President Bola Tinubu affirmed his commitment to reforming Nigeria’s economic and business environment to enhance efficiency. He made this declaration during a bilateral meeting with the Chancellor of the Federal Republic of Germany, Olaf Scholz, and his delegation at the Presidential Villa in Abuja on Sunday. Tinubu and Chancellor Scholz held three separate meetings before Read More…
Economy
Lamido Sanusi calls for reduced dependence on petrol to address subsidy removal crisis
Sanusi Lamido Sanusi, the 14th Emir of Kano and former Governor of the Central Bank of Nigeria (CBN), expressed his view on the long-term solution to the petrol subsidy removal crisis, saying, “The long-term solution is to reduce dependence on PMS.” He added, “In the short term, the most effective measure to offset the removal Read More…
Vice President Kashim Shettima applauds BudgIT’s State of States report
Vice President Kashim Shettima has lauded the BudgIT Foundation Nigeria for its exemplary work in budget tracking and advocating transparency, stating that their report will establish a new benchmark for responsibility and accountability in the country’s public finance. Shettima, represented by his Special Adviser on Economic Affairs, Dr. Tope Fasua, made these remarks during the Read More…
Navigating Nigeria’s Cost of Living Crisis: Challenges, Impacts, and Solutions
Nigeria, the most populous nation on the African continent and an economic powerhouse is currently in the throes of a severe cost-of-living crisis that has profound implications not only for its people but also for its economic landscape. This crisis has emerged as a potent confluence of both domestic and international factors, creating a formidable Read More…
U.N. Sec Gen warns of global economic fragmentation at ASEAN summit
During a summit involving Southeast Asia’s ASEAN bloc, China, the United States, and other nations in Indonesia, U.N. Secretary-General António Guterres issued a warning on Thursday about the world facing a potential “great fracture” in its economic and financial systems. Guterres, in a comprehensive address that touched on geopolitical tensions, multilateral development finance, and climate Read More…
Wale Edun unveils Tinubu Government’s bold economic vision
In a significant development, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has unveiled a comprehensive agenda aimed at transforming the nation’s challenging economic landscape. Speaking during his inaugural press briefing in Abuja, Edun shed light on President Bola Tinubu’s visionary approach and strategies for revitalizing the economy. Edun outlined several Read More…
World Bank Applauds President Tinubu’s Reforms, Urges Swift Palliative Rollout
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 slows to 2.4% in Q1 2023
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…
Tinubu seeks N620 bn WB loan to cut fuel subsidy removal impact
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…
Tinubu Promises Palliatives After Fuel Subsidy Removal
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…