Again, Nigeria’s inflation rate increased to 33.95 per cent for the month of May 2024, according to the latest data from the National Bureau of Statistics (NBS). This represents a month-over-month increase of 0.26 per cent points in the headline inflation rate from 33.69 per cent recorded in April, the NBS stated in the Consumer Price Index report released on …

The Federal Government has secured $2.25 billion in financial support from the World Bank to bolster ongoing economic reforms aimed at stabilising the economy and fostering inclusive growth. This was disclosed late Thursday by the director of press in the Ministry of Finance, Manga Mohammed. The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, confirmed the …

Lagos Governor attends AfriCaribbean business forum, makes case for sub-national inclusion Economic prosperity recorded by Lagos State over the last two decades has shown the strength and potential which any sub-national government can offer in shaping the African growth narrative, Governor Babajide Sanwo-Olu told a transatlantic forum in Bahamas on Wednesday. Sanwo-Olu said with a strong focus on internal revenue …

President Bola Ahmed Tinubu has commended the Singaporean business conglomerate, the Tolaram, for believing in Nigeria and having absolute faith in her economy. Tolaram, which partnered Nigeria to build the Lekki Free Trade Zone and the country’s first deep sea port, has acquired Diageo’s 58.02 per cent shareholding in Guinness Nigeria Plc. According to an announcement at the Nigerian Exchange …

Data from the International Monetary Fund (IMF) has shown Nigeria’s economy is expected to rise to at least $1.852 trillion in Purchasing Power Parity (PPP) terms by 2029. The IMF’s prediction shows a noteworthy growth path for the country’s economy over the next five years. The country’s GDP in PPP terms has been on the increase, projected to rise from …

The Minister of Solid Minerals Development, Dr. Dele Alake has reaffirmed the Federal Government’s commitment to enforcing insurance policy for mine workers in Nigeria. Representing President Bola Tinubu on a condolence visit to Niger State Governor, Hon. Umar Bago, in Minna, the state capital, Alake conveyed the President’s sympathies following the recent mine pit collapse in Galadima Kogo, Shiroro Local …

The President of the Chartered Institute of Taxation of Nigeria (CITN), Samuel Agbeluyi has emphasised that Nigeria needs fewer, better-managed taxes to boost the country’s revenue. At CITN’s 31st Annual General Meeting on Wednesday in Lagos, Agbeluyi said: “The current state of our tax system is a state of moving forward. We have left the state of denial, that is even …

The Federal Government has mobilised first responders to the scene of a collapsed mining site in Galadima Kogo, Shiroro Local Government Area (LGA) of Niger State. The Minister of Solid Minerals Development, Dr. Dele Alake disclosed that the swift action of the Federal Government underscores its commitment to mitigating the adverse impact of the incident and rescuing those still trapped …

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has declared that Nigeria’s economy is experiencing appreciable growth that may see the high inflation in the country come down in a few months. Edun spoke on Sunday when he was featured as a guest on Channels Television’s Politics Today. The National Bureau of Statistics (NBS) had reported …

The Board of Governors of the African Development Bank (AfDB) Group has approved a capital increase of $117 billion to further support Nigeria and other countries on the continent. AfDB President, Dr Akinwumi Adesina, said this at the closing of the 2024 Annual Meetings of the bank in Nairobi. “So the Board of Governors of the AfDB approved a general …