The International Monetary Fund (IMF) has revised its 2024 growth forecast for Nigeria’s economy to 2.9%, attributing this adjustment to weaker-than-expected economic activity in the first half of the year. This update was part of the IMF’s October 2024 World Economic Outlook (WEO), released during the ongoing annual meetings of the World Bank and IMF…
Adedeji Adeleke, the father of multiple award-winning Nigerian artiste, Davido, has revealed that his company, Pacific Energy, generates about 15% of Nigeria’s electricity. Adeleke disclosed this during the Seventh-Day Adventist Church’s General Conference Annual Council 2024, held on 15 October.The billionaire highlighted his investments in the nation’s power sector, saying his thermal power plant is…
Nigeria’s annual inflation rate climbed for the first time in three months in September, sparked by a spike in gasoline prices and severe floods in food-producing areas. Consumer prices index (CPI) rose to 32.7% in September from 32.2% in August, the National Bureau of Statistics (NBS) said in a statement published on its website…
The World Bank says that Nigeria must maintain its current ‘economic reforms’ for the next 10 to 15 years to reclaim dominance not just in Africa but the world. The Senior Vice President of the World Bank Group, Indermit Gill, gave this advice during the ongoing 30th Nigerian Economic Summit, organised by the Nigerian Economic…
The Federal Government has given permission to petroleum marketers to start lift petrol directly from the Dangote refinery. This approval was given via a statement signed by the Minister of Finance and Chairman of the Naira-crude sale implementation committee, Wale Edun,on Friday, October 11. Edun was giving an update on the takeoff of crude…
The Trade Union Congress (TUC) has called on the federal government to revert petrol prices to their June 2023 rates. The union made the call a day after the Nigerian National Petroleum Company (NNPC) Limited increased the pump price of petrol at all its retail outlets.Before President Bola Tinubu’s announcement of the removal of…
The Central Bank of Nigeria (CBN) has disclosed that it sold a total of $543.5 million to authorized dealer banks in the Nigerian Foreign Exchange Market (NFEM) from September 6 to 30, 2024. The bank stated that this intervention aimed to mitigate market volatility caused by rising demand for foreign exchange (FX), particularly driven…
JPMorgan Chase CEO Jamie Dimon has not endorsed former President Donald Trump, the financial giant clarified on Friday, following a false claim by Trump on social media. The denial came after Trump posted on Truth Social, inaccurately stating that Dimon had endorsed him for the 2024 presidential election. “Jamie Dimon has not…
Meta CEO, Mark Zuckerberg has surpassed retailer Amazon’s Jeff Bezos as the world’s second richest person. Zuckerberg’s net worth rose to $206 billion on Friday, a new record for him, behind electric car manufacturer Tesla CEO Elon Musk ($256 billion), according to the Bloomberg Billionaires Index. Jeff Bezos came third at $205 billion with a…
Nigeria’s local currency, the naira, has been ranked among the 10 worst-performing currencies in the world, according to a report by Bloomberg. The report highlights that five of the worst-performing currencies globally are from Africa, including the Zambian kwacha, Angolan kwanza, and the naira. The decline in the performance of African currencies has…
