Experts express concerns over CBN’s new 27.25% interest rate, citing negative impacts on investment and economic growth Financial experts have expressed serious concerns over the recent hike in the Central Bank of Nigeria’s (CBN) Monetary Policy Rate (MPR) to 27.25%. They warn that the increase could severely affect investment opportunities and hinder overall economic growth…
The Central Bank of Nigeria increases the monetary policy rate in a bid to stabilize inflation and manage liquidity challenges The Central Bank of Nigeria (CBN) raises interest rate to 27.25%, marking a significant shift in monetary policy as the country grapples with inflationary pressures. The Central Bank’s Monetary Policy Committee (MPC), during its 297th…
The price of cooking gas in Nigeria experienced a sharp increase of 69% in August 2024, exacerbating the financial strain on households already grappling with rising living costs. This surge reflects the ongoing volatility in the country’s energy sector, driven by factors such as global oil price fluctuations and supply chain disruptions. According to data…
Nigeria’s External Reserves Reach 22-Month High Despite Naira Weakness Nigeria’s external reserves have reached a 22-month high of $37.31 billion, signaling significant foreign inflows into the economy. However, despite the growth in Nigeria’s external reserves, the naira has continued to struggle, ranking among the 10 worst-performing currencies globally, according to Bloomberg. The surge in Nigeria’s…
Can Nigeria’s New Tax Policies Bring Real Benefits Amidst Economic Challenges? Nigeria’s ongoing economic challenges have revived discussions about the role of taxation in achieving financial freedom. The administration of President Bola Tinubu is advancing significant tax reforms, but these initiatives come with their own set of historical and contemporary challenges. Much like the 16th…
On Thursday, former Independent National Electoral Commission (INEC) Chairman, Professor Attahiru Jega, presented a livestock reform report to President Bola Tinubu, outlining a comprehensive plan to transform the sector over the next decade. The 152-page report provides a roadmap for addressing key challenges in the livestock industry and unlocking its economic potential. Jega, who was…
In response to Nigeria’s ongoing FX crisis and the significant devaluation of the naira, multinational consumer goods company PZ Cussons has initiated plans to sell its Nigerian subsidiaries. The decision to sell Nigerian subsidiaries comes as the company seeks to mitigate its exposure to currency fluctuations, with the naira losing 70% of its value over…
Key Supreme Court rulings from H1 2024 redefined governance, financial autonomy, and election integrity in Nigeria. In the first half of 2024, Supreme Court rulings in 2024 played a crucial role in reshaping Nigeria’s legal, political, and governance landscape. These pivotal decisions ranged from establishing the authority over Lagos’ waterways to strengthening local government financial…
The Federal Government has issued a stern warning to private sector employers, emphasizing that failure to comply with the new N70,000 minimum wage enforcement could lead to jail time. This mandate, aimed at addressing the nation’s economic challenges, applies to all Nigerian workers, regardless of whether they are employed by the government or private firms….
Former Head of State Abdulsalami Urges Nigerian Government to Tackle Economic Challenges Former Nigerian Head of State, General Abdulsalami Abubakar, has called on the Federal Government to take immediate steps to address Nigeria’s economic hardship. As the nation faces ongoing challenges like inflation, unemployment, and a weakened currency, Abdulsalami stressed the need for urgent and…
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