Brace yourselves, Nigerians! The nation stands on the cusp of two potentially aggressive interest rate hikes in quick succession, a Reuters poll revealed on Friday. This bold move aims to curb soaring inflation and bolster the battered naira currency. After a two-meeting hiatus, the Central Bank of Nigeria (CBN) is poised to hold its first Read More…
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has called on the Minister of Finance, Mr. Olawale Edun, to prioritise transparent financial strategies and tax relief to foster private sector development. Mr. Dele Oye, the National President of NACCIMA, conveyed this message during a statement issued on Saturday in Lagos following 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…
Africa’s richest man, Aliko Dangote, received a significant boost for his fertiliser plant today as Shell and its partners announced a final investment decision to build a dedicated gas supply facility. The $2.5 billion Dangote Fertiliser and Petrochemical Plant, the largest urea complex in Africa, will receive 100 million standard cubic feet of gas per Read More…
In a bid to maximise the benefits of cocoa production and foster economic growth, the Governor of Lagos State, Mr. Babajide Sanwo-Olu, emphasised the need for a multifaceted approach. Speaking at the International Cocoa and Chocolate Forum (ICCF) 2024 in Lagos, he outlined key strategies for the cocoa sector’s enhancement. Represented by Mrs. Folashade Ambrose-Medebem, 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…
At the 10th edition of the LCCI Entrepreneurship Mentoring Programme (EMP) graduation ceremony, the Lagos Chamber of Commerce and Industry (LCCI) inspired 117 graduating entrepreneurs to leverage their technical expertise and resilience for community building and sustainable development in Nigeria. Dr. Michael Olawale-Cole, President of LCCI, emphasised this charge, stating, “Your technical knowledge and resilience Read More…
During the Manufacturers Association of Nigeria (MAN) Ikeja Branch public lecture in Lagos, experts highlighted the pivotal role of collaboration in fostering a robust manufacturing ecosystem and propelling industrialisation in Nigeria. Dr. Paul Alaje, a Chief Economist, underscored collaboration as pivotal in advancing the country’s industrialization. He emphasised the need for a holistic approach to Read More…
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…
