Africa’s Richest Man Races to Transform Nigeria’s Oil Industry and Reduce Fuel Imports Aliko Dangote, Africa’s wealthiest businessman, is making significant efforts to secure billions of dollars to enhance crude supply for his state-of-the-art oil refinery on the outskirts of Lagos. The $20 billion facility, the largest in Africa and one of the most ambitious…
Rising Debt Burden Sparks Concerns Amid Economic Reforms IntroductionNigeria’s external debt could escalate to $45.1 billion by the close of 2024, raising concerns about the country’s debt sustainability. This projection follows the Federal Government’s approval of a $2.2 billion external borrowing plan, intended to finance the 2024 Appropriation Act. With Nigeria’s external debt already rising…
As the world undergoes rapid demographic shifts, population trends are set to reshape the global landscape. Experts predict that the countries with the highest population in 2100 will be vastly different from today’s rankings, driven by factors such as fertility rates, urbanization, and economic development. These shifts highlight emerging global powerhouses and present challenges for…
Nigeria’s Economic Reforms Face Setbacks Food sector stakeholders score policies low A recent report by the International Monetary Fund (IMF) has revealed that Nigeria’s broad-based economic reforms, initiated 18 months ago, have yet to yield substantial positive results. The report, which focuses on sub-Saharan Africa, highlighted that while some nations in the region are making…
A Record-High National Budget Aiming to Address Development Needs, Boost Infrastructure, and Tackle Economic Challenges In a significant move toward economic expansion and infrastructural investment, the federal government has unveiled its proposed 2025 Nigerian Federal Budget, setting it at an unprecedented N47.9 trillion. This budget proposal reflects the government’s response to pressing economic challenges and…
In response to the nation’s fuel scarcity, the Nigerian National Petroleum Company Limited (NNPC) has appointed new leaders to drive operational efficiency In a move to address Nigeria’s persistent fuel crisis, the Nigerian National Petroleum Company Limited (NNPC) has introduced a series of fresh appointments aimed at improving operations and stabilizing fuel supply. NNPC makes…
The Central Bank of Nigeria signals an anticipated increase in inflation rates for October, driven by economic and market pressures October Inflation Rise in Nigeria: CBN Signals Potential Increase in Consumer Prices The October inflation rise in Nigeria is anticipated as the Central Bank of Nigeria (CBN) projects a continued uptick in consumer prices. Amid…
How Nigeria’s New FX Disclosure Scheme Aims to Transform Foreign Exchange Management The Nigeria FX disclosure scheme marks a significant step in Nigeria’s efforts to stabilize and bring transparency to its foreign exchange market. This scheme, introduced in response to longstanding challenges, aims to provide clear guidelines and promote compliance within the forex sector. As…
New tax reforms aim to encourage wage increases and ease transportation costs for low-income workers in Nigeria The Nigerian Federal Government has introduced a new initiative aimed at providing a 50% tax relief for firms increasing wages, helping employers improve salaries or offer transportation allowances to low-income employees. This initiative forms part of a broader…
Senator Ndume presses for cabinet changes and proposes an economic summit to address Nigeria’s economic challenges Senator Mohammed Ali Ndume, representing Borno South, has advised President Bola Tinubu to take further action in his recent cabinet reshuffling by dismissing more ministers who are not meeting performance expectations. Ndume believes that this step will accelerate the…
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