Nduka Orjinmo

1 month ago | bloomberg.com | Nduka Orjinmo

Bola Tinubu(Bloomberg) -- Nigeria’s President Bola Tinubu has requested approval from lawmakers to raise almost $24 billion in external borrowing in the next two years to fund projects that will spur economic growth. The loans comprising $21.5 billion, 2-billion-euro and 15-billion-yen will be used to finance infrastructure, health and agriculture projects, Tinubu said in a letter to federal lawmakers, that was read by the Senate president on Tuesday.

1 month ago | bloomberg.com | Nduka Orjinmo

Nigeria’s top opposition leaders agreed to unite before the next election in 2027, seeking to repair rifts that handed President Bola Tinubu victory in an election two years ago. Former Vice President Atiku Abubakar of the main opposition Peoples Democratic Party, the Labour Party’s Peter Obi and former minister Nasir El-Rufai of the Social Democratic Party concluded months of discussions about unifying on Tuesday, according to three people familiar with the matter.

1 month ago | bloomberg.com | Nduka Orjinmo

Godwin Emefiele (Bloomberg) -- Hundreds of duplexes seized from Nigeria’s former central bank governor, who’s standing trial on corruption charges, will be sold to citizens, the government said. The estate comprising 753 duplexes and apartments on the outskirts of the capital, Abuja, which is still at various stages of completion, will now be developed and made available to the public, Housing Minister Ahmed Dangiwa said in a statement.

1 month ago | bloomberg.com | Nduka Orjinmo |Ruth Olurounbi

Olayemi Cardoso(Bloomberg) -- The Central Bank of Nigeria left interest rates unchanged as it awaits more data to determine the inflation outlook and for the turbulence spawned by US President Donald Trump’s trade war to settle. The monetary policy committee held the benchmark rate at 27.5%, Governor Olayemi Cardoso told reporters in Abuja, the capital, on Tuesday. All seven economists in a Bloomberg survey predicted it would leave borrowing costs unchanged for a second consecutive meeting.

1 month ago | bloomberg.com | Nduka Orjinmo

Olayemi Cardoso(Bloomberg) -- Policymakers at Nigeria’s central bank are set to keep the key interest rate on hold for a second straight meeting to get a better grasp of the inflation trajectory. All seven economists in a Bloomberg survey expect Governor Olayemi Cardoso to retain the rate at 27.5% when he delivers the monetary policy committee’s decision after 2 p.m. at a press briefing in Abuja, the capital.