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3 days ago | 
thenationonlineng.net | Nduka Chiejina |Collins Nweze |Alao Abiodun
Nigeria’s economy recorded its fastest growth in about a decade in 2024, the World Bank said yesterday, alluding to early gains of macroeconomic reforms by the President Bola Tinubu’s administration. World Bank’s Lead Economist for Nigeria, Alex Sienaert, pointed out Federal Government’s improved fiscal position, driven by reforms in key areas of petroleum, foreign exchange and power. He however cautioned that persistently high inflation remains a challenge.
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3 weeks ago | 
thenationonlineng.net | Collins Nweze |Nduka Chiejina |Alao Abiodun
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has said that strong financial backing should come in form of innovative support instruments to reform-minded economies as they implement bold economic transformation agenda. He spoke at the G-24 Ministerial Meeting, on the sidelines of the IMF/World Bank meetings. He urged the Bretton Woods institutions to extend stronger financial backing to reform-minded economies, particularly in Sub-Saharan Africa.
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1 month ago | 
thenationonlineng.net | Nduka Chiejina |Collins Nweze |Alao Abiodun
The Central Bank of Nigeria (CBN) yesterday underscored the importance of banking recapitalisation as a major catalyst for the achievement of the $1 trillion economy agenda of the government. Deputy Governor, Corporate Services, Central Bank of Nigeria (CBN), Ms. Emem Usoro said the journey to $1 trillion economy requires structured planning, clearly defined policies, unwavering implementation, and an inclusive approach that aligns public and private sector interests.
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1 month ago | 
thenationonlineng.net | Nduka Chiejina |Tony Akowe |Bolaji Ogundele |Frank Ikpefan |Alao Abiodun
The Federal Government is reviewing the possible effects of the unfolding international tariff regimes and shifts in global commodity prices. The Economic Management Team (EMT) chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has inaugurated a sub-committee to handle the assignment sparked by the US imposition of a 14 percent tariff on certain Nigerian exports. Goods from other countries are also attracting a wide range of tariffs.
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1 month ago | 
thenationonlineng.net | Nduka Chiejina |Ibrahim Yusuf |Collins Nweze |Alao Abiodun
Nigeria has no cause to over react to the wave of new import tariffs introduced by the Trump administration in the United States, economic experts warned yesterday. The experts spoke as the Central Bank of Nigeria (CBN) moved to safeguard the economy from the effects of the new tariff regime. The apex bank announced its intervention at the foreign exchange market with the sale of US$197.71 million to authorized dealers to boost liquidity and maintain orderly market functioning.
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1 month ago | 
thenationonlineng.net | Collins Nweze |Nduka Chiejina
Shareholders of Transcorp Hotels Plc, a subsidiary of Transcorp Group, yesterday approved a N7.57 billion dividend payout for the 2024 fiscal year. The approval came during the company’s 11th Annual General Meeting (AGM). The company’s shares yesterday witnessed a surge in its share price, climbing by 7.13 per cent to close at N145 per share at the close of trading on the Nigerian Exchange (NGX).
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1 month ago | 
thenationonlineng.net | Nduka Chiejina |Collins Nweze |Alao Abiodun
The Central Bank of Nigeria (CBN) has reported a substantial improvement in its Net Foreign Exchange Reserve (NFER) position as of the end of 2024, reflecting a substantial improvement in the country’s external liquidity, reduced short-term obligations, and renewed investor confidence. According to the apex bank, NFER stood at $23.11 billion, the highest level in over three years, a marked increase from $3.99 billion at year-end 2023, $8.19 billion in 2022, and $14.59 billion in 2021.
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2 months ago | 
thenationonlineng.net | Nduka Chiejina |Collins Nweze |Alao Abiodun
The Nigeria Sovereign Investment Authority (NSIA), Sustainable Energy for All (SEforALL), the International Solar Alliance (ISA), and Africa50 have unveiled a $500 million Distributed Renewable Energy (DRE) Nigeria Fund to develop and finance decentralised energy projects across the country. NSIA, SEforALL, and Africa50 formalised the initiative by signing the Heads of Terms agreement at the SEforALL Global Forum in Barbados.
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2 months ago | 
thenationonlineng.net | Nduka Chiejina |Alao Abiodun
The federal government yesterday outlined strategic initiatives being undertaken to optimize its assets, enhance efficiency and improve sustainability, as part of broader efforts to reduce reliance on borrowings and increase government’s revenue. Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun said the strategic initiatives have led to noticeable reduction in the nation’s dependence on high-cost commercial borrowing.
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2 months ago | 
thenationonlineng.net | Nduka Chiejina |Alao Abiodun
Tony Elumelu, founder of Heirs Energies, has harped on the need for Nigeria to increase its oil production to generate revenue for economic diversification. Speaking at the Heirs Energies leadership forum in Abuja, Elumelu stated the importance of investing in the oil and gas sector to support industrial growth and ensure energy security. “We cannot industrialize Africa, especially Nigeria, without improving access to energy and electricity,” Elumelu said.
