Economy

Ghana gets World Bank’s approval for $250 million loan as Nigeria expects $2.25 billion this month

The World Bank has approved a $250 million International Development Association (IDA) credit for Ghana’s Financial Stability Project. According to a statement from the bank on Monday, this initiative is set to span five years and aligns with Ghana’s Financial…

Present economic challenges have rendered our husbands figureheads – Nigerian women cry out

Some Nigerian women have narrated the huge economic challenges confronting them in sustaining homes. The women expressed their views in separate interviews with the News Agency of Nigeria (NAN) in Lagos on Sunday. A Mother of four, Mrs Abiola Dipeolu,…

Petrol: Marketers fret as depot price rises to N710/litre in Lagos

Independent petroleum marketers have expressed concern over the rising price of Premium Motor Spirit, PMS, otherwise known as petrol, in private depots to N710 per litre. With the increase, petrol pump prices at outlets operated by independent marketers also rose…

Monthly food inflation declines for second consecutive month in April- NBS

Nigeria’s month-on-month food inflation declined in April for the second consecutive time following five months of consistent increase dating back to October 2023. Monthly food inflation in April stood at 2.50%, a decline from the 3.62% recorded in March 2024…

Port Harcourt refinery begins operation July

The 210,000-barrel-per-day Port-Harcourt refinery may finally commence operations by the end of July after several postponements. The new date was disclosed on Monday by the National Public Relations Officer, Independent Marketers Association of Nigeria, Chief Ukadike Chinedu. He stated that…

Local vehicle manufacturing begins soon, declares industry minister

Plans are underway to position Nigeria as a major player in the vehicle manufacturing industry, according to the Minister of Industry, Trade and Investment, Doris Uzoka-Anite. The minister stated this on Friday while launching the Nigeria Automotive Industry Development Plan…

African countries should put an end to resource backed loans – Adesina

The African Development Bank’s President, Akinwunmi Adesina is advocating for an end to the practice of offering loans in return for access to Africa’s abundant oil reserves and vital minerals, which are essential for producing smartphones and electric car batteries….

BREAKING: Nigeria Set To Join Russia, China In BRICS –

The President Bola Tinubu-led government is working towards submitting an application for Nigeria to join international organisation, BRICS. This was made known in a post shared via X (formerly Twitter) on Friday by the international union. Nigeria will apply to…

Cost of Living Crisis: Tinubu meets with Dangote, Rabiu, Elumelu, others

President Bola Tinubu on Sunday met with private sector leaders to discuss the cost of living crisis in the country and efforts to address the problem. Those at the meeting include Africa’s richest man and owner of Dangote industries, Aliko…

BRICS: Bank of America Forecasts Future of US Financial System

As the global economy has embraced de-dollarization spearheaded by the BRICS alliance, Bank of America has forecasted the future of the US financial system. Indeed, the financial institution CEO Brian Moynihan recently discussed his expectations of the country’s economic outlook….