Less than six months after Zimbabwe introduced the ZiG, or Zimbabwe Gold, as its latest currency, the Southern African country has been forced to devalue it. The move signals ongoing struggles in Zimbabwe’s efforts to establish a stable local currency and reduce its dependence on the United States dollar. The ZiG, launched in April 2024…
As global wealth continues to accumulate at unprecedented rates, cities around the world are becoming hubs for the ultra-wealthy. Centi-millionaires, individuals with a net worth of over $100 million, are concentrated in key metropolitan areas where finance, technology, and luxury thrive. According to a report by Henley & Partners, as of December 2023, the cities…
The International Monetary Fund (IMF) World Economic Outlook (WEO) report for October 2024 has projected that Nigeria will end the year with a Gross Domestic Product (GDP) of $199.72 billion. This development places Nigeria as the fourth largest economy in Africa, trailing behind South Africa, Egypt, and Algeria. Nigeria’s GDP projection reflects the ongoing economic…
According to a new report by the World Bank, Nigeria incurred a staggering loss of N13 trillion due to foreign exchange (FX) subsidies over the past three years. The report emphasizes the importance of maintaining a unified exchange rate to correct the economic distortions caused by the previous administration’s multiple FX rates. The report reveals…
Russian President Vladimir Putin has predicted that the BRICS nations will see higher economic growth than the global average by the end of 2024. Speaking at a plenary session of the BRICS Business Forum in Moscow, Putin stated that the BRICS nations’ Gross Domestic Product (GDP) growth rate is expected to reach 4% by the…
As the global demand for medical cannabis continues to grow, several African countries have shifted their stance on cannabis cultivation. Although the plant remains widely banned for recreational use due to health concerns, many nations now permit its cultivation for industrial and medicinal purposes. With Africa producing some of the highest levels of cannabis globally,…
The Nigerian naira has been listed as one of the worst-performing currencies in Sub-Saharan Africa for 2024, according to the World Bank’s latest Africa’s Pulse report. The report, which highlights economic trends across the continent, revealed that by the end of August 2024, the naira had depreciated by approximately 43 percent year-to-date. This sharp decline…
LAGOS – Nigeria’s foreign reserves have experienced a significant boost, with the Central Bank of Nigeria (CBN) recording an average net inflow of $2.35 billion each month, according to Wale Edun, the Minister of Finance and Coordinating Minister of the Economy. Edun made this announcement during the 2024 Access Bank annual corporate forum held in…
Russia has tentatively agreed to construct a significant fuel pipeline in the Republic of Congo, linking the western port of Pointe-Noire to Brazzaville, the capital city. This development, reported by Reuters, underscores Russia’s growing influence in Africa as it seeks to strengthen ties across the continent. A joint venture will be formed to oversee the…
The Dangote Refinery, Africa’s largest, is facing challenges as local petroleum marketers in Nigeria continue to boycott its products, preferring to import refined petroleum from abroad. Devakumar V.G. Edwin, Vice President of Dangote Industries Limited, expressed frustration over the boycott during a discussion hosted by Nairametrics on X (formerly Twitter) on Wednesday. Despite the refinery’s…