nigeria economy

As Africa's economic landscape undergoes a significant shift, Nigeria, once the continent's largest economy, is poised to slip to fourth place this year, according to projections from the International Monetary Fund (IMF). In a surprising turn, Egypt, which briefly held the top position in 2023...

Senator Sunday Karimi, representing Kogi West Senatorial District, made headlines yesterday as he addressed a gathering at the maiden edition of Igbaruku Day in Igbaruku-Okeri, Kogi State. Standing before members of the Igbaruku-Okeri Community Development Association (ICDA), Karimi made a bold...

The Central Bank of Nigeria (CBN) has reported a substantial inflow of over $1.5 billion in recent days, signaling a positive outlook for the nation's monetary policy initiatives. The announcement, made by the Bank's Acting Director of the Corporate Communications Department, Hakama Ali...

In a recent report released by the Economist Intelligence Unit (EIU) in March 2024, the economic future of Nigeria is painted with uncertainties as the country faces five critical risks that could jeopardize peace, economic progress, and overall development in the coming months. The EIU report...

In an exclusive interview on Bloomberg TV, South African billionaire Christo Wiese voiced optimism about Nigeria's economic future, countering the recent trend of global corporations exiting the country. Wiese, the former chairman of Shoprite Holdings Ltd., Africa's largest grocer, described the...

President Bola Tinubu has appealed for patience from Nigerians in the face of the current economic hardships, asserting that the nation will overcome these challenges. During his visit to the leader of the pan-Yoruba sociopolitical organization, Afenifere, Tinubu acknowledged his...

In a surprising tweet from Voice of Northerners Twitter page, a demand was made for the prolonged detention of the arrested Binance official in Nigeria until the exchange rate drops to 600 Naira per dollar, with a call for President Tinubu to teach a lesson for allegedly sabotaging the economy...

In a crucial meeting held at the Presidential Villa in Abuja, President Bola Tinubu engaged in a strategic dialogue with prominent figures from Nigeria's private sector and state leadership. The summit, attended by business magnates Aliko Dangote, Abdulsamad Rabiu, Tony Elumelu, and governors...

In response to rising living costs and economic challenges, the Federal Government is launching a new plan to give N25,000 every month to 15 million households across the country. This initiative comes after recent policy changes led to increased petrol prices and a tough economic situation for...

The Senate has greenlit the appointment of 12 individuals to serve as members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN). This crucial development, following a report from the Committee On Banking, Insurance, and Other Financial Institutions, sets the stage for...

The Nigerian Naira plummeted to unprecedented depths on Monday, hitting N1,700 against the US Dollar and N2,100 against the Pound Sterling. These alarming figures mark a historic low for Nigeria's currency, painting a bleak picture of the nation's economic stability, particularly under the...

Nigeria's inflation rate surged to 29.90% in January 2024, marking a significant increase from the previous month's 28.92%, as reported by the National Bureau of Statistics (NBS). The latest inflation report highlights a persistent upward trend, indicating that the inflationary pressures in the...

In a surprising turn of events, the International Monetary Fund (IMF) has confirmed that the Nigerian government, under President Bola Tinubu's administration, has quietly resumed the payment of subsidies on petrol, also known as premium motor spirit (PMS). This revelation comes just months...

In the face of an unprecedented surge in the cost of living, Nigerian families are grappling with the harsh realities of a struggling economy. The price of rice, a staple in the country, has skyrocketed to N77,000 per bag, reflecting a broader trend of escalating costs for goods and services...

The Central Bank of Nigeria's Governor, Dr. Olayemi Cardoso, addresses the House of Representatives, linking the depreciation of the naira against the dollar to the increasing number of Nigerians pursuing education and medical treatments overseas. The governor outlines plans to tackle the high...

Inflation and exchange rate fluctuations have led to a staggering 200% increase in construction costs over the past two years, exacerbating challenges in Nigeria's building sector. The depreciation of the naira has driven up prices of imported building materials, while local materials have also...

The Central Bank of Nigeria (CBN) has enacted stringent measures to bolster liquidity in the foreign exchange market, instructing banks to limit their Net Open Position (NOP) of foreign currency assets and liabilities to 20% of shareholders' funds. The directive, issued through a CBN circular...

The International Monetary Fund (IMF) has adjusted Nigeria's 2024 economic growth forecast downward to 3.0%, marking a notable decrease from the previous projection of 3.1% made in October 2023. This downgrade was unveiled in the IMF's World Economic Outlook update released in January 2024...

Manufacturers in Nigeria are bracing for a potential surge in commodity prices as the nation's currency, the naira, continues its downward spiral against the United States dollar. Since the removal of the rate cap by the Central Bank of Nigeria in June 2023, the naira has witnessed a significant...

Amidst economic uncertainties, the Nigerian currency faces a significant setback with the US dollar soaring to N1,355 at the black market. Despite recent efforts to stabilize the exchange rate, including a $2.25 billion support from AfreximBank, the naira's value continues to decline. In...