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…
In a significant move to boost technological innovation across Nigeria, the Federal Government, through the Presidential Standing Committee on Innovation and Invention (PSCII), has awarded N47 million in grants to 32 inventors and innovators. This initiative spans the six geopolitical zones of the country, underscoring the government’s commitment to nurturing creativity and advancing technological progress….
Nigeria’s Central Bank Lifts Suspension on Bank Borrowing Amid New Measures to Control Liquidity In a significant policy shift, the Central Bank of Nigeria (CBN) has lifted the suspension on bank borrowings from its Standing Lending Facility (SLF), setting a new lending rate at 31.75 percent. This decision follows the 296th meeting of the Monetary…
Discover How Relocation Benefits Can Boost Your Career and Lifestyle If you’re considering a move abroad, there are several countries offering enticing relocation benefits for employees and businesses. These programs can be a golden opportunity for those looking to enhance their careers while experiencing new cultures. Whether you’re interested in financial incentives or attractive living…
Data Source: BusinessDay Newspaper As concerns, controversies grow…Nigerians shocked at Tinubu’s moves… In recent months, Nigeria has witnessed a troubling shift under President Bola Tinubu’s administration, sparking widespread concern about the rise of authoritarianism in Nigeria. As the country grapples with significant economic and political challenges, many Nigerians are questioning whether the government’s actions are…
Interview with HR Specialist Sarah Lee: Mastering Budgeting for Financial Freedom Introduction: The Importance of Budgeting for Financial Success Budgeting is a fundamental skill that lays the groundwork for financial stability and success. For beginners, establishing a budget can seem daunting, but with the right guidance, it becomes an empowering tool that can lead…
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