Category: Business
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Africa’s Transformation: AfDB to Inaugurate 2024 Economic Outlook Report
By Milcah Tanimu The African Development Bank (AfDB) is set to inaugurate its 2024 Economic Outlook (AEO) report on May 30 at the Kenyatta International Convention Centre in Nairobi. AfDB President Akinwumi Adesina announced that the report will be launched in collaboration with African finance ministers, central bank governors, and international development partners during the…
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CBN Governor Cardoso Anticipates Lower Interest Rates, Stresses Inflation Control Measures
By Milcah Tanimu In a recent statement, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso hinted that interest rates would remain elevated until inflation subsides, emphasizing the importance of combating inflation through orthodox monetary policies. Cardoso affirmed the CBN’s commitment to implementing conventional measures to rein in inflation, highlighting the Monetary Policy Committee’s efforts in…
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NACCIMA Raises Alarm Over Naira Depreciation, Fears Implications on Imports and Inflation
By Milcah Tanimu The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has voiced apprehension regarding the substantial depreciation of the Naira, highlighting its detrimental effects on the nation. Dele Kelvin Oye, the association’s National President, expressed concern over the repercussions of the currency’s devaluation on import expenses and inflation rates, emphasizing…
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Federal Government Plans Tax Relief for 95% of Small Businesses, Says Tax Reforms Committee Chairman
By Milcah Tanimu The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, has revealed that the Federal Government is strategizing to provide tax relief to 95% of small businesses in the informal sector. Speaking at the committee’s closing session in Abuja on Sunday, Oyedele outlined a plan to exempt businesses…
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IMF Urges FG to Cease Petrol and Electricity Subsidies as Inflation Eases
By Milcah Tanimu The International Monetary Fund (IMF) has advised the federal government to discontinue all subsidies on fuel and electricity, arguing that these subsidies primarily benefit the wealthy rather than the impoverished. In its report titled “Nigeria: 2024 Article IV Consultation,” the IMF suggested that once the social protection scheme has been bolstered and…
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“DBN Empowers Nigerian MSMEs with N787 Billion Disbursement in 2023”
By Milcah Tanimu The Development Bank of Nigeria (DBN) has made significant strides in fostering entrepreneurship and economic development in Nigeria, as evidenced by its latest social impact report for the year 2023. Since its inception, DBN has disbursed over N787 billion to more than 495,000 Micro, Small, and Medium-scale Enterprises (MSMEs), underscoring its commitment…
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IMF Applauds Nigeria’s Economic Overhaul, Forecasts 3.3% Growth and 24% Inflation for 2024, Urges Caution on CBN Act AmendmentMay 10, 2024
By Milcah Tanimu On May 10th, the International Monetary Fund (IMF) conveyed its confidence in Nigeria’s proactive economic reforms. Emphasizing the importance of the Central Bank of Nigeria’s autonomy, the IMF advised against proposed changes to the bank’s governing legislation. These insights were shared in the Article IV Staff Consultation Report from the IMF’s Board…
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Energy Crisis: Port Harcourt and Warri Refineries Set for Full Operation in 2024
By Milcah Tanimu Amid Nigeria’s persistent fuel scarcity, Senator Ifeanyi Ubah, Chairman of the Senate Committee on Petroleum (Downstream), has announced plans for the full operationalization of the Port Harcourt and Warri refineries by the end of 2024. Additionally, the Kaduna Refinery is expected to be operational before the end of next year, according to…
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Steel is key to Nigeria’s industrialisation drive: Kwara Gov
Stephen Olufemi Oni, Ilorin Kwara State Governor AbdulRahman AbdulRazaq is optimistic that Nigeria’s industrialisation efforts would yield awesome results once the country maximises its steel potential through the proposed reforms by President Bola Ahmed Tinubu. He said the move by the Federal Government to revive Ajaokuta Steel Company is sacrosanct and key to the industrialisation…
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Nigerian Central Bank Mandates 0.5% Cybersecurity Levy on Transactions
By Milcah Tanimu The Central Bank of Nigeria (CBN) has issued a directive instructing deposit money banks across the country to implement a 0.5% cybersecurity levy on transactions. Outlined in a circular dated May 6, 2024, addressed to all commercial, merchant, non-interest, and payment service banks, as well as mobile money operators and payment service…