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 … Read more
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 … Read more
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 … Read more
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 … Read more
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, … Read more
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
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
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 … Read more
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
President Samia Suluhu Hassan of Tanzania has firmly called on Western countries to refrain from meddling in the country’s internal affairs, emphasizing that Tanzania has a robust constitution and is capable of handling its own challenges. The president’s statements came during the 60th anniversary celebration of the Tanzanian Police Force, where she responded to concerns … Read more