In a notable shift from its aggressive tightening policies, the Central Bank of Nigeria (CBN) has paused its interest rate hikes, marking the first such decision in over two years. The decision follows a decrease in inflation and a strengthened naira, which has gained momentum against major currencies. This move was made after the country’s […]
Month: February 2025
Capital Market Key to Nigeria’s Economic Stability, Says Shettima
Vice President Kashim Shettima has highlighted the crucial role of Nigeria’s capital market in ensuring economic stability, emphasizing its strong performance amid global and local economic challenges. Shettima, represented by Minister of Women Affairs Hajia Imaan Sulaiman Ibrahim, made the statement during the 50th Inaugural Lecture at Nasarawa State University. He credited the Nigerian Exchange […]
Net Foreign Exchange Inflows Surge by 44% to $41.89 Billion in 2024
The net foreign exchange inflows into Nigeria’s economy increased by 44.8% year-on-year, reaching $41.89 billion in the first eleven months of 2024, compared to $28.92 billion in the same period of 2023. This growth was part of a broader increase in forex inflows, which rose by 27.5% to $77.16 billion from $60.54 billion. However, outflows […]
Foreign Investment Outflow Hits N20.19bn in January, Threatening Market Stability
In January 2025, Nigeria’s stock market faced a significant challenge with a net foreign investment outflow of N20.19 billion, signaling potential liquidity issues. According to data from the Nigerian Exchange Limited (NGX), foreign investment outflow surged by 13.2%, reaching N45.85 billion, while foreign inflows dropped slightly by 2.3% to N25.66 billion. This marks a stark […]
ECOWAS Workshop Reinforces Regional Energy Data Integration
The Economic Community of West African States (ECOWAS) has reaffirmed its commitment to enhancing regional energy data integration with the third annual workshop on the ECOWAS Energy Information System (ECOWAS-EIS). The event, which took place in Lagos from February 25 to 28, saw the participation of representatives from ECOWAS member states, specialized energy agencies, and […]
Q4 2024 GDP Report Reveals Economic Weaknesses and Imbalance – Expert Analysis
The recently released Q4 2024 GDP figures from the National Bureau of Statistics (NBS) indicate a quarter-on-quarter growth of 3.84% and a year-on-year growth of 3.40%. While the figures reflect economic resilience despite ongoing double-digit inflation, financial expert Kalu Aja points out significant structural weaknesses in the Nigerian economy. A deeper look into the data […]
ICT Contributes 17.7% to Nigeria’s GDP, Telecom Sector Leads Growth
In a recent report from the National Bureau of Statistics (NBS), the Information and Communications Technology (ICT) sector contributed 17.68% to Nigeria’s GDP in 2024, with telecommunications leading the charge. The telecom sub-sector added 14.4% to the country’s GDP, showing resilience despite a slowdown in growth compared to previous years. The contribution was slightly up […]
World Bank to Approve $2.2 Billion Loan for Nigeria in 2025
Nigeria is set to receive a $2.2 billion loan from the World Bank in 2025, aimed at supporting six major development projects. These projects will focus on bolstering the country’s economic resilience, enhancing healthcare and education systems, and expanding digital infrastructure. The funding is designed to foster inclusive growth and address pressing socio-economic issues across […]
Interswitch Pushes for AI Integration in Africa’s Workforce and Economy
Interswitch, a leading integrated payments and digital commerce company in Africa, is emphasizing the critical role of Artificial Intelligence (AI) in shaping the future of work and the digital economy. At the recent InnovateAI Conference Lagos 2025, Franklin Ali, the Group’s Chief Human Resources Officer, highlighted the importance of AI for driving workforce transformation and […]
U.S. and Euro Zone Inflation Divergence Reaches Three-Year High Amid Economic Disparities
Traders are betting on the sharpest inflation divergence between the U.S. and the euro zone in three years, driven by differing growth trajectories, tariff threats, and cheaper European energy due to potential peace in Ukraine. U.S. inflation expectations are hovering around 2.8%, while the euro zone’s expected inflation is lower at 1.9%. While this gap […]
NESG Calls for AI Adoption in Nigerian Town Planning to Boost Productivity
The Chairman of the Nigeria Economic Summit Group (NESG), Olaniyi Yusuf, has emphasized the need for the integration of Artificial Intelligence (AI) in Nigeria’s town planning operations. Speaking at the 11th Waheed Kadiri Lecture series in Abeokuta, organized by the Nigeria Institute of Town Planners (NITP), Yusuf highlighted the potential of AI to significantly enhance […]
Concerns Mount as Naira Strengthens Amid Decline in Forex Reserves
The Nigerian naira has shown notable improvement recently, gaining strength due to foreign exchange reforms implemented by the Central Bank of Nigeria (CBN). This progress has brought relief to businesses, with the naira appreciating 0.15% on the official market and 0.24% in the parallel market by Tuesday’s close, narrowing the gap between the two rates. […]
Dollar Strengthens Amid Trade War Uncertainty; Nvidia Results Lack Impact on Stocks
The U.S. dollar gained strength on Thursday as Treasury yields rebounded, following mixed signals from the U.S. administration regarding tariffs. President Donald Trump’s comments about extending tariffs on Canada and Mexico fueled uncertainty, as he hinted at a delay until April 2, but a White House official later stated that the original March 2 deadline […]
GPHA Warns Ghana Could Lose Port Business to Lomé, Abidjan
The Ghana Ports and Harbours Authority (GPHA) has raised concerns over the potential loss of port business to regional competitors, such as Lomé and Abidjan, if VAT levies on transit cargo are not removed. Brigadier General Paul Seidu Tanye Kulono, GPHA’s Director General, emphasized that eliminating these levies would make Ghana’s ports more attractive for […]
US Stock Futures Surge as Trump’s Tax Cut Plans Advance
U.S. stock futures saw a significant rebound on Wednesday following House Republicans’ progress on Donald Trump’s tax cut proposals. The movement came after the U.S. House of Representatives narrowly passed a $4.5 trillion tax-cut plan late Tuesday, sending the resolution to the Senate, where Republicans are expected to take action. This development boosted investor confidence, […]
Finance and Insurance Sectors Drive Nigeria’s GDP Growth in 2024
In 2024, Nigeria’s finance and insurance sectors played a significant role in boosting the country’s real GDP growth, contributing 6.22%, an improvement from 4.97% in 2023. The National Bureau of Statistics (NBS) released the fourth-quarter GDP report, revealing that the overall annual GDP growth rate for 2024 was 3.40%, surpassing the 2.74% growth rate of […]
Ghana and Rwanda Sign MoU to Enhance Cross-Border Fintech Operations
Ghana and Rwanda have taken a significant step towards financial innovation by signing a Memorandum of Understanding (MoU) aimed at introducing a license passporting framework and cross-border payment interoperability for regulated fintech companies. The agreement, signed on February 25, 2025, during the Inclusive Fintech Forum in Rwanda, is expected to simplify cross-border operations for fintechs […]
Naira Strengthens to N1,485 as Dollar Liquidity Improves
The Nigerian naira has strengthened against the US dollar in the parallel market, reaching a rate of N1,485 per dollar, a N15 gain from the previous day’s N1,500. This rise follows the Nigerian Central Bank’s (CBN) efforts to enhance dollar liquidity in the market, providing support to the local currency. The improved availability of foreign […]
Global Markets Tread Carefully Amid Rising Tensions and Economic Concerns
Global stock markets showed cautious gains as investors weighed the potential for economic slowdown in the U.S. ahead of key earnings from tech giant Nvidia. Despite a modest rise in European markets, investor sentiment was shaken by U.S. President Trump’s new restrictions on Chinese investments in critical sectors like AI, semiconductors, and aerospace. This move […]
SEC Shortens Capital Market Approval Time to 14 Days
The Securities and Exchange Commission (SEC) has significantly reduced the approval time for companies looking to raise funds in Nigeria’s capital market. As of yesterday, the approval process now takes just 14 days, down from over a year prior to the current SEC management’s efforts. Dr. Emomotimi Agama, the Director-General of the SEC, highlighted that […]
Rewane: CBN’s Intervention Policies Strengthen Naira Stability
Economist Bismarck Rewane, CEO of Financial Derivative Company, has praised the Central Bank of Nigeria’s (CBN) recent foreign exchange market interventions, asserting that the bank’s policies are successfully stabilizing the naira. Rewane highlighted that CBN’s primary responsibility is to safeguard the naira’s value by maintaining external reserves, which it is fulfilling with the current measures. […]
LCCI Calls for Monetary Policy to Address Real Economic Pressures, Not Just Statistical Inflation
The Director-General of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinyere Almona, has urged the Central Bank of Nigeria (CBN) to align its monetary policy with the real economic challenges faced by businesses and consumers. She emphasized that despite the National Bureau of Statistics’ (NBS) recalibration of the consumer price index (CPI), which […]
Nigeria and Kazakhstan to Strengthen Cooperation in Agriculture, Trade, and Technology
Nigeria and Kazakhstan are preparing to sign a Memorandum of Understanding (MOU) to enhance bilateral relations, with a particular focus on agriculture, trade, and information technologies. A 30-member delegation, led by Kazakhstan’s Deputy Foreign Minister Alibek Kuantyrov, is currently visiting Nigeria to explore collaboration opportunities. The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, played a […]
Experts Predict Strong Q4 GDP Growth in Nigeria but Full Year May Fall Short
Nigeria’s economy is projected to see a strong Q4 2024 GDP growth, surpassing the 3.46% recorded in Q3 2024. Analysts predict that the festive season’s increased commercial activity, a trade surplus, and continued strong performance in the services sector will contribute to the higher growth rate. However, the full-year GDP is expected to fall short […]
Strong Demand for Bank of Ghana Treasury Bills as Rising Interest Rates Influence Auction Results
The Bank of Ghana’s latest treasury bills auction, held on February 21, 2025, revealed strong demand for government securities, with GH¢20.50 billion tendered. However, the central bank accepted only GH¢9.63 billion, signaling a selective approach in managing debt issuance amidst rising interest rates. This auction’s results reflect the government’s caution as it balances demand for […]
Ghana’s Informal Sector: Major Employment Source, but Low Productivity and Slow Economic Growth
Ghana’s informal sector plays a vital role in the economy, employing nearly 80% of the workforce. However, it contributes only 27% to the nation’s GDP, highlighting a significant productivity gap, according to the Ghana Statistical Service’s (GSS) first National Report on Productivity, Employment, and Growth. The report reveals that, while the informal sector provides livelihoods […]
Securing Africa’s Digital Future: Addressing Cybersecurity Challenges in the Digital Age
As Africa rapidly embraces technological advancements and digital transformation, the continent faces significant cybersecurity challenges. With growing interconnections across critical infrastructure, Africa must ensure robust security frameworks to protect its digital ecosystems. The urgency for innovative solutions, collaborative partnerships, and strategic foresight is clear, as sophisticated cyber threats increasingly jeopardize the continent’s digital progress. Addressing […]
Tinubu Vows Support for Fintech Growth in Nigeria
President Bola Tinubu has pledged his administration’s commitment to supporting the growth of the financial technology (Fintech) sector, particularly businesses providing payment infrastructure in Nigeria and across Africa. Speaking at a meeting with Flutterwave and Alami Capital leaders at the State House in Abuja, the president emphasized that Nigeria is open to business and ready […]
Stock Market Experiences N231bn Loss as Bearish Trends Persist
The Nigerian stock market started the week on a negative note, with significant losses amounting to N231 billion. The All-Share Index (ASI) dropped by 370.43 points, a 0.34% decline, closing at 108,126.97 points. The downturn was primarily driven by price declines in major stocks, including Northern Nigeria Flour Mills (NNFM), Transcorp, Oando, FBN Holdings, and […]
Naira Strengthens Against Major Currencies Following EFEMS Introduction
The Naira has shown significant improvement against major foreign currencies, including the British Pound, Euro, and Canadian Dollar, since the Central Bank of Nigeria (CBN) launched the Electronic Foreign Exchange Matching System (EFEMS) in December 2024. This system was introduced to enhance transparency and operational efficiency in Nigeria’s foreign exchange market. As a result, the […]