Tag: ECONOMY

Fitch reaffirms Nigeria’s ‘B’ rating amid ‘high but declining’ inflation

Aminu Imam
Fitch reaffirms

The Global ratings agency, Fitch Ratings, has affirmed Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B’, with a stable outlook, describing it as both ‘high and declining’. The country’s new economic status was reviewed in a report published on Friday. According to the report, “Nigeria’s ‘B’ rating is supported by its large economy, a relatively developed and liquid domestic debt market, large oil and gas reserves, and an improved monetary and exchange rate policy framework”. It, however, added that the rating is constrained by weak governance indicators, high hydrocarbon…

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‘Shoprite not exiting Nigeria’, says firm

Aminu Imam
Shoprite not exiting

Retail Supermarkets Nigeria Limited, the operator of the Shoprite franchise in the country, has debunked reports suggesting it is leaving Nigeria. The company, in an issued statement yestetday, was reacting to recent reports of empty shelves and temporary closures at some outlets. It explained that the current development was not an exit move but part of a “reset” of its business model aimed at stabilising operations and adapting to prevailing economic realities. It said it was undergoing a turnaround programme backed by new investors to adapt to Nigeria’s economic realities,…

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$1tr Economy: NEC endorses FG’s medium-term strategy

Aminu Imam
FG's 'Renewed Hope Plan

…’It aligns with Agenda 2050 goals’ – VP Shettima Nigeria’s push for a $1 trillion economy by 2030 gathered steam yesterday as the National Economic Council (NEC) approved the Renewed Hope Development Plan (2026–2030), a new blueprint to drive reforms, accelerate growth, and align the nation’s medium-term targets with the long-term vision of ‘Agenda 2050’. Chaired by Vice President Kashim Shettima, the Council’s 151st meeting endorsed the plan as the successor to the expiring National Development Plan (2021–2025), with Shettima describing it as “the bridge between lessons learnt and ambitions…

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Collapsing Economy: “North facing serious challenges, looming danger ahead” – Dr. Usman Bugaje warns

Aminu Imam
Bugaje on North

Elder statesman, Dr. Usman Bugaje, has raised concern over the worsening condition of Northern Nigeria, stressing that poverty, insecurity and corruption may push the region towards collapse, urging collective efforts to prevent further decline. Dr. Bugaje made these remarks at the ‘Arewa Movement for Good Governance Conference”, themed: “The North and the Dangers Looming on the Horizon: The Need for a New Conversation and a New Narrative”, which took place yesterday in Kaduna. According to Dr. Bugaje, nearly 60% of tertiary institution students cannot return due to unaffordable tuition and…

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PDP govs urge Tinubu to review economic policies

Aminu Imam
PDP govs urge Tinubu

State governors elected on the platform of the Peoples Democratic Party have called on President Bola Tinubu to review his administrations economic policies to address current hardship in the land. The governors made the call in a communique issued in Jos, Plateau State, after their two-day meeting, which ended yesterday. The communiqu, signed by Senator Bala Mohammed, Bauchi State Governor, who is the chairman of the Governors forum, read in part: The Forum empathizes with Nigerians, who are groaning under the oppressive economic hardship foisted on the nation by the…

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“APC destroyed Nigerian economy, all institutions built in 16yrs” PDP Govs.

Aminu Imam
PDP Govs.

Governors elected under the platform of the Peoples Democratic Party, PDP), have accused the ruling All Progressives Congress, (APC), of running down the nations economy and inflicting untold hardship on Nigerians. The governors, under the umbrella body of PDP Governors, expressed dismay and grave concern over what they called unprecedented hardship faced by the majority of Nigerians as a result of the dismal performance of the APC-led federal government. They also frowned at the long delay in the minimum wage negotiations. Rising from a meeting hosted by Enugu State Governor,…

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FG secures $5bn Afreximbank funds to boost economy

Aminu Imam
FG Afreximbank2

The Federal Government says it has secured $5 billion from Afreximbank to strengthen the economy, including a $3 billion targeted at de-risking the economy. Minister of Industry, Trade and Investment, Doris Uzoka-Anite, revealed this while delivering her address at the Manufacturing Association of Nigeria (MAN) summit at the Presidential Villa, Abuja on Thursday. The Ministry secured $5billion funds, including a $3b for de-risking Nigerias business environment with AFREXIM bank at an event in the Bahamas in June, the minister said. Uzoka-Anite, who delivered her address at the concluding session of…

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‘Interest rates to remain high until inflation rate falls’ – Cardoso

Aminu Imam
CBN gov, Cardoso

…Reiterates commitment to monetary stability Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, had said interest rates would remain high until inflation rate comes down. Cardoso, who stated this in a Financial Times report yesterday.  also said orthodox policies would be implemented to tame inflation, said there is every indication that MPC would do whatever is necessary to rein in inflation. The CBN boss said, They will continue to do what has to be done to ensure that inflation comes down. Lets face it: for a long period…

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Economic Hardship: Tinubu vows to continue taking difficult decisions

Aminu Imam
Tinubu vows

President, Bola Tinubu has vowed that his administration will continue to make difficult decisions on behalf of Nigerians, even if such decisions cause short-term pains. The Nigerian leader, who spoke during a meeting with Prime Minister Mark Rutte, of the Netherlands in The Hague, on Thursday, said the confidence he has in Nigerians gave him the courage to make difficult decisions on their behalf, given his full awareness of the need to give them the long-term tools they need to succeed. ?His re-assurance is coming in the wake of economic…

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