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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NFIU: Cutting Off Funds Critical to Counter-Terrorism Efforts

BusinessNewsNigeriaNFIU: Cutting Off Funds Critical to Counter-Terrorism Efforts

By Ezinwanne Onwuka (Senior Reporter)September 18, 2024

The Nigerian Financial Intelligence Unit, NFIU, has pledged to disrupt the financial channels used by terrorists and other criminal elements in the country. The agency asserts that cutting off these financial routes will impair the terrorists’ ability to carry out further criminal activities. Hafsat Bakari, Director-General of the NFIU, made this commitment in Abuja on Tuesday during the GIABA workshop on investigating and prosecuting terrorism financing cases. Bakari stated, “Nigeria has faced an acute threat...

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India Trains Over 27,500 Nigerian Professionals In Diverse Fields

BusinessNewsNigeriaIndia Trains Over 27,500 Nigerian Professionals In Diverse Fields

Hassan Umar Shallpella (Regional Correspondent)September 17, 2024

India has trained at least 27,500 Nigerian professionals in diverse fields under the Indian Technical and Economic Cooperation (ITEC) in the last 45 years. The High Commissioner of India to Nigeria, Gangandharan Balasubramanian disclosed this on Monday, during the 2024 ITEC Day reception at the High Commission of India in Abuja. The envoy said India provides more than 22,500 scholarships to people from different parts of the world every year, and explained that ITEC is...

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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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Nigeria Records Trade Surplus In Second Quarter Of 2024

BusinessNewsNigeriaNigeria Records Trade Surplus In Second Quarter Of 2024

Uzoamaka Ikezue (Staff Reporter)September 13, 2024

 …As Tinubu Hails His Administration’s Reforms Nigeria has recorded another trade surplus in the second quarter of 2024, even as President Bola Tinubu hails his administration’s reforms A press statement on Thursday by Bayo Onanuga, Special Adviser to the President on Information and Strategy, stated that Tinubu welcomed the National Bureau of Statistics (NBS) new report on the country’s trade balance. According to the report, Nigeria recorded another trade surplus in the second quarter of...

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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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