Nigeria’s Economic Outlook: Rewane Forecasts 3.5% Growth and $400bn GDP by 2026

BusinessEconomyNewsNigeriaNigeria’s Economic Outlook: Rewane Forecasts 3.5% Growth and $400bn GDP by 2026

By Ezinwanne Onwuka (Senior Reporter)September 20, 2024

….Minister Edun Reports $2.35bn Foreign Reserves Inflow As Taiwo Oyedele Voices Concerns The Managing Director and Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane, has projected that the Nigerian economy will experience a 3.5 per cent growth by 2026, increasing the country’s Gross Domestic Product (GDP) to approximately $400 billion. Rewane made this disclosure during the Access Bank Customer Forum held in Lagos on Thursday. He remarked, “The Nigerian economy will grow at...

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World Bank To Grant $1.5bn Loan To Nigeria

BusinessEconomyNewsNigeriaWorld Bank To Grant $1.5bn Loan To Nigeria

Hassan Umar Shallpella (Regional Correspondent)September 20, 2024

The Federal Government of Nigeria will soon receive a new loan totaling $ 1.5 billion from the World Bank. The financial institution said the loan will be approved on September 26. The federal government had received $750 million from the World Bank for humanitarian and social reforms and $1.5 billion for its economic stabilization plan. The $1.5 billion will be distributed through three major development projects aimed at improving Nigeria’s economic stability and resource mobilization...

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Enugu Govt. Signs Deal to Revitalize Sunrise Flour Mills

BusinessEconomyNewsNigeriaEnugu Govt. Signs Deal to Revitalize Sunrise Flour Mills

Ije Ulasi (Regional Correspondent)September 19, 2024

The Enugu State Government has signed a forty billion naira deal with Jelfah Group to revitalize the state-owned Sunrise Flour Mills located at Emene in Enugu East Local Government Area. Signing the deal at the Government House Enugu, the Enugu State Governor Dr. Peter Ndubuisi Mbah said revitalizing Sunrise Flour Mill is in line with his administration’s zero tolerance to moribund government assets as it aims to grow the state’s economy from $4.4bn to $30bn...

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Nigeria’s Inflation Rate Drops to 32.15% in August Despite Rising Fuel Costs

EconomyNewsNigeriaNigeria’s Inflation Rate Drops to 32.15% in August Despite Rising Fuel Costs

By Ezinwanne Onwuka (Senior Reporter)September 17, 2024

Nigeria’s headline inflation rate dropped to 32.15 per cent in August 2024, marking the second consecutive month of decline, according to the latest data from the National Bureau of Statistics, NBS. This represents a 1.25 percentage point decrease from the 33.4 per cent recorded in July 2024. Despite this slowdown, analysts caution that the relief may be temporary due to recent petrol price hikes, which have sparked widespread discontent amidst the country’s worst cost-of-living crisis...

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Fuel to Sell At N1,019 in Borno as NNPC Releases Estimated Pump Prices

EconomyNewsNigeriaFuel to Sell At N1,019 in Borno as NNPC Releases Estimated Pump Prices

By Ezinwanne Onwuka (Senior Reporter)September 16, 2024

The Nigerian National Petroleum Company Limited, NNPCL, has released the estimated pump prices for Premium Motor Spirit, PMS, commonly known as petrol, sourced from the Dangote Refinery. The prices are based on the refinery’s September 2024 pricing. According to a press statement issued by the NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, petrol prices will no longer be set by the government but will be negotiated directly between involved parties, in line with the provisions...

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Minister Hails $1 Billion Iron Ore To Steel Project Planned For Kogi 

EconomyNewsNigeriaMinister Hails $1 Billion Iron Ore To Steel Project Planned For Kogi 

Uzoamaka Ikezue (Staff Reporter)September 9, 2024

The Solid Minerals Development Minister, Dr. Oladele Alake has hailed the $1 billion (N1.6Trillion) new iron ore to steel project planned for Kogi State. He noted that the move is a breakthrough in the Federal Government’s campaign to make local value addition the model of development in the solid minerals sector. While addressing the promoters- Chart and Capstone Integrated Limited of Nigeria and Sinomach-He of China-on the sidelines of the visit of President Bola Ahmed...

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Petrol Production Kicks Off At Dangote Refinery

EconomyNewsNigeriaOil & GasPetrol Production Kicks Off At Dangote Refinery

By Ezinwanne Onwuka (Senior Reporter)September 4, 2024

….First Batch of 25M Litres of Petrol Ready to Hit Nigerian Market The Dangote Refinery, Africa’s largest oil refining facility, officially commenced petrol production on Tuesday, 3 September 2024. This development is expected to significantly impact Nigeria’s fuel supply, reducing the country’s reliance on imported petroleum products. The refinery, located near Lagos, will initially supply 25 million litres of petrol daily, with plans to increase this to 30 million litres by October, according to the...

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Tinubu Heads to China for Economic Talks with Xi Jinping

EconomyNewsNigeriaPoliticsTinubu Heads to China for Economic Talks with Xi Jinping

By Ezinwanne Onwuka (Senior Reporter)August 29, 2024

President Bola Ahmed Tinubu left Abuja on Thursday for an official visit to Beijing, China. The visit is aimed at strengthening bilateral relations and exploring economic opportunities for Nigeria. According to a statement by his Special Adviser on Media and Publicity, Ajuri Ngelale, the President’s trip will include a brief stopover in the United Arab Emirates before arriving in China, where he will meet with President Xi Jinping to discuss cooperation between the two nations....

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FMBN Task Team Recovers N12bn From Non-Performing Loans

EconomyNewsNigeriaFMBN Task Team Recovers N12bn From Non-Performing Loans

Hassan Umar Shallpella (Regional Correspondent)August 27, 2024

The Recovery Task team set up by the Federal Mortgage Bank of Nigeria (FMBN), has so far recovered N12 billion from non-performing loans. The Managing Director of the bank, Shehu Usman Osidi disclosed this on Monday during his opening address at the 2024 Management Retreat. “The recent engagements with institutions such as MOFI, CBN, and Shelter Afrique Development Bank have already begun to yield tangible results, including the recovery of N12 billion previously trapped by...

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NBS Reports Strong Economic Performance with 3.19% GDP Growth in Q2 2024

EconomyNewsNigeriaNBS Reports Strong Economic Performance with 3.19% GDP Growth in Q2 2024

By Ezinwanne Onwuka (Senior Reporter)August 27, 2024

Nigeria’s Gross Domestic Product, GDP, grew by 3.19 per cent in the second quarter of 2024, surpassing the 2.51 per cent growth recorded in the same period last year, according to the National Bureau of Statistics, NBS. In its Q2 2024 GDP Report released on Monday, the NBS highlighted that this growth rate outpaced both the 2.51 per cent achieved in the second quarter of 2023 and the 2.98 per cent recorded in the first...

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