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South Africa Tops Africa’s Largest Economies, Nigeria’s GDP Projected to Decline to $199.72 Billion by End of 2024 – IMF Report
ByIbrahim Ismail October 22, 2024October 22, 2024

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…

Read More South Africa Tops Africa’s Largest Economies, Nigeria’s GDP Projected to Decline to $199.72 Billion by End of 2024 – IMF Report
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Nigeria Loses N13 Trillion to FX Subsidies, Says World Bank
ByIbrahim Ismail October 22, 2024October 22, 2024

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…

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Oil Import Surge Challenges Dangote Refinery’s Capacity
ByZainab Yusuf October 21, 2024October 21, 2024

Over the weekend, at least four vessels carrying petroleum products arrived at Nigeria’s borders, raising questions about the capacity of the Dangote Refinery to meet local demand. According to a report by Punch, this development highlights a significant contradiction to earlier claims by Aliko Dangote, Africa’s richest man, that his refinery could service the entire…

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Blackout Across Nigerian Cities As National Grid Suffers Major Setback
ByIbrahim Ismail October 19, 2024October 19, 2024

In a frustrating and familiar situation, Nigeria is grappling with a nationwide blackout following the collapse of its national grid on Saturday morning, marking the third grid failure within a week. Reports of power outages have come from major cities such as Abuja, Lagos, and various other parts of the country. As of now, there…

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BRICS Nations Expected to Surpass Global GDP Growth in 2024 – Putin
ByHassan Bar October 18, 2024October 18, 2024

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…

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African countries that have legalized cannabis cultivation for industrial, medicinal purposes
ByHassan Bar October 17, 2024October 17, 2024

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,…

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World Bank Lists Nigerian Naira Among Worst Performing Currencies in Africa for 2024
ByZainab Yusuf October 17, 2024October 17, 2024

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…

Read More World Bank Lists Nigerian Naira Among Worst Performing Currencies in Africa for 2024
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Niger Bans Cereal Exports to Protect Local Supply and Keep Prices Affordable, Exempts Mali and Burkina Faso
ByIbrahim Ismail October 17, 2024October 17, 2024

In a bid to safeguard the nation’s food security and stabilize prices in local markets, the President of Niger has announced a ban on the export of essential cereals such as rice, millet, sorghum, cowpea, and corn. This move is intended to ensure that enough supply of these staple crops remains within the country to…

Read More Niger Bans Cereal Exports to Protect Local Supply and Keep Prices Affordable, Exempts Mali and Burkina Faso
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Top 10 African Countries with the Smallest and Largest Rural Populations in 2024
ByHassan Bar September 19, 2024September 19, 2024

Africa is a continent of contrasts, not just in its geography and cultures but also in its population distribution. One of the most striking contrasts is between the rural and urban populations across different African countries. While some nations have rapidly urbanized, others still maintain large rural populations that rely heavily on agriculture and traditional…

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Finance | Latest | News Update

Nigeria’s Foreign Reserves Surge by $2.35 Billion, Boosting Naira Stability
BySufi Umar September 19, 2024September 19, 2024

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…

Read More Nigeria’s Foreign Reserves Surge by $2.35 Billion, Boosting Naira Stability