Category: Business
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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…
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“Fuel Scarcity: Civil Society Groups Demand Mele Kyari’s Resignation Within 7 Days”
By Milcah Tanimu Over 200 civil society groups, represented by the Coalition of Civil Society Groups Against Poverty in Africa (CoSGAPA), have called for the immediate resignation or sack of Engr Mele Kyari, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Corporation Limited (NNPCL). The demand follows the severe fuel scarcity gripping…
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FG Launches N200 Billion Intervention Fund for MSMEs and Manufacturers in Nigeria
By Milcah Tanimu The Federal Government has unveiled a N200 billion Presidential Intervention Fund aimed at supporting Micro, Small, and Medium Scale Enterprises (MSMEs) as well as manufacturers in Nigeria. Minister of Industry, Trade and Investment, Doris Uzoka-Anite, made the announcement on Monday in Abuja. This initiative, following the ongoing disbursements focused on aiding one…
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Nigeria’s Debt-to-GDP Ratio Expected to Hit 46.6% in 2024, says IMF
The International Monetary Fund (IMF) has forecasted that Nigeria’s public debt to Gross Domestic Product (GDP) ratio will rise to 46.6 percent in 2024, and further to 46.8 percent in 2025. This projection indicates a 0.3 percentage point increase in 2024 and a 0.5 percentage point increase in 2025 compared to the IMF’s previous forecast…
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Naira’s Fluctuations and Oluwo of Iwo’s Critique of EFCC’s Actions
Recent reports indicate a fluctuation in the value of the Naira in the Nigerian Foreign Exchange Market (NAFEM), with the currency depreciating to ₦1,148.14 per dollar. However, it rebounded to ₦1,072.74 per dollar, marking an appreciation of N75.4. This shift has narrowed the margin between the parallel market and NAFEM rates to N32.26 per dollar,…
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PenCom Emphasizes Performance-Based Criteria for PFA Changes
The National Pension Commission (PenCom) is urging Retirement Savings Account (RSA) holders considering switching Pension Fund Administrators (PFAs) to assess performance as a key factor. Mrs. Aisha Dahir-Umar, the Director-General of PenCom, emphasized this stance, highlighting the importance of informed decision-making. To facilitate this process, PenCom has established a dedicated section on its website where…
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CBN Emphasizes Digital Innovation for Economic Growth
The Central Bank of Nigeria (CBN) has reiterated its dedication to fostering digital innovation as a driver of economic growth. Dr. Balla Bello, Deputy Governor of Fiscal System Stability, emphasized the bank’s strategic focus on creating an environment conducive to innovation and entrepreneurship during a discussion with participants from the Senior Executive Course (SEC 46)…