Economy
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IMF to Nigeria: Clean up oil sector, cut debt smartly
The International Monetary Fund (IMF) has urged Nigeria to ramp up transparency in its oil sector and tighten its borrowing strategy to fully reap the benefits of its ongoing economic reforms. Speaking at the IMF and World Bank Spring Meetings in Washington, D.C., Abebe Selassie, Director of the IMF’s African Department, praised Nigeria’s recent steps—particularly the removal of fuel subsidies—but…
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FG to prioritise spending in 2025 budget in response to global crude oil price volatility – Wale Edun
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed that the Federal Government will focus only on priority projects in the 2025 budget in response to global crude oil price volatility. Edun, who spoke in Washington at an investors’ forum on the sidelines of the ongoing World Bank/IMF Spring Meetings, noted that the 2025 budget was…
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Cardoso insists on orthodox monetary policy, says investors’ interest in Nigeria is huge
Central Bank Governor Yemi Cardoso has said that he will continue to pursue orthodox monetary policy to steer the economy out of the woods. The Governor spoke in Washington at an investors’ forum on the sidelines of the ongoing World Bank/IMF Spring Meetings, where he assured the global investment community that the Federal Government, led by President Bola Tinubu, has…
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IMF urges African unity to tackle global economic pressures
The International Monetary Fund (IMF) has called on African leaders to strengthen intra-regional trade and cooperation as a strategy to cushion the continent against mounting global economic pressures. Kristalina Georgieva, IMF Managing Director, made this appeal during a press briefing on the global policy agenda at the joint spring meetings of the IMF and World Bank in Washington, D.C., on…
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World Bank lauds Nigeria’s economy, Naira stability under CBN reforms
The World Bank has credited recent reforms by the Central Bank of Nigeria (CBN) for bringing greater stability to the naira and improving liquidity in the foreign exchange (FX) market. In its latest Africa’s Pulse regional economic outlook, the Bank noted that while the naira was one of the continent’s worst-performing currencies over the past year—alongside the South Sudanese pound…
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ECA balance stands at $473,754.57 – Accountant-General tells NEC
By Kunle Sanni The Accountant-General of the Federation, Shamsudeen Ogunjimi, has disclosed that Nigeria’s Excess Crude Account (ECA) balance stood at $473,754.57 as of April 2025. Ogunjimi made the disclosure during the 149th meeting of the National Economic Council (NEC), held on Thursday at the Presidential Villa, Abuja, and chaired by Vice-President Kashim Shettima. The ECA, established in 2004 under…
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Nigeria, Ireland to collaborate in revolutionizing livestock industry
The Honourable Minister of Livestock Development, Idi Mukhtar Maiha, on Thursday, received the Ambassador of Ireland to Nigeria, Mr. Peter Ryan, at the Ministry’s headquarters in Abuja to discuss strengthening bilateral ties in agriculture and livestock development. During the courtesy visit, both parties explored avenues for deepening collaboration between Nigeria and Ireland, particularly in the areas of livestock genetics, sustainable…
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NEC approves Textile Board, $90bn agribusiness plan to drive economic growth
By Kunle Sanni The National Economic Council (NEC) has approved the establishment of a Cotton, Textile and Garment Development Board, alongside a transformative livestock and agribusiness strategy projected to unlock $90 billion in economic value by 2035. These were among the key resolutions from the council’s 149th meeting held Thursday at the Presidential Villa, Abuja, and chaired by Vice President…
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IMF calls on Nigeria to adopt prudent fiscal policies
The International Monetary Fund (IMF) has emphasized the urgent need for Nigeria to adopt prudent fiscal policies, ensuring efficient resource allocation to foster economic stability. Speaking at the 2025 IMF/World Bank Spring Meetings in Washington D.C., Division Chief in the Fiscal Affairs Department of the IMF, Davide Furceri, acknowledged Nigeria’s past fiscal adjustments but stressed the importance of continued discipline…
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Creative economy can drive climate resilience in Katsina — Minister Musawa
The Minister of Art, Culture, Tourism and Creative Economy, Barrister Hannatu Musa Musawa, has emphasized the role of the creative economy in building climate resilience and fostering sustainable development in Katsina State. Speaking at the Katsina State Climate Action and Green Investment Summit in Abuja on Wednesday, Musawa highlighted the challenges facing the state, including desertification, water scarcity, and unpredictable…
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