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Northern governors mourn businessman Alhaji Aminu Dantata

Kano business icon Aminu Dantata dies at 94

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Tag: Finance

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.
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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 […]

Finance minister presents minimum wage to Tinubu
News

Finance minister presents minimum wage to Tinubu

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has presented the projected financial implications of implementing a new national minimum wage to President Bola Tinubu. The submission took place at the Presidential Villa on Thursday, meeting the 48-hour deadline set on Tuesday. This move comes in the wake of a nationwide […]

Only 5% have over N500,000 in their bank accounts — Wale Edun
News Tech

Only 5% have over N500,000 in their bank accounts — Wale Edun

The Finance Minister and Coordinating Minister of the Economy, Wale Edun, highlighted that only around 5% of individuals in Nigeria have bank accounts with balances exceeding N500,000. Edun made this revelation during an interview with Channels TV, emphasizing that recent federal government reforms aim to address economic imbalances that have disproportionately favored a small elite […]

New accounting development tool will aid transparency - FRC
Business

New accounting development tool will aid transparency – FRC

By Melvin Onwubuke The Chief Executive Officer of the financial Reporting Council of Nigeria, Dr. Rabiu Olowo has disclosed the use of the Accounting Development Tool, would enhance financial transparency in Nigeria. This was announced in a statement, when the Netherlands Consul General in Lagos, Michel Deelen, paid him a courtesy visit to discuss the […]

Stakeholders push to boost investment finance sector
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Stakeholders push to boost investment finance sector

Stakeholders have urged the government to develop measures that would increase capital investment in the financial industry. The Punch reported that this was stated at the PiggyVest Finance Roundtable Discussion on Tuesday in Lagos. The event’s stakeholders discussed how the results of the PiggyVest Savings Report 2023 survey would affect the financial situation in Nigeria […]

Finance Corporation invests $2bn in Nigeria - Official
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Finance Corporation invests $2bn in Nigeria – Official

Finance Corporation invests $2bn in Nigeria – Official The International Finance Corporation made $2 billion in investments in Nigeria, distributed among several industries, according to the Regional Vice President for Africa,  Sergio Pimenta. The PUNCH reported that Pimenta made this statement during the recent BoI-IFC Conference on Empowering Futures in Lagos, where participants convened to devise […]

Bolt cracks down on fake ride requests in Nigeria, South Africa
Tech

Bolt expands into Zimbabwe

Estonian e-taxi company, Bolt has expanded its services in Harare, Zimbabwe. As part of the move, Bolt is waiving commissions from drivers for at least six months as part of its launch strategy, a similar approach employed during the platform’s introduction in Zambia. Unlike its standard 18% commission in countries like Kenya, Bolt has opted […]

Wema Bank, NYSC collaborate on youth empowerment
Banking

Wema Bank profit rises by 105%

Wema Bank’s profit increased by more than 105 percent to N23.36 billion in 2023, from N11.35 billion the previous year. The PUNCH reported that according to the lender’s unaudited financial statement submitted with the Nigerian Exchange Limited on Tuesday, revenue increased by 61.36 per cent to N181.87 billion. Net interest income climbed to N83.11 billion […]

Market capitalization falls N857bn due to sell-offs
Business

Market capitalization falls N857bn due to sell-offs

The Nigerian Exchange’s market capitalization fell for the second time this year, losing N857 billion to close at N56,425 trillion due to sell-offs. The PUNCH reported that the All-Share Index fell 1.49 per cent on Tuesday, closing at 103,110.15 points. The first loss of the year happened in January 10,  with the market capitalization falling by […]

How Edo IGR rose by 40% to N62bn in 2023 - Panel
Business

How Edo IGR rose by 40% to N62bn in 2023 – Panel

Edo State’s Internally Generated Revenue increased by more over 40% to N62 billion in 2023, from N45 billion the previous year. According to The PUNCH, the Chairman of the Edo Taskforce on Internally Generated Revenue, Osagie Inegbedion, announced this at a press briefing held in Benin City, the capital of Edo State, following the 2024 EIRS Management Performance […]

Major social media outage disrupts Facebook, Instagram
Tech

Top ten most downloaded apps in 2023

Meta’s Instagram has remained the most downloaded app in the world across Google’s Play Store, and Apple App Store, overtaking TikTok for the first time, according to Appfigures. The photo-sharing platform garnered 54M downloads to occupy the top position with TikTok following with 47M downloads. Facebook and WhatsApp are neck on neck with 39M and […]

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