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US invests $244m in 18,000 Nigerian businesses

The United States has provided assistance to 18,000 Nigerian small enterprises in order to promote...

26th October 2023

Tinubu orders NNPC to sell Crude to Dangote in Naira

FG seeks $10bn to fund SDGs

The Federal Government has stated that Nigeria will need $10 billion a year in funds to...

25th October 2023

BREAKING: Tinubu emerges ECOWAS Chairman

Tinubu directs implementation of tax reforms committee’s recommendations

President Bola Tinubu on Tuesday directed the immediate implementation of recommendations of the Presidential Fiscal...

24th October 2023

NNPCL fuel subsidy gains not fully remitted - World Bank

FG approves $3.45bn W’Bank loan for power, others

The Federal Executive Council approved the $3.45 billion World Bank loan application on Monday. The...

24th October 2023

FIRS announces new TAXPR-MAX platform for CbCR

FIRS rules out company taxes’ increment

The acting chairman of the Federal Inland Revenue Service, Zacch Adedeji, has assured top corporate...

19th October 2023

X introduces $1 annual subscription for new, unverified users

X, formerly known as Twitter, has unveiled a new program...

18th October 2023

Australia fines X $385,000 for sexual abuse content violations

Australia’s internet safety watchdog has fined Elon Musk’s X (formerly known as Twitter) for...

17th October 2023

Inflation hits 26.72% in September — NBS

The National Bureau of Statistics on Monday announced that inflation surged to 26.72 per cent...

16th October 2023

Nigeria remains safe investment destination, says finance minister Edun Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has reaffirmed the country’s position as a secure and promising destination for investment, citing ongoing reforms and renewed economic momentum. Speaking at the Nigeria Investment Forum on the sidelines of the World Bank/IMF Spring Meetings in Washington, D.C., Edun highlighted the government’s commitment to fiscal stability and structural reforms aimed at revitalising the economy. “One of the reasons for the new leadership at the Nigerian National Petroleum Company Limited (NNPCL) is to increase production and reduce costs,” Edun said, adding that the administration is also intensifying efforts to diversify the economy and attract private sector participation. According to the minister, the government is focused on optimising state-owned assets to close budgetary gaps and remains committed to upholding the sanctity of contracts — a principle key to building investor trust. “We are committed to stabilising the economy so the private sector will find it attractive to invest,” he said. “Our goal is to ensure fiscal congruence and support sustainable growth.” Edun outlined President Bola Tinubu’s reform agenda, which he said is already producing positive signs of recovery. These include narrowing budget deficits, a stabilising exchange rate, and an improved trade balance. “The economy is showing signs of growth. We are targeting seven per cent annual growth, and the policies we’ve implemented have laid the groundwork to achieve this,” he stated. He identified agriculture as a top priority, emphasizing the importance of boosting local production across the entire value chain to enhance food security. “We aim to close the food supply gap not through imports, but by enabling domestic producers to scale and innovate,” Edun said. Highlighting digital infrastructure as another cornerstone of economic growth, the minister revealed that 90,000 kilometres of fibre optic cable have been deployed nationwide to strengthen connectivity and support Nigeria’s growing tech ecosystem. In addition, 4,000 kilometres of roads have been put forward for private sector participation, with 1,000 kilometres already approved for delivery. Meanwhile, Central Bank Governor Yemi Cardoso echoed Edun’s optimism, noting that the government's tough economic decisions are starting to yield results. “The difficult reforms undertaken have begun to bear fruit,” Cardoso said. “We’ve managed to stabilise the macroeconomy. Fitch’s recent upgrade of Nigeria’s credit rating reflects the progress we’re making.” He acknowledged the challenges of the past 18 months but stressed the administration’s resolve to build a stronger, more resilient economy. “This is about building trust and moving forward with confidence. If we stay the course, we will achieve our goals,” he concluded.

Nigeria approach World Bank for $1.5bn budget support loan

The Federal Government of Nigeria has confirmed ongoing negotiations with the World Bank for a...

15th October 2023

Jeff Bezos buys $79m mansion in Florida

The third-richest person in the world, Jeff Bezos, has added to his real estate holdings...

13th October 2023

Oil firms acquire 26 oil mining licences in 10-year – NCDMB

Nigerian oil companies have obtained approximately 26 oil mining licenses in the Niger...

12th October 2023

5kg cooking gas price rises by N1000 on month - NBS

Cooking gas price hits N1,200/kg – Report

Concerns are growing over the escalating price of cooking gas in Nigeria, with reports...

10th October 2023

CBN repays N2.97tn in maturing OMO bills

Warren Buffett drops Gates Foundation from annual donations

Nigeria granted N34tn in import duty exemptions in

World Cup semifinals spark economic boom across US

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