3.3% for the year. The slowdown is being driven by a number Read More…
Nigeria’s President, Bola Tinubu, made a request to the Senate on Thursday to approve a N62 billion ($800 million) loan from the World Bank. The loan aims to fund a social programme aimed at easing the impact of high fuel prices following the removal of a popular but costly petrol subsidy. In a letter to Read More…
President Bola Tinubu assured Nigerians on Wednesday in Abuja that the government was working on a framework for palliatives to address the consequences of fuel subsidy removal. He emphasized that the decision to phase out the subsidy was made in the country’s best interest and to secure future prosperity. During a courtesy visit by members Read More…
The African Development Bank (AfDB) Group warns again that Africa is extremely vulnerable to climate hazards. The bank claimed in a statement published on its website on Tuesday that Africa contributed the least to global pollution. It was acknowledged in the declaration that African countries generally were experiencing difficulties in obtaining sufficient funding. “Thus, resources Read More…
If the continent’s numerous shocks are appropriately addressed, the Economic Commission for Africa (ECA) suggests that its economy might grow positively. This is contained in a press release by Mr. Adam Elhiraika, Director of the Macroeconomics and Governance Division of the ECA, during the experts meeting currently taking place in Ethiopia. Elhiraika stated that a Read More…
Nigeria’s overall goods trade, according to the National Bureau of Statistics (NBS), was worth N11,722.44 billion in the fourth quarter of 2022. The NBS Foreign Trade in Goods Statistics Report for Q4 2022, which was released on Friday in Abuja, supports this. According to the NBS, overall exports were N6,359.61 billion while total imports were Read More…
A thorough understanding of Nigeria’s population, according to United Bank for Africa (UBA) Plc Chairman Mr. Tony Elumelu, will aid in accelerating economic growth and development. Elumelu, who is also the Chairman of Heirs Holdings Group and Transnational Corporation (Transcorp) Plc, was speaking on Monday in Abuja during a donor engagement over Nigeria’s 2023 Housing Read More…
An economic agenda for the new administration has been established by the Centre for the Promotion of Private Enterprises (CPPE) with the goal of restoring investor confidence and repositioning the Nigerian economy. In a statement released on Sunday in Lagos, the founder of the CPPE, Dr. Muda Yusuf, said that Nigeria’s current political transition gave Read More…
In order to boost local content and promote economic sustainability in Nigeria, the National Office for Technology Acquisition and Promotion (NOTAP) will work with the Nigerian Academy of Science (NAS). Dr. DanAzumi Ibrahim, the DG NOTAP, spoke Friday in Abuja to a delegation from the academy that was headed by Prof. Ekanem Brande, the academy’s Read More…
