CBN Keeps Interest Rate at 27.5% to Monitor Inflation Trends

BusinessNewsNigeriaCBN Keeps Interest Rate at 27.5% to Monitor Inflation Trends

By Ezinwanne Onwuka (Senior Reporter)May 20, 2025

The Central Bank of Nigeria (CBN) has opted to keep the Monetary Policy Rate (MPR) unchanged at 27.5 per cent, following its 300th Monetary Policy Committee (MPC) meeting held on 19th and 20th May 2025. The decision reflects cautious optimism amid recent economic improvements and lingering inflationary pressures. All twelve members of the committee were present, and the decision to maintain the current policy stance was unanimous. In a statement issued by the CBN Governor,...

CONTINUE READING
China Ready To Establish Electric Vehicle Factories In Nigeria

EconomyNewsNigeriaChina Ready To Establish Electric Vehicle Factories In Nigeria

Uzoamaka Ikezue (Staff Reporter)May 18, 2025

China is ready to establish electric vehicle factories in Nigeria, in a bid to strengthen business partnership between both countries. The Chinese Ambassador to Nigeria who stated this, also harped on the imperative of enhanced collaboration between China and Nigeria in unlocking the potential of Nigeria’s Solid Minerals sector through the establishment of electric vehicle factories in Nigeria. Speaking while paying a courtesy visit to the Minister of Solid Minerals Development, Dr. Dele Alake in his...

CONTINUE READING
Industry Minister Projects Logistics Growth At Over $3tr In 5years

BusinessEconomyNewsNigeriaIndustry Minister Projects Logistics Growth At Over $3tr In 5years

Uzoamaka Ikezue (Staff Reporter)May 14, 2025

The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole has projected the growth of the logistics industry at over $3 trillion in the next five years. Oduwole spoke at the official opening of the international headquarters of a logistics firm, Zenith Carex, in Abuja, on Wednesday. The event coincided with the 51st birthday anniversary of its Managing Director/Chief Executive Officer of Zenith Carex, Dr. Adelana Olamilekan. Oduwole, who was represented by the Executive Director/Chief...

CONTINUE READING
Fed Government Says Economy Witnessing Significant Turnaround

EconomyNewsNigeriaFed Government Says Economy Witnessing Significant Turnaround

Uzoamaka Ikezue (Staff Reporter)May 14, 2025

The Federal Government has said that the economy is witnessing significant turnaround, garnering investors’ confidence, and a renewed focus on national priorities. The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, noted that the turnaround is driven by bold reforms, improved coordination, and a renewed focus on national priorities. In a feature interview for an upcoming TV documentary marking President Bola Ahmed Tinubu’s second anniversary, the Minister declared that the government’s “Renewed Hope...

CONTINUE READING
Poverty to Rise in Nigeria by 3.6% By 2027, Says World Bank

BusinessEconomyNewsNigeriaPoverty to Rise in Nigeria by 3.6% By 2027, Says World Bank

By Ezinwanne Onwuka (Senior Reporter)April 24, 2025

The World Bank has raised fresh concerns over Nigeria’s economic outlook, warning that poverty levels in the country are likely to rise by 3.6 per cent between now and 2027. The projection is contained in the latest edition of the Africa’s Pulse report, which was released this week during the Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, D.C. “Poverty in resource-rich, fragile countries—including large economies like Nigeria and...

CONTINUE READING
Nigerian Stock Market Recovers with ₦101 Billion Gain

BusinessNewsNigeriaNigerian Stock Market Recovers with ₦101 Billion Gain

By Ezinwanne Onwuka (Senior Reporter)April 10, 2025

On Tuesday, the Nigerian stock market saw a positive change, recovering ₦101 billion after several days of losses. The total value of all the stocks on the market rose by ₦101 billion, ending the day at ₦65.589 trillion, up from ₦65.488 trillion on Monday. The stock market’s key index also went up by 159.88 points, closing at 104,376.75, a small but welcome rise from the previous day. However, not all stocks performed well. While some...

CONTINUE READING
CBN Reports $6.83bn Balance of Payments Surplus in 2024

BusinessNewsNigeriaCBN Reports $6.83bn Balance of Payments Surplus in 2024

By Ezinwanne Onwuka (Senior Reporter)April 10, 2025

The Central Bank of Nigeria (CBN) has announced a remarkable turnaround in the country’s external financial standing, recording a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year. This marks a significant recovery from a deficit of $3.34 billion in 2023 and $3.32 billion in 2022. According to a press release on 9 April 2025, the CBN stated that the surplus “reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance,...

CONTINUE READING
FG Set To Review 2025 Budget Assumptions 

BusinessNewsNigeriaPoliticsFG Set To Review 2025 Budget Assumptions 

Uzoamaka Ikezue (Staff Reporter)April 8, 2025

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy has said that the federal Government would take a second look at the 2025 budget assumptions. Edun’s statement is coming after US President Donald Trump slapped a 14 per cent tariff on non-mineral exports. This was disclosed at the corporate governance forum on Monday in Abuja, where a performance scorecard for State Owned Enterprises (SOEs) was also launched. In the 2025 Appropriation Act,...

CONTINUE READING
World Bank Injects $1.08bn into Nigeria’s Development

BusinessNewsNigeriaWorld Bank Injects $1.08bn into Nigeria’s Development

By Ezinwanne Onwuka (Senior Reporter)April 3, 2025

The World Bank has approved three operations in Nigeria, amounting to $1.08 billion in concessional financing, to improve education quality, enhance nutrition, and support economic resilience for vulnerable communities. The funding includes $500 million for the Hope for Quality Basic Education for All (HOPE-EDU) initiative, $500 million in additional financing for the Nigeria: Community Action for Resilience and Economic Stimulus (NG-CARES) programme, and $80 million for Accelerating Nutrition Results in Nigeria (ANRIN 2.0). The NG-CARES...

CONTINUE READING
CBN Reports Strongest Net Foreign Exchange Reserve Position in Over 3 Years

BusinessEconomyNewsNigeriaCBN Reports Strongest Net Foreign Exchange Reserve Position in Over 3 Years

Anthony O. OgboApril 2, 2025

The Central Bank of Nigeria (CBN) has announced a significant improvement in Nigeria’s Net Foreign Exchange Reserve (NFER), which has surged to $23.11 billion, the highest level in over three years. This marks a sharp increase from $3.99 billion at the end of 2023, $8.19 billion in 2022, and $14.59 billion in 2021. The CBN attributed this growth to strategic policy measures, including a deliberate reduction in short-term foreign exchange liabilities, such as FX swaps...

CONTINUE READING

Newer Posts

Older Posts

WP2Social Auto Publish Powered By : XYZScripts.com