Naira to slump further to N2, 081/$1 in official market – IMF

The International Monetary Fund (IMF) has projected that the nation’s currency, the Naira, may further depreciate by about 35% to the dollar this year, which according to it, could lead to inflation rate peaking at 44% before the monetary policy tightening could bring the situation under control. The Bretton Woods institution, which disclosed this in its February ‘2024 Post–Financing Assessment and Staff Report‘,  noted that Nigeria’s monetary policy is currently insufficiently tightened to bring inflation below 20%, while pressures on the Naira persist. The report said that amid the absence…

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‘FG benefiting from dollar rise against Naira’ – Ali Ndume

Chief Whip of the Senate, Senator Ali Ndume, has alleged that the Federal Government is benefiting from the naira depreciation against the dollar. Ndume was speaking on why the Naira continues to depreciate against the dollar while speaking on Wednesday, during an interview on a television programme. He said rather than losing out from the Naira depreciation against the dollar, the Federal Government is gaining more revenue to fund its 2024 Budget. The Chief Whip disclosed that the Government would have more Naira to spend on its expenditure as the…

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Forex Crisis: ‘Govs. converting monthly allocations to dollars’, Activist alleges

Executive Director of a prominent Data-mining and Public Relations company, Cell HUB, Idris Etanami Usman, has voiced serious concerns regarding the economic crisis afflicting the nation. The company’s investigations have reportedly uncovered troubling evidence pointing to the involvement of certain State governors in worsening the dire economic situation. In a statement issued to newsmen yesterday, Usman expressed regret over the situation, emphasising the need to bring attention to the role of several state governors in Nigeria in exacerbating the current economic crisis. The findings suggest a pattern of behaviour where these…

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FG targets $1tn maritime earnings by 2027

The Federal Government, has said that the Nigerian maritime industry would play a pivotal role in achieving $1tn economic growth by 2027. The Executive Secretary of the Nigerian Shippers Council, Pius Akuta, disclosed this on Thursday, during a courtesy visit at the Tincan Island Container Terminal Limited, Lagos. Recall that President Bola Tinubu, had disclosed that the Government was working to push Nigeria into a $1tn economy in three years, precisely 2027. However, speaking during the tour, Akuta, said “Mr. President and his new hope agenda for this country is…

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“Sell crude oil to Dangote Refinery in Naira” – Elders Forum to Tinubu

As the Dangote Refinery commences production, a northern group, the National Patriotic Elders Forum has advised President Ahmed Bola Tinubu, to ensure the sale of Nigeria’s crude oil to the refinery in Naira. In a statement issued to newsmen in Kano, the National President of the Forum, Dr. Bature Abdul-Aziz, said this would enhance the value of the Naira, as well as make the petroleum products of the company more affordable to Nigerians. Abdul-Aziz commended President Tinubu for ensuring the commencement of the refinery’s production, pointing out that the sale…

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Poultry farmers groan as feed prices soar

Poultry Association of Nigeria, (PAN), on Friday called for urgent intervention of President Bola Tinubu’s administration on the astronomical hike in cost of poultry feeds. The association said that failure of Government to take urgent action to mitigate this challenge would lead to total collapse of poultry sub-sector of the economy. Secretary of PAN, FCT Chapter, Hakeem Musa, who made the call in an interview in Abuja, frowned at the perpetual hike in price of feed, adding that Government could intervene by giving grants to farmers in order to remain…

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World Economic Forum: “Tinubu mandated me to sell ‘The Nigerian Dream’ in Davos ’ – VP Shettima

Vice-President, Sen. Kashim Shettima who is presently attending the ongoing annual World Economic Forum (WEF) in Davos, Switzerland, has disclosed that President Bola Tinubu asked him to sell the “Nigerian dream” there. Shettima stated this during an interview on a television programme yesterday, on the sidelines of the Forum, where world leaders are gathered to discuss the way forward for the global economy. The Vice-President, who explained that he went to the Forum to showcase Nigeria, asserted that it is paramount for Nigeria to be represented in Davos considering that…

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“Relocation of CBN’s departments will weaken North, other regions” – Northern Elders Forum

The Northern Elders Forum, (NEF), has stated that the planned relocation of key Central Bank of Nigeria (CBN) departments to Lagos will only serve to further strengthen the already dominant position of Lagos, while potentially weakening the significance and role of Abuja. Recall that the apex bank had announced its plan to transfer some of its departments to the nation’s commercial nerve centre, Lagos State. However, the Forum, in an issued statement, signed by its Director of Publicity and Advocacy/Spokesperson, Abdul-Azeez Suleiman, asserted that the movement would involve increased costs,…

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Niger Coup: “Border closure unnecessary, unwarranted; affecting North only” – Sen. Aliero

Former governor of Kebbi State, Adamu Aliero,  has decried the hardship facing Northern Nigerians amidst the on-going border closure with Niger Republic Aliero, who represents Kebbi-Central district in the Senate, stated this on Tuesday, during a television programme, describing it as ‘unnecessary’ and ‘unwarranted’. Recall that Nigeria had in August shut its borders with the French-speaking country after its soldiers overthrew President Mohamed Bazoum in a palace coup. Nigeria also cuts electricity supply to the country. Residents of border communities and traders have bemoaned the implications of the border closure in…

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85 yrs after, Shell exits Nigeria’s on-shore oil sector

…Sells assets at $1.3bn After 85 years, British energy major, Shell Petroleum Development Corporation, (SPDC) has agreed to sell its Nigerian on-shore oil and gas subsidiary in Nigeria to a consortium of five, mostly local, companies for up to $2.4 billion. Active in the West African country since the 1930s, Shell has struggled for years with hundreds of oil spills at its on-shore operations as a result of theft, sabotage and operational issues, which led to costly repairs and high-profile lawsuits. Shell’s SPDC Ltd operates, and has a 30% stake…

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