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JAPA: Overstay your visa, face permanent ban, US warns Nigerians

JAPA: Overstay your visa, face permanent ban, US warns

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CoreWeave expansion to double US city’s electricity consumption

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has presented its 2024 Regulatory Impact Assessment, a comprehensive review aimed at overhauling existing telecom regulations

Nigeria’s data consumption hits record 1.04m terabytes in May

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SpaceX commits $2bn to xAI in bold push

SpaceX commits $2bn to xAI in bold push

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IMF approves $606m loan for Kenya

The International Monetary Fund said it had cleared $606 million in lending to Kenya as it struggles to pay off debts and boost taxes after mass protests led to financial reforms being scrapped. Kenya is considered an economic bright spot in the troubled East African region. But it is grappling with around $80 billion in […]

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Debt servicing impedes Nigeria’s socioeconomic development – IMF

The International Monetary Fund has reported that Nigeria allocates a significant portion of its revenue to debt servicing, which limits available funds for essential development projects. During the Fiscal Monitor press briefing at the ongoing IMF/World Bank Annual Meetings in Washington, DC, the Division Chief of the IMF’s Fiscal Affairs Department, Davide Furceri, underscored the […]

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IMF urges enhanced tax efficiency in Nigeria, others

The IMF on Wednesday urged Nigeria and other African nations to enhance their tax systems to be more efficient, equitable, and progressive. The Director of the Fiscal Affairs Department, Davide Furceri, made this disclosure during a media briefing at the IMF/World Bank Annual Meetings in Washington, highlighting the necessity for improved revenue mobilization strategies to […]

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Nigeria’s economy to hit $1.85tn in five years – IMF

The International Monetary Fund has projected that by 2029, Nigeria’s Purchasing-Power-Parity-based GDP share of the world economy will be 0.78 per cent. This is a minimal increase from 0.77 per cent in 2023, suggesting that the economy of the nation is growing steadily, according to The Punch. In addition, the Fund projected that Nigeria’s economy […]

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Nigeria fulfills IMF obligations with no overdue payments — Report

The International Monetary Fund, an international organisation that provides financial assistance to countries facing economic difficulties, has released Nigeria’s financial position report as of April 30, 2024. This is based on the most recent information on the Fund’s website on Monday, according to The Punch. According to the report, Nigeria has been fulfilling its financial […]

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Nigeria, others threaten businesses with important restrictions – IMF

Alex Omenya In its latest Regional Economic Outlook for Sub-Saharan Africa titled “A Tepid and Pricey Recovery,” the International Monetary Fund has highlighted the detrimental impact of import restrictions and foreign currency shortages on business operations in Nigeria and other African nations. The report underscores that these challenges could impede the profitability of companies across […]

Financial institutions lost $12bn to cyberattacks in 20 years–IMF
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IMF: FG may need supplementary budget for minimum wage

The International Monetary Fund has said that the Federal Government may need to raise a supplementary budget to take account of the proposed minimum wage increase for workers. The negotiated amount may exceed the original 2024 budget’s appropriations, as a result, according to The Punch. This is contained in the recommendations made by the Fund […]

Financial institutions lost $12bn to cyberattacks in 20 years–IMF
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IMF warns FG to stop fuel, electricity subsidies

The International Monetary Fund has warned Nigeria’s government to take away the implicit fuel and electricity subsidies. This was disclosed by the Fund in the recently published Article IV Staff Consultation Report of the Board of Governors of the global organization, in Washington. In the report, the IMF told Nigeria that the subsidies would drain […]

Financial institutions lost $12bn to cyberattacks in 20 years–IMF
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FG’s planned domestic dollar bond may pressure naira – IMF

The International Monetary Fund has raised concern about the Nigerian government’s policy of issuing domestic dollar-denominated bonds, according to the recently published IMF staff country report for Nigeria. The Fund is concerned that such a move could aggravate the pressure on the naira and increase the cost of naira securities, according to Nairametrics. The report […]

IMF lowers 2024 growth projections for Nigeria
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IMF urge Nigeria to regulate Crypto trading platforms

The International Monetary Fund has urged the Nigerian government to direct global crypto trading platforms to register or obtain licences before operating in the country. This was disclosed by the Fund in the Article IV Staff Consultation Report of the Board of Governors of the global organization, published in Washington on Thursday, according to Channels […]

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Nigeria’s inflation rate will drop to 23% next year -IMF

The Global Economic Outlook has projected a decline in Nigeria’s inflation to 23 per cent next year. This disclosure was made during the International Monetary Fund/World Bank Spring Meetings in Washington D.C., on Tuesday, according to The Punch. The IMF provided projections for Nigeria’s economy, indicating a significant shift in inflation rates. Head of the […]

Financial institutions lost $12bn to cyberattacks in 20 years–IMF
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Financial institutions lost $12bn to cyberattacks in 20 years–IMF

The International Monetary Fund has disclosed that financial institutions worldwide suffered a cumulative loss of $12 billion due to cyberattacks over the past two decades. A recent release from the IMF’s April 2024 Global Financial Stability Report highlighted that $2.5 billion of this total loss occurred between 2020 and 2024. The IMF expressed apprehension over […]

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