The Federal Government of Nigeria has officially launched the construction of the Sustainable & Emerging Technologies Institute (SETI) in Kano, under the National Agency for Science and Engineering Infrastructure (NASENI). The institute is being developed to enhance the socio-economic prospects of future generations by fostering innovation and technology. A statement confirming the commencement of the […]
Month: February 2025
Tinubu Earns Praise at AU Summit for Advancing AfCFTA’s Digital Trade Protocol
President Bola Tinubu received widespread recognition for Nigeria’s significant efforts in advancing the African Continental Free Trade Area (AfCFTA) Digital Trade Protocol during the 38th African Union (AU) Summit in Addis Ababa, Ethiopia. Tinubu’s leadership has been pivotal in promoting digital trade across the continent, a vital component of the AfCFTA framework. Mahamadou Issoufou, AfCFTA […]
Nigeria’s Personal Loans Surge to N3.32tn Amid Rising Inflation, CBN Reports
In November 2024, Nigeria’s personal loan portfolio saw a dramatic increase of 37.76%, rising to N3.32 trillion, according to the Central Bank of Nigeria (CBN) report. This growth marks one of the most significant monthly increases in recent years, reflecting the growing financial strain on households. The surge is largely attributed to inflation and escalating […]
Nigerian Equity Market Records N1.83tn Gain in One Week
The Nigerian equity market achieved a significant gain of N1.83 trillion last week, with the All-Share Index (ASI) and Market Capitalization rising by 2% and 2.78%, respectively. The ASI closed at 108,053.95 points, while Market Capitalization settled at N67.418 trillion. This growth reflects positive investor sentiment, as the market continues to perform strongly despite the […]
UK Economy Shows Unexpected Growth in Q4 2024, But Outlook for 2025 Remains Sluggish
The UK economy surprised many by growing 0.1% in the final quarter of 2024, defying expectations of a 0.1% contraction. This growth was largely driven by a stronger-than-expected December, with the services sector, including wholesalers, film distributors, and pharmaceutical companies, performing well. Despite this, there were signs of underlying weaknesses, as business investment dropped significantly, […]
Equity Market Soars by N779bn as Nigerian Exchange Hits N67.3tn
On Wednesday, February 13, 2025, the Nigerian equity market experienced a significant surge, with investors gaining N779 billion. The market capitalization of the Nigerian Exchange Limited (NGX) increased from N66.5 trillion to N67.3 trillion, bringing it closer to the N70 trillion mark. The All-Share Index rose by 1.17%, closing at 107,822.52 points, reflecting a positive […]
Modi Brings Tariff Concessions and Strategic Offers to Trump Amid Trade Tensions
Indian Prime Minister Narendra Modi is preparing for an important meeting with U.S. President Donald Trump, where he hopes to secure favorable trade terms and strengthen bilateral ties. Modi is offering concessions, including tariff reductions on multiple sectors such as electronics, medical equipment, and chemicals, aimed at easing tensions over India’s trade practices. India is […]
Consumer Group Urges Caution on Proposed Electricity Tariff Increase, Citing Power Supply Issues
A consumer group, the Nigeria Consumer Protection Network (NCPN), has voiced its concerns over the Federal Government’s plans to increase electricity tariffs, stating that the hike will not resolve the ongoing power crisis. The group, led by President Kola Olubiyo, argued that electricity tariffs should not be increased unless there is a noticeable improvement in […]
Nigerian Stock Market Hits N67 Trillion as VFDGROUP and IKEJAHOTEL Lead Gains
The Nigerian stock market closed on a high note on February 12, 2025, with the All-Share Index (ASI) rising by 1,247.80 points to close at 107,822.52. This marks a 1.17% increase from the previous day’s figure, breaking the 107,000-point barrier and reaching a new record high. Despite the gains, trading volume dipped slightly by 3.27%, […]
European Stocks Hit Record Highs; Siemens Soars While FTSE 100 Falls
European stock markets continued their upward trajectory on Thursday, buoyed by strong corporate earnings and economic data. The Stoxx 600 index saw a modest increase of 0.29%, extending the positive momentum from earlier in the week when it achieved three consecutive record highs. Siemens, the German technology conglomerate, was a standout performer, surging by 5.9% […]
NLC Threatens Nationwide Telecom Shutdown Over 50% Tariff Hike
The Nigeria Labour Congress (NLC) has issued a strong warning to telecommunications companies, demanding an immediate reversal of a 50% tariff hike that took effect on February 13, 2025. If the tariff is not reverted by the end of February, the NLC has vowed to initiate a nationwide shutdown of telecom operations starting March 1, […]
Nigeria Aims to Lead Africa’s AI Revolution, Partners with Google for Digital Transformation
President Bola Tinubu has expressed his vision for Nigeria to become the leader in artificial intelligence (AI) innovation across Africa. During a recent meeting with Google CEO Sundar Pichai in Paris, Tinubu revealed plans to collaborate with Google to boost Nigeria’s role in AI and digital innovation. He emphasized that Nigeria is on the brink […]
NEITI and TETFund Partner to Enhance Transparency in Education Tax Remittances in Nigeria
The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Tertiary Education Trust Fund (TETFund) have strengthened their collaboration to ensure improved transparency and accountability in tax remittances, particularly for education taxes in Nigeria. The partnership was formalized during a recent visit by TETFund’s management to NEITI’s headquarters in Abuja, where both agencies underscored the need […]
Nigeria Becomes Afreximbank’s Largest Beneficiary with $52 Billion Disbursement
Nigeria has emerged as the largest beneficiary of the African Export-Import Bank (Afreximbank) with a cumulative disbursement of approximately $52 billion, according to a recent statement made by Prof. Benedict Oramah, President of the bank. This announcement was made during the Afreximbank Annual Meetings 2025 Signing Ceremony in Abuja. Nigeria has not only attracted substantial […]
GHS 1.3bn Embezzlement Scandal at NPA Triggers Calls for Petroleum Tax Cuts in Ghana
The recent GHS 1.3 billion embezzlement scandal at the National Petroleum Authority (NPA) has intensified calls for a reduction in petroleum taxes as consumers and industry stakeholders voice concerns over the rising cost of fuel. The mismanagement of funds at the NPA has led to increased financial pressures on Ghanaians, especially with fuel prices continuing […]
World Bank Calls for Urgent Fiscal Reforms to Address Ghana’s Debt Crisis
The World Bank has identified a lack of budget discipline as a major factor behind Ghana’s worsening fiscal challenges. In its latest Public Finance Review, the Bank highlighted that unchecked public spending, surging interest payments, and increasing financial constraints have contributed to the country’s debt crisis. Ghana’s fiscal space has been further strained by excessive […]
House of Representatives Passes Four Tax Reform Bills for Second Reading
The House of Representatives has passed four significant tax reform bills for second reading, marking an important step toward overhauling Nigeria’s tax system. The bills, submitted by President Bola Tinubu, include the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill. These proposed […]
Strengthening Nigeria’s Role in BRICS for Economic Growth and Investment
Nigeria’s partnership with BRICS (Brazil, Russia, India, China, and South Africa) is seen as a game-changing opportunity to transform its economic landscape and attract significant foreign direct investments (FDIs). With the BRICS bloc expanding its global influence, Nigeria is poised to tap into this strategic alliance to enhance its industrial growth, unlock new trade opportunities, […]
Nigerian Banks Progressing Towards Meeting 2026 Recapitalisation Deadline – Fitch Ratings
Fitch Ratings has reported that Nigerian banks are on track to meet the Central Bank of Nigeria’s (CBN) recapitalization deadline set for March 2026. The new guidelines issued by the CBN require different categories of banks to meet new capital thresholds, with international banks needing N500bn, national banks N200bn, and regional and merchant banks N50bn. […]
Telecom Tariff Hike Sparks Backlash as NLC Calls for Boycott and Subscribers Demand Sanctions
Telecom operators in Nigeria are facing a strong backlash after implementing a 50% tariff hike despite an ongoing review process. The Nigeria Labour Congress (NLC) has called for a nationwide boycott of telecom services, which will begin on March 1, 2025, if the hike is not reversed by the end of February. This decision follows […]
Tinubu Hails $50M IFC Investment in Lagos Free Zone
President Bola Tinubu expressed his appreciation for the International Finance Corporation’s (IFC) $50 million equity investment in the Lagos Free Trade Zone, emphasizing it as a testament to the increasing global trust in Nigeria’s economic direction. In a statement signed by his Special Adviser on Information and Strategy, Tinubu hailed the investment as a vital […]
External Influences and Internal Struggles Hinder ECOWAS’ Aspirations– Prof. Otubanjo
The Economic Community of West African States (ECOWAS) has faced significant challenges in achieving its core objectives, not only due to internal economic and political struggles but also external interference, particularly from France. According to Femi Otubanjo, a retired political science professor at the Nigerian Institute of International Affairs, France has played a pivotal role […]
China’s Chipmaking Equipment Purchases Set to Decline Amid Sanctions and Overcapacity Concerns
China’s chipmaking equipment purchases, which had seen consistent growth for the past three years, are expected to decline in 2025, according to consultancy TechInsights. The nation’s chip sector, which has been the largest global purchaser of wafer fabrication equipment, is predicted to spend $38 billion this year, a 6% drop from 2024. This decline marks […]
Vietnam to Raise 2025 GDP Growth Target to 8% Amid Global Trade Risks and U.S. Tariffs
Vietnam is set to revise its 2025 GDP growth target upwards, now aiming for at least 8% compared to the previous target range of 6.5%-7.0%. Minister of Planning and Investment Nguyen Chi Dung made this announcement on February 12, highlighting stronger industrial manufacturing as the primary driver for the revised forecast. Despite these optimistic projections, […]
Trump’s Trade Advisers Finalize Plans for Reciprocal Tariffs Amid Growing Trade War Concerns
Former U.S. President Donald Trump’s trade advisers are in the final stages of preparing reciprocal tariffs, which could soon be imposed on all countries that charge duties on U.S. imports. This move is set to heighten tensions in the ongoing global trade conflict, with fears mounting that it will escalate into a wider trade war. […]
Foreign Portfolio Investments in Nigeria Surge 126.8% in 2024
Foreign Portfolio Investments (FPIs) into Nigeria’s stock market saw a remarkable increase of 126.8% in 2024, reaching N396.4 billion, up from N174.8 billion in 2023. This growth was largely attributed to the Central Bank of Nigeria’s monetary policy, which boosted interest earnings on portfolio investments, encouraging more foreign inflows. Despite this increase, foreign investment outflows […]
CBN Scraps Free ATM Withdrawals, Introduces New Charges: Bank Customers Express Concerns
In a recent move by the Central Bank of Nigeria (CBN), the institution has announced the scrapping of free ATM withdrawals on other banks’ Automated Teller Machines (ATMs), alongside the introduction of new charges. As per the new policy, customers will now incur a fee of N100 for every N20,000 withdrawal made using another bank’s […]
Nigeria’s Economic Reset: The Crucial Role of Data Integrity in National Recovery
Nigeria is currently navigating an economic reset to address the persistent challenges it faces, including sluggish growth, high inflation, and an over-reliance on oil exports. The country’s dependence on oil has led to vulnerability during price fluctuations, exposing its fragile economic structure. To counter this, Nigeria has embarked on a recalibration of its economic metrics, […]
Nigeria, UAE Strengthen Aviation Ties with Amended Bilateral Air Service Agreement
Nigeria and the United Arab Emirates (UAE) have signed an amended Bilateral Air Service Agreement (BASA), aimed at enhancing aviation collaboration and fostering mutual benefits between the two nations. The agreement was signed by Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, and UAE’s Minister of Economy, Abdulla Bin Touq Al Marri. The signing […]
Telecom Tariff Hike: House of Reps Demands Reversal Amid Economic Concerns
The long-awaited 50% tariff increase by Nigerian telecommunications operators has officially begun, following approval from the Nigerian Communications Commission (NCC). The hike was implemented across the country on February 12, 2025, with MTN leading the way by adjusting its data plan prices. Despite this, other major telecom companies like Glo, Airtel, and 9mobile have yet […]