The Yoruba Council of Elders (YCE) has expressed deep concerns about the worsening conditions in Nigeria, urging President Bola Tinubu to address the immediate needs of citizens. The Yoruba elders tell Tinubu that Nigerians are suffering deeply, with many struggling due to the lack of electricity, food, and fuel. The council emphasized that while long-term…
The National Economic Council (NEC) has urged state governments to accelerate their work on proposals regarding the creation of state police in Nigeria. In a move aimed at enhancing security across the country, the NEC has set a firm deadline for all states to make their submissions on the matter. The development marks a significant…
The Nigerian Bar Association (NBA) has strongly condemned the recent fuel price hike in Nigeria, expressing grave concerns over the steep increase implemented by the Nigerian National Petroleum Company (NNPC). The pump price of fuel, which has skyrocketed from 617 Naira to nearly 900 Naira, has placed an overwhelming financial strain on Nigerian citizens, worsening…
At the Nutrivision 2024 event in Abuja, philanthropist Bill Gates addressed the ongoing challenge of low tax collection in Nigeria, underscoring its impact on vital public services. Gates emphasized that Nigeria’s current tax revenue is insufficient to meet the financial needs of critical sectors such as health and education. He pointed out that without significant…
Vice President Kashim Shettima inaugurated the highly anticipated $115 million terminal upgrade at Onne Port in Rivers State, showcasing a significant milestone for Nigeria’s maritime and trade sectors. The investment in the West Africa Container Terminal (WACT) underscores the critical role Onne Port plays in facilitating trade across Nigeria and the West African region. APM…
As of June 30, 2024, Nigeria has emerged as the third-largest debtor to the World Bank’s International Development Association (IDA), reflecting a significant increase in its borrowing. This surge in debt underscores Nigeria’s deepening reliance on international financial assistance, with Nigeria’s World Bank IDA debt now reaching $16.5 billion. A recent financial statement from the…
Nigeria has witnessed a sharp rise in its external debt servicing costs, which surged to $2.78 billion in the first seven months of 2024. This marks a substantial 53.63% increase compared to the $1.81 billion recorded in the same period in 2023. The information was disclosed in the Central Bank of Nigeria’s (CBN) Weekly International…
The Naira has experienced a sharp decline in value, trading at an alarming rate of N1,635 to the U.S. dollar in the parallel market. This latest depreciation underscores the ongoing challenges facing Nigeria’s economy, particularly in the foreign exchange sector, where demand continues to outstrip supply. Market analysts attribute the Naira’s fall to several factors,…
Understanding the Surge in Green Bonds and What the Future Holds for Sustainable Finance Introduction: The growing popularity of green bonds marks a significant shift in the financial world as investors increasingly prioritize sustainability alongside profitability. As more companies and governments commit to environmental goals, green bonds have emerged as a powerful tool to fund…
Nigeria’s Gross Domestic Product (GDP) recorded a year-on-year growth of 3.19% in Q2 2024, showing an increase from 2.98% in Q1 2024 and 2.51% in the same period last year, as reported by the National Bureau of Statistics (NBS). This growth was primarily driven by the Services sector, which saw an impressive 3.79% growth and…
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