Senator Kalu’s Ambitious Plan To Make Abia North The Food Basket Of Nigeria Amidst Economic Hardships
As Abia North, like other regions in Nigeria, faces a severe economic crisis marked by hunger and unemployment, Senator Orji Uzor Kalu is spearheading an initiative to transform the region into the nation's food basket. This visionary plan aims to address the immediate hardships of the populace while laying the foundation for long-term economic stability and growth. THE CURRENT SITUATION Like many...
IMF Says Naira Showing Signs Of Stability
The International Monetary Fund (IMF) has said Nigeria’s currency, the naira, is showing signs of stability. This, it said, is due to recent interest rate hikes and the clearing of foreign exchange backlogs by the Central Bank of Nigeria (CBN). The IMF made this known during a press briefing in Washington DC on Tuesday. “In Nigeria, rate hikes and the clearing of...
FG Secures Fresh $134m Loan From AfDB To Boost Dry Season Farming
The Federal Government has secured a loan facility of $134million from the African Development Bank (AfDB) to help farmers boost seeds and grain production in the country. This is contained in a statement issued by Anthonia Eremah, Chief Information Officer, Ministry of Agriculture and Food Security, on Thursday, in Abuja. Minister of Agriculture and Food Security, Sen. Abubakar Kyari, made this...
Tinubu Piloting Nigeria To Economic Recovery — Shettima
Vice President Kashim Shettima says Nigeria is currently on the path of economic recovery. Shettima stated that the country’s Gross Domestic Product (GDP) grew by 2.98 percent year-on-year in real terms in the first quarter of 2024. According to him, the performance of the GDP in the first quarter of 2024 was driven mainly by the services sector, which recorded a...
Tinubu Tells IMF That Nigerians Are Happy With His Economic Reforms
President Bola Tinubu has said Nigerians are now seeing the positive results of his administration’s reforms. Since he assumed office in May 2023, Tinubu has scrapped subsidy on petroleum products and floated the naira, the result of which worsened inflation and subjected the masses to hardship. But receiving the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, on the...
CBN Raises Interest Rate To 27.50%
Nigeria's interest rate was raised by 25 basis points by the Central Bank of Nigeria from 27.25 percent in September 2024 to 27.50 percent in November. The Governor of CBN, Olayemi Cardoso, disclosed this during a press briefing on Tuesday after the 298th MPC meeting in Abuja. “The Committee was unanimous in its agreement to raise the monetary policy rate by...
Tinubu’s 2025 Budget Full Of Unrealistic Expectations, Says SDP’s Adebayo
The presidential candidate of the Social Democratic Party (SDP) in the 2023 general elections, Prince Adewole Adebayo, has criticised the 2025 budget proposals presented by President Bola Ahmed Tinubu to the National Assembly, describing them as full of contradictions and unrealistic expectations. Adebayo accused the government of insincerity, highlighting the exchange rates fixed in the budget and inflation projections as...
Africa’s Economic Policies Rely On Borrowed Concepts — Moghalu
Kingsley Moghalu, the president of the African School of Governance and a former deputy governor of the Central Bank of Nigeria, has criticized Africa's economic strategies for lacking originality and philosophical depth. Speaking on the theme “Leadership in Africa” during the Toyin Falola interviews on Monday, Moghalu condemned the reliance on ineffective, borrowed ideas from the West that fail to...
Nigeria Expands Economic Relations With Germany To Create Jobs, Investments
The Nigerian Federal Government is fortifying its relationship with Germany in an effort to encourage foreign direct investment and boost economic expansion. The Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, disclosed this on Tuesday while welcoming a delegation from the IHK Giessen-Friedberg Chambers of Commerce and Industry of Germany. The delegation’s visit aims to enhance Nigeria’s economic relations with...
Global Trade War: Naira Value Depreciates Amid Forex Outflows
The ongoing tariff war between the United States and certain nations has created uncertainty, which has caused foreign exchange to leave Nigeria and caused the naira to depreciate for two weeks. This prompted the Central Bank of Nigeria, CBN, to intervene in the forex market last week, selling up to $500 million, to boost supply. However, the naira still depreciated week-on-week,...
