Economy
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Despite challenges, Nigeria remains Africa’s largest economy by GDP, says World Bank
The World Bank’s Country Director for Nigeria, Dr. Ndiame Diop, has confirmed that Nigeria remains the largest economy in Africa by Gross Domestic Product (GDP) despite the challenges faced by its private sector. Speaking at the Country Private Sector Diagnostic (CPSD) and Stakeholder Engagement in Abuja on Thursday, Dr. Diop stated that while Nigeria receives far less Foreign Direct Investment…
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Power sector privatisation in 2013 has not yielded expected results, says MAN DG
The Director-general of the Manufacturers Association of Nigeria (MAN), Mr. Segun Ajayi-Kadir, says the Generating companies (GenCos) and Distribution firms (DisCos) privatisation in 2013 has not yielded the expected results. He, however, called for an audit of investment in the industry. Ajayi-Kadir spoke in a statement said the “frequent” increase in electricity tariffs, which he said is hindering the performance…
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Key reforms in foreign exchange market, others have stabilised Nigeria’s economy, says Wale Edun
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, on Thursday cited that key reforms such as market-driven pricing for foreign exchange and petroleum, among others have stabilised the Nigeria’s economy, improved Gross Domestic Product (GDP) growth, and strengthened the trade balance. Director, Information and Public Relations, Federal Ministry of Finance, Mr. Mohammed Manga quoted the…
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Wale Edun lauds World Bank’s Zainab Ahmed’s contributions to Nigeria’s economic development
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has commended, Executive Director for Africa Constituency 3 at the World Bank (ED ANSA), Zainab Ahmed for her contributions to financial governance and economic development, both nationally and internationally. The Director, Press and Public Relations, Federal Ministry of Finance, Mohammed Manga in a statement stated that the Minister…
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Tinubu increases 2025 budget to N54.2trn amid additional revenue gains
President Bola Tinubu has revised the proposed 2025 budget upwards, increasing it from N49.7 trillion to N54.2 trillion, Channels Television reports. The adjustment comes on the back of additional revenue inflows from key government agencies, strengthening the government’s fiscal position. In separate letters sent to both the Senate and the House of Representatives, President Tinubu detailed the rationale behind the…
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Geregu Power, Transcorp Power generate N154.6bn profit in 2024 amid dilapidated power sector
With the dilapidated power sector in Nigeria, Geregu Power Plc and Transcorp Power Plc generated a sum of N154.6 billion profit in 2024, a growth of 100.3 per cent when compared to N77.15billion recorded in 2023. Through its operations, Geregu Power and Transcorp Power have contributed significantly to Nigeria’s national grid. As gathered by Westernpost, Transcorp Power reported N113.3 billion…
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FG raises concerns over delay in cash mgt., bottom-up cash planning processes
The Minister of State for Finance, Dr. Doris Uzoka-Anite on Monday raised concerns over Ministries, Departments, and Agencies (MDAs) delaying the Revised Policy on Cash Management and Bottom-Up Cash Planning Protocols approach processes, calling on government agencies to develop the necessary expertise and tools to fully implement the policy. The Minister gave the assurance at the stakeholders review meeting on…
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Court strikes down excise duty on carbonated drinks
A Federal High Court in Abuja has ruled against the implementation of the excise duty on carbonated drinks introduced by the federal government, declaring the policy invalid. The ruling follows a lawsuit filed in 2022 by the Nigeria Employers’ Consultative Association (NECA) challenging the N10-per-litre excise duty on nonalcoholic, carbonated, and sweetened beverages. The levy, commonly referred to as the…
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NESG projects 5.5% real GDP growth in 2025
Nigerian Economic Summit Group (NESG) has projected 5.5 per cent real Gross Domestic Product Growth (GDP) in 2025 aimed the implementation of effective stabilisation measures. The 5.5 per cent projection in real GDP is higher than the CBN’s 4.17 per cent for this year. The non-governmental & non-profit organization in a report titled: “2025 Macroeconomic Outlook Report” stated that these…
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FG reiterates commitment to restructure, recapitalise Bank of Agriculture
The Federal Government has reaffirmed its commitment to restructuring and recapitalizing the Bank of Agriculture (BoA) as part of efforts to strengthen the economy and enhance food security. Presiding over a progress report meeting on Friday, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighted the BoA’s crucial role in boosting agricultural production and stabilising…
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