https://www.westafricanpilotnews.com/wp-content/uploads/2024/07/indonesia-1280x720.jpg

BusinessNewsNigeriaTrade Volumes Between Nigeria-Indonesia Hits $1.19b In 5 Years

Hassan Umar Shallpella (Regional Correspondent)July 26, 2024

The Indonesian Embassy in Nigeria says trade and export of goods from Nigeria to Indonesia have increased annually by 51.8%, rising from $148 million in 2017 to $1.19 billion in 2022 over the past five years. The Indonesian Embassy in Nigeria in a statement attributed the success to diplomatic policies and programmes of the outgoing Indonesian Ambassador to Nigeria, Usra Hendra Harahap. According to the statement, during the tenure of Ambassador Harahap, the envoy has...

CONTINUE READING
https://www.westafricanpilotnews.com/wp-content/uploads/2024/07/meta-1280x720.jpg

BusinessNewsNigeriaMeta deletes 63,000 Facebook accounts of ‘Yahoo Boys’

Hassan Umar Shallpella (Regional Correspondent)July 25, 2024

The US-based firm ‘Meta’ has removed 63,000 ‘Yahoo Boys’ Facebook accounts belonging to Nigerians suspected to be engaging in financial sextortion. ‘Yahoo Boys’ is a term for describing Internet scams in Nigeria. The firm in a statement on Wednesday, titled, Combating Financial Sextortion Scams From Nigeria’, said the removal of the 63,000 is a punitive measure against criminal activities. “We’ve banned Yahoo Boys under Meta’s Dangerous Organizations and Individuals Policy, one of our strictest policies...

CONTINUE READING
https://www.westafricanpilotnews.com/wp-content/uploads/2021/02/Okonjo-Iweala-1280x720.jpg

BusinessNewsWorld NewsOkonjo-Iweala Gets Support of 58 Countries for Second Term As WTO DG 

By Ezinwanne Onwuka (Senior Reporter)July 24, 2024

The World Trade Organisation, WTO, has announced that 58 member countries have endorsed a proposal by the African Group for Ngozi Okonjo-Iweala to run for a second four-year term as director-general. According to a statement by the Geneva-based organisation, the countries expressed their support during the general council meeting on Monday. The African Group had proposed that Okonjo-Iweala, who is due to complete her first term at the end of August 2025, make herself available...

CONTINUE READING
https://www.westafricanpilotnews.com/wp-content/uploads/2020/06/CBN-HQ-Abuja-06-11-20-1280x720.jpg

BusinessEconomyNewsNigeriaCBN Raises Interest Rate to 26.75% as Inflation Bites Harder

By Ezinwanne Onwuka (Senior Reporter)July 24, 2024

The Central Bank of Nigeria, CBN, on Tuesday, announced a 50 basis point increase in the monetary policy rate, MPR, from 26.25 per cent to 26.75 per cent. CBN Governor, Olayemi Cardoso, made the announcement at the end of the 296th meeting of the Monetary Policy Committee, MPC, in Abuja on Tuesday. The increase is a desperate attempt to tame the rising inflation rate, which stood at 34.19 per cent as of last week. The...

CONTINUE READING
https://www.westafricanpilotnews.com/wp-content/uploads/2024/07/Abubakar-Kyari-Minister-of-Agriculture-1280x720.jpg

BusinessEconomyNewsNigeriaFederal Government Suspends, Tariffs, Taxes On Imported Food Items

Hassan Umar Shallpella (Regional Correspondent)July 10, 2024

In its effort to achieve food security and economic stability in the country, the Federal Government has suspended duties, tariffs, and taxes on some essential food items imported through land and sea borders. Abubakar Kyari, Minister of Agriculture and Food Security who announced this at a press briefing held at the National Press Centre, Abuja on Monday, said the move is part of the Presidential Accelerated Stabilization and Advancement Plan aimed at achieving food security...

CONTINUE READING
https://www.westafricanpilotnews.com/wp-content/uploads/2024/06/CSOs-Alert-CBN-1280x720.jpg

BusinessNewsNigeriaCSOs Alert CBN, Others Of Plot To Thwart Banking Reforms

Uzoamaka Ikezue (Staff Reporter)June 24, 2024

A coalition of Civil Society Organisations (CSOs) has alerted the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), the Department of State Services (DSS), the Bankers Committee and the Nigerian media of an organised plot by some vested interest within the Nigerian Banking System to thwart plan to reform the banking sector. The group made up of over eight CSOs, include Centre for Anti-corruption and Open Leadership (CACOL), Constitutional Rights Advocate...

CONTINUE READING
https://www.westafricanpilotnews.com/wp-content/uploads/2021/07/Debt-Nigeria-flag-Illustration_v2-1280x720.jpg

BusinessNewsNigeriaNigeria’s Debt Burden Swells to N121 Trillion

By Ezinwanne Onwuka (Senior Reporter)June 20, 2024

Nigeria’s public debt has risen to N121.67 trillion, according to the Debt Management Office, DMO. This represents a N24.33 trillion or 24.99 per cent increase over the N97.34 trillion recorded in December 2023. The DMO attributes this surge primarily to new domestic borrowing by the federal government to finance a portion of the 2024 budget deficit. Additionally, disbursements from multilateral and bilateral lenders have contributed to the rise. “The increase was from new borrowing to...

CONTINUE READING
https://www.westafricanpilotnews.com/wp-content/uploads/2024/01/Bayo-Onanuga-the-special-adviser-to-President-Bola-Tinubu-on-information-and-strategy-1280x720.jpg

BusinessNewsNigeriaPoliticsPresidency Rejects New York Times’ ‘Jaundiced’ Economic Report on Nigeria

By Ezinwanne Onwuka (Senior Reporter)June 17, 2024

The Nigerian Presidency has rejected a recent report by the New York Times on the country’s economic situation, labelling it as misleading and jaundiced. The report, published on June 11, painted a dire picture of Nigeria’s economy, blaming the current administration’s policies for the country’s woes. “Nigeria is facing its worst economic crisis in decades, with skyrocketing inflation, a national currency in free-fall and millions of people struggling to buy food,” Ruth Maclean and Ismail...

CONTINUE READING
https://www.westafricanpilotnews.com/wp-content/uploads/2020/04/Onitsha-market-1280x720.jpg

BusinessEconomyNewsNigeriaNigeria’s Cost of Living Crisis Worsens As Inflation Rate Hits 33.95%

Hassan Umar Shallpella (Regional Correspondent)June 17, 2024

The National Bureau of Statistics, NBS, released data on Saturday showing Nigeria’s inflation rate climbed to a staggering 33.95 per cent in May, the highest level in 28 years. This represents a 0.26 percentage point increase from April’s already concerning rate of 33.69 per cent. The report highlights a relentless rise in the cost of living, with food prices at the forefront. Food inflation specifically reached 40.66 per cent in May, up from 40.53 per...

CONTINUE READING
https://www.westafricanpilotnews.com/wp-content/uploads/2020/03/World-Bank-HQ_3-12-20-1280x720.jpg

BusinessNewsNigeriaWorld Bank Approves $2.25b Loan to Support Nigeria’s Economic Recovery

By Ezinwanne Onwuka (Senior Reporter)June 14, 2024

The World Bank has approved a US$2.25 billion loan for Nigeria to bolster economic stability and support vulnerable populations within the country. The loan will be used to provide immediate financial and technical support for Nigeria’s urgent economic stabilisation efforts and to enhance the country’s non-oil revenue generation and safeguard oil revenues. According to Ousmane Diagana, the World Bank Vice President for Western and Central Africa, “Nigeria’s concerted efforts to implement far-reaching macro-fiscal reforms place...

CONTINUE READING

Older Posts

WP2Social Auto Publish Powered By : XYZScripts.com