Tag: Nigerian Economy

US contradicts Okonjo-Iweala, says Nigerian economy in shambles

Aminu Imam
US contradicts Iweala

The United States of America has contradicted Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, over the state of Nigerian economy, saying that the new minimum wage of N70,000 had been undermined by the continued depreciation of the Naira. Recall that Ngozi Okonjo-Iweala had on August 14 commended President Tinubu’s administration’s reforms by restoring stability to Nigeria’s economy. “You cannot really improve an economy unless it’s stable. The President and his team have worked hard to stabilise the economy. The reforms have been in the right direction. The…

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‘Nigeria remains Africa’s largest economy’ – World Bank

Aminu Imam
World Bank on 9ja

World Bank’s Country Director for Nigeria, Dr. Ndiame Diop, has confirmed that Nigeria remains Africa’s largest economy by Gross Domestic Product (GDP), despite the challenges faced by its private sector. Speaking at the Country Private Sector Diagnostic (CPSD) and Stakeholder Engagement in Abuja on Thursday, Dr. Diop stated that while Nigeria receives far less Foreign Direct Investment (FDI) than its potential warrants – especially in comparison to countries such as Indonesia and South Africa – it continues to hold its position as Africa’s biggest economy. He stated that the CPSD…

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“Nigeria’s economy on the rise” – Finance Minister  

Aminu Imam
Fin Minister on economy

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has affirmed that Nigeria’s economy is experiencing significant growth, presenting attractive opportunities for investors. Speaking in Abuja during a meeting with a high-level delegation from First Abu-Dhabi Bank, led by Group Head of Investment Banking, Martin Tricaud, Edun outlined the country’s economic transformation and ongoing reforms aimed at fostering investment and sustainable growth. He highlighted key policy measures implemented over the past 18 months, including market-driven pricing for foreign exchange, petroleum and increased trade under the African Continental Free…

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“Nigerians’ll smile in coming weeks” – VP Shettima

Aminu Imam
VP Shettima on economy

Vice-President, Kashim Shettima has said Nigerians would smile and prosper in 2025, as the economy has turned the corner. Shettima, who visited the President at his Lagos residence to mark the New Year, expressed optimism about the nation’s economic trajectory, assured Nigerians that the reforms being implemented by President Bola Tinubu will begin to show positive results in the coming weeks and months. “The economy has started picking up, and in the coming weeks and months, Nigerians will start smiling for the better”, Shettima said, noting that the country is…

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“Nigeria in political, economic ‘intensive care’ unit” – Bode George

Aminu Imam
Bode George

A former Deputy National Chairman of the Peoples Democratic Party, (PDP), Olabode George, has urged President Bola Tinubu to revisit some of his policies to put smiles on the faces of Nigerians. George, who gave the advice on Thursday, while addressing a news conference on the state of the nation in Lagos, called on the President to unravel issues around oil and gas, as well as power sectors to get the country out of the woods. He said, Having been trained by this nation and worked for this country, if…

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‘Nigerias economic outlook uncertain despite CBNs policies’ – PwC

Aminu Imam
PwC on 9ja economy

PwC, a professional tax and advisory firm, has stated that Nigerias economic outlook remains uncertain in spite of efforts made by the Central Bank of Nigeria (CBN) to ensure stability in the foreign exchange (FX) market, in order to attract investors. In its latest Nigeria Capital Market report, the PwC said that the rising inflationary trends and volatility in the countrys exchange rate is plaguing uncertainties to the FX market, dampening investors confidence. Despite the hawkish stance by the CBN to maintain stability, Nigerias outlook is still quite uncertain as…

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WhatsApp may exit Nigeria amid regulators demand

Aminu Imam
WhatsApp 2 exit

WhatsApp, a leading messaging platform in Nigeria, may soon suspend its services in the country. This potential move follows the imposition of a $220 million fine on Meta Platforms for allegedly breaching data privacy laws. According to TechCabal, Meta is considering withdrawing certain services in Nigeria in response to the recent regulatory demands. Sources familiar with the discussions revealed that the company is evaluating the impact of the new order. A WhatsApp spokesperson addressed the situation, stating: We want to be really clear that technically, based on the order, it…

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Nationwide Protests Day 1: Nigerias economy loses over N500bn in single day

Aminu Imam

Despite the stern warnings, threats and appeals by the Federal Government, National Assembly, State governments, Security agencies and some Organised Private Sector (OPS) groups on the planned nationwide protests to be shifted, several business activities were undoubtedly affected and stalled by the organised #EndBadGovernance protesters in major cities across the country, as they remained under lock and keys for fears of reprisal attacks by protesters. According to reports, many businesses did not open for operations as fears grip business owners, mostly MSMEs, manufacturing companies, ICT centres, Petrol stations outlets and…

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Nigerias foreignloans push capital inflow up by 19%

Aminu Imam
DMO3

Higher loan inflows in to Nigeria increased capital importation into the country in January 2024 by 19 percent month-on-month, MoM, to $330 million from $280 million in December 2023, according to the Central Bank of Nigeria (CBN). The apex bank which disclosed this in its ‘Monthly Economic Report for January 2024‘, said: Higher inflow of loans boosted foreign capital inflow in the review month. Providing further details on the capital importation during the period, the CBN report stated: New investments to the economy increased by 17.9 per cent to $0.33…

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First anniversary: ‘Ghana now richer than Nigeria’ Bismarck Rewane

Aminu Imam
Bismarck Rewane

The Managing Director/Chief Executive Officer of Financial Derivatives Company Ltd, Bismarck Rewane said Ghana is now richer than Nigeria. Rewane, who disclosed this in an interview on a television programme yesterday, said Nigeria has fallen from the 32nd largest economy in the world to 42nd. The renowned economist added that in Africa, the nation has also descended from its 1st ranking to 4th in terms of wealth management and accumulation. Rewane, who noted that Ghana has also overtaken Nigeria, said, In the past, we were always richer than Ghana, now…

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