Tag: Economy

Inflation Report: “Our Reality on the Ground is Different”

19Feb

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Cost of Living, Economy, Finance, News, Nigeria

Inflation Report: “Our Reality on the Ground is Different”

Bloomberg's recent announcement of Nigeria's inflation rate dropping to 24.48% in January 2025 has sparked widespread skepticism and outright rejection among Nigerian citizens. Despite the National Bureau of Statistics' (NBS) claim of a significant decrease from December's 34.80%, many Nigerians argue that the data does not reflect their daily economic struggles. The NBS attributed the drop to a rebasing of the Consumer Price Index (CPI), a move intended to update the basket of goods and services used to measure inflation. However, this statistical adjustment has not translated into tangible relief for the average Nigerian. Public Reaction: In the bustling markets of Lagos, traders like Mrs. Adaeze Okonkwo, who sells staple foods, expressed frustration. "They say inflation is down...

U.S. Freezes Aid to South Africa Over Land Reform Law

10Feb

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Economy, Human Rights, News, South Africa, United States of America

U.S. Freezes Aid to South Africa Over Land Reform Law

- Trump Offers Refuge to White Farmers U.S. President, Donald Trump, has reignited global debates over race, land rights, and international diplomacy, by signing an executive order on February 7, 2025, halting all foreign aid to South Africa. The decision comes in response to South Africa’s controversial new land reform law, which Trump claims discriminates against the country’s white minority, particularly Afrikaner farmers. The executive order also outlines plans to prioritize the resettlement of Afrikaners in the United States as refugees, a proposal that has drawn both praise and sharp criticism. The land reform law, signed by South African President Cyril Ramaphosa in January 2025, allows the government to expropriate land without compensation in specific cases—such as when the...

Five Years On: What Has become of the AfCFTA?

10Feb

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Africa, Economy, News, Trade

Five Years On: What Has become of the AfCFTA?

The African Continental Free Trade Area (AfCFTA) was ambitiously launched with the goal of transforming trade across Africa, creating what would be the world's largest free-trade zone by connecting 1.3 billion people and aiming for an additional $450 billion in revenue by 2035. However, five years after its signing in 2019, questions arise about its implementation and overall impact. The Promise of AfCFTA The AfCFTA was designed to dismantle trade barriers, reduce tariffs on 90% of goods by 2034, and foster a single market for goods and services across 55 African countries. It was seen as a pivotal step towards economic integration, promising to elevate intra-African trade, stimulate industrial growth, and enhance economic competitiveness. Early transactions under this framework, suc...

Opinion: Nigeria Strategic Infrastructure Monopoly by Kalu Aja

6Feb

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Economy, Infrastructure, News, Nigeria, Transportation

Opinion: Nigeria Strategic Infrastructure Monopoly by Kalu Aja

Nigeria, the top economy in West Africa, has seven main ports 1. Lagos Port Complex: Lagos State; 94% of exports and 76% of imports according to NBS Q4 2023 2. Tin Can Island Port Complex: Lagos State; 3% of exports and 8% of imports 3. Lekki Deep Sea Port: Lagos State 4. Onne Port Complex: Located in Rivers State 5. Rivers Port Complex: Located in Rivers State 6. Calabar Port Complex: Cross River State 7. Delta Port Complex: Located in Warri, Delta State Nigeria's most important port is the Lagos Port Complex. That single port in Apapa is the key export and import point for over 200m Nigerians. In 2024, it was reported that the “Nigerian Ports Authority (NPA) had allocated more than $200 million over the past decade to dredging operatio...

Sule Lamido Criticizes Tinubu’s Presidency: “Doing Everything Wrong”

11Jun

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Economy, Interview, News, Nigeria

Sule Lamido Criticizes Tinubu’s Presidency: “Doing Everything Wrong”

In a recent interview, former Governor of Jigawa State, Sule Lamido, made important observations about President Bola Tinubu's administration, accusing it of numerous failures and attributing Tinubu's rise to the presidency to luck. Lamido expressed these views on Channels Television’s Politics Today program on Monday. During the interview, Lamido contested the widespread belief that Tinubu was responsible for building Lagos. He argued that Lagos was developed with funds from the Nigerian government, not by Tinubu's efforts. Lamido cited significant infrastructure such as ports, airports, and bridges in the southwestern state as evidence. “I know Tinubu very well. I also know him as the Governor of Lagos. I know his capacity. He’s on top of the country. He didn’t build Lagos. Lagos w...

We Are Turning the Bend, the Worst is Over – Tinubu

24May

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Economy, News, Nigeria

We Are Turning the Bend, the Worst is Over – Tinubu

Abuja, Nigeria – In a bold call for action, President Bola Tinubu has emphasized the need for a more effective local government system to drive community development and deliver essential governance within Nigeria's federal structure. Speaking to a delegation of the Yoruba Leaders of Thought at the State House in Abuja on Friday, President Tinubu underscored the transformative nature of governance that addresses the critical needs of citizens. The President, in a statement by Presidential spokesman Ajuri Ngelale, reflected on the achievements and challenges of his administration over the past 12 months. "It has been challenging. It has been fulfilling as well. We took over, and we have stopped the bleeding. I can say categorically now that Nigeria is no longer bleeding. And it will not ...

CBN Mandates Reapplication for Bureau de Change Licenses

23May

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Economy, Finance, Nigeria

CBN Mandates Reapplication for Bureau de Change Licenses

Abuja, Nigeria – May 23, 2024: In a move aimed at restructuring the foreign exchange market, the Central Bank of Nigeria (CBN) has directed all Bureau de Change (BDC) operators in the country to reapply for new operational licenses. The CBN's directive requires compliance by June 3, 2024, to continue participating in forex operations. This announcement follows the introduction of revised Regulatory and Supervisory Guidelines for BDC Operations in Nigeria earlier this year. As part of these reforms, the CBN has set new minimum capital requirements: N2 billion for tier 1 BDC operators and N500 million for tier 2 operators. The circular, signed by Haruna Mustafa, Director of the Financial Policy and Regulation Department at CBN, outlines comprehensive reforms intended to enhance the rol...

Renewed Hope Has Turned to Hopelessness – Prof Usman Yusuf

20May

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Cost of Living, Economy, News, Nigeria

Renewed Hope Has Turned to Hopelessness – Prof Usman Yusuf

In a scathing critique of President Bola Tinubu’s administration, Professor Usman Yusuf, a prominent member of the Northern Elders Forum (NEF) and former Executive Secretary of the National Health Insurance Scheme (NHIS), has lambasted the Renewed Hope Agenda, labeling it as a source of increased hopelessness for Nigerians. During an interview on Channels Television’s Sunday Politics, which was monitored by DAILY POST, Yusuf expressed his disappointment, stating that the Tinubu-led federal government has failed to instill any sense of hope among the Nigerian populace over the past year. "People have lost hope. It pains me to see our people lining up to collect cups of palliatives. Renewed Hope has turned into hopelessness. People have lost hope," Yusuf remarked. He further critici...

Tinubu’s Economic Reforms Showing Positive Results – Bagudu

17May

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Economy, News, Nigeria

Tinubu’s Economic Reforms Showing Positive Results – Bagudu

Abuja, May 17, 2024 – President Bola Tinubu’s economic reforms have begun to bear fruit, according to the Minister of Budget and Economic Planning, Senator Abubakar Bagudu. Speaking to newsmen in Abuja on Friday, Bagudu highlighted the renewed faith in Nigeria's economy and the resurgence of foreign investor interest as key indicators of the reforms' success. In a statement issued by his Special Assistant on Media, Bola Adebiyi, Bagudu acknowledged the initial challenges posed by the removal of the petrol subsidy but emphasized the long-term benefits. "Although the removal of petrol subsidy caused some pain, the policy has increased the quantum of funds available to the three tiers of government to invest in critical infrastructure," Bagudu stated. He argued that these investments would...

Delisting of Naira from P2P Trading Platforms Underway

17May

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Economy, Finance, Information Technology, Nigeria

Delisting of Naira from P2P Trading Platforms Underway

In a supposed move to stabilize the Nigerian currency, the Securities and Exchange Commission (SEC) announced yesterday that several cryptocurrency exchanges have begun the process of delisting the Naira from Peer-to-Peer (P2P) trading platforms. This action follows a directive issued last week by the SEC in collaboration with the Office of the National Security Adviser (ONSA). The directive mandates digital currency operators to remove the Naira as a fiat currency option on their platforms. This measure aims to protect the Nigerian currency from potential manipulations that could undermine its value. The SEC's recent checks confirmed that the KuCoin platform has already started implementing this change, adjusting its technology to accommodate the delisting of the Naira. See Also: Cr...