Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), has delivered a stark warning about Nigeria’s economic trajectory. In a keynote speech marking the 20th anniversary of investment firm Chapel Hill Denham in Lagos, Adesina declared that Nigeria is not just stagnating—it is regressing. “Nigerians are worse off today than they were in 1960,”…
Nigeria’s Competition and Consumer Protection Tribunal has ordered Meta Platforms Inc. and its subsidiary WhatsApp to pay a $220 million penalty over alleged data privacy violations and discriminatory practices affecting Nigerian users. The verdict also includes a $35,000 reimbursement to the Federal Competition and Consumer Protection Commission (FCCPC) for investigative costs. The companies must comply…
China is doubling down on its energy ties with the Middle East, sealing a string of long-term liquefied natural gas (LNG) deals with Abu Dhabi’s national energy giant. The latest agreement, a 5-year supply contract between China National Offshore Oil Corporation (CNOOC) and Abu Dhabi National Oil Company (ADNOC), marks the third such deal in…
Switzerland is known for many things — chocolate, watches, mountains — but there’s another standout trait that doesn’t get as much attention: quiet, consistent wealth. Roughly 1 in 7 adults in Switzerland is a millionaire, a rate nearly five times higher than the U.S. What’s even more surprising is that Switzerland doesn’t rank in the…
The Nigeria Sovereign Investment Authority (NSIA) has announced a record-breaking profit of ₦1.86 trillion for the 2024 financial year, marking a 59% increase from the previous year. The Authority’s total income surged to ₦1.89 trillion, while net assets nearly doubled to ₦4.35 trillion. This milestone represents the highest performance since NSIA’s establishment, signaling a new…
The World Bank has approved two new loans totaling $632 million to support key sectors in Nigeria, focusing on nutrition improvement and access to quality basic education. This development aligns with the World Bank’s ongoing efforts to assist Nigeria in achieving its broader development objectives, particularly in healthcare, education, and economic resilience. According to information…
Dangote Refinery has announced a reduction in the ex-depot (gantry) price of petrol by N65 per litre, lowering it from N890 to N825 per litre. The new pricing will take effect from February 27, 2025. This adjustment comes as part of the refinery’s efforts to stabilize fuel prices in the country amid fluctuating global oil…
Nigeria’s Gross Domestic Product (GDP) expanded by 3.84% year-on-year in real terms during the fourth quarter of 2024, marking a significant improvement over the 3.46% recorded in Q4 2023 and the third quarter of 2024. This growth was primarily driven by the robust performance of the services sector, which grew by 5.37% and contributed 57.38%…
Qatar, a small but incredibly wealthy Gulf nation, has been steadily expanding its global footprint through strategic investments in real estate, finance, sports, and technology. With only about 331,000 citizens, Qatar is a nation that punches well above its weight in global affairs. One of its most powerful tools is the Qatar Investment Authority (QIA),…
The Nigerian government has reportedly spent approximately $8 billion in its ongoing efforts to stabilize the naira, yet the currency remains under pressure as inflation and forex volatility persist. This revelation was made by Bismarck Rewane, CEO of Financial Derivatives Company, during an interview on Channels Television’s News at 10 on Friday. Rewane emphasized the…