The National Bureau of Statistics (NBS) has released a concerning report on Nigeria’s public debt stock, which has surged to N97.34 trillion ($108.23 billion) in the fourth quarter of 2023. This represents a 10.73% increase from the previous quarter, with Lagos State leading the charge in both domestic and external debts. The NBS report indicates Read More…
Tag: Nigeria
Murder for Hire
I believe that every man and woman is entitled to subscribe to whatever religion they fancy. I believe that religion is designed primarily to draw God’s creatures to Him. As someone privileged to have a rich admixture of Muslims, Christians and Ifa devotees within the extended family, I have come to realise that religious bigotry Read More…
Naira hits new record low amid dollar truggle
Despite Central Bank efforts, currency plunges below parallel market rates In a disconcerting turn of events, Nigeria’s naira has plummeted to a new record low during intraday trading on Thursday, as reported by FMDQ Exchange data. This decline occurred despite the central bank’s vigorous efforts to stabilize the currency by selling dollars and infusing liquidity Read More…
Nigeria braces for double-barrelled rate hike to tame inflation, boost Naira
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…
Akpata claims Labour Party ticket for Edo Governorship race, vows good governance
Former Nigerian Bar Association president Olumide Akpata sailed to victory in the Labour Party’s primary election, securing the party’s nomination for the upcoming Edo governorship election scheduled for September 21st. Akpata garnered a convincing 316 votes, leaving his closest contender, Kenneth Imansuangbon, far behind with just seven votes. Professor Sunday Eromosele and Sergius Ogun managed Read More…
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…
Coronation Group reinforces commitment to polo sport development in Nigeria
Coronation Group Ltd, the proud title sponsor of the 2024 Lagos Polo Tournament Silver Cup, reaffirmed its dedication to fostering the growth of polo in Nigeria during the finals of the prestigious tournament held at the Lagos Polo Club, Ikoyi. Wole Onasanya, the Chief Executive of Coronation Group, underscored the company’s unwavering support for the Read More…
Olam Group cleared of $50 billion forex fraud allegations in Nigeria
Singapore’s Olam Group has emerged unscathed from a storm of allegations, as its investigation team unequivocally exonerated its Nigerian unit from any involvement in a multibillion-dollar foreign exchange fraud. The verdict was delivered on Monday, putting to rest the cloud of suspicion that hung over the company. Last year, some Nigerian media outfits sounded the Read More…
The Road to the Country: Heart-Racing Journey Through War and Redemption
Chigozie Obioma’s “The Road to the Country” emerges as a sweeping narrative set against the backdrop of Nigeria’s civil war. The story centres on Kunle, a university student in Lagos, who embarks on a perilous journey to save his missing brother amid the chaos of conflict. Obioma’s prose, described by The Wall Street Journal as Read More…
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…