economy
News on the global economies
BREAKING: Nigeria’s Inflation Rate Hits 24.23% in March – NBS
This marks a 1.05 percent increase in the headline inflation rate month-on-month, according to the latest Consumer Price Index (CPI) report released by the Bureau on Monday.
Abuja, Nigeria – The National Bureau of Statistics (NBS) has reported a fresh … Continue Reading
Fitch Upgrades Nigeria’s Credit Rating, Citing Strong Policy Reforms and FX Market Stability
On external vulnerabilities, Fitch forecasts a gradual easing of domestic foreign currency supply constraints and expects ongoing reforms in the energy sector to sustain current account surpluses. This would further strengthen Nigeria’s external buffers.
Abuja, Nigeria – Fitch Ratings has … Continue Reading
China to Hike Tariffs on U.S. Goods to 125% Amid Escalating Trade War
President Xi is scheduled to visit Vietnam, Malaysia, and Cambodia next week, where the escalating trade conflict is expected to dominate discussions as China seeks to build alliances against U.S. trade pressure.
Beijing – In a sharp escalation of the … Continue Reading
Nigeria’s Public Debt Hits N144.67tn in 2024, Soars by 48.58% in One Year
As of December 2024, domestic debt accounted for 51.41 per cent of Nigeria’s public debt, while external debt comprised 48.59 per cent, indicating a near-even split. However, analysts have expressed concern over the rising share of external debt, warning that
… Continue Reading
Tinubu Approves N20B for NASRDA to Regulate Nigeria’s Space Sector
Abuja , Nigeria – President Bola Tinubu has approved a N20 billion take-off fund for the National Space Research and Development Agency (NASRDA) to commence the regulation and licensing of Nigeria’s space sector.
The Director-General of NASRDA, Dr. Matthew Adepoju, … Continue Reading
Banks Remit N205bn as Windfall Tax, Face N600bn Outstanding Payment
Despite the payments made, government projections estimate that banks still owe approximately N600 billion in windfall tax. An insider disclosed that authorities expect to generate up to N1 trillion from the levy, with some banks yet to complete their payments.
… Continue Reading
Wema Bank Reports Record N433b Gross Earnings, Profit Surges to N102b in 2024
Beyond its core lending activities, Wema Bank’s non-interest income rose significantly, driven by digital banking innovations and diversified financial services. Net fees and commission income reached N55.576 billion.
Lagos, Nigeria – Wema Bank Plc has posted its strongest financial results … Continue Reading
GTCO Reports Record N1.266trn Profit for 2024, Announces N8.03 Dividend Per Share
Lagos, Nigeria – Guaranty Trust Holding Company Plc (GTCO) has achieved a historic milestone, posting a pre-tax profit of N1.266 trillion in its audited 2024 full-year financial results. This marks a significant 108% increase from the N609.3 billion recorded in … Continue Reading
FG, States, LGs Share ₦1.7trn FAAC Revenue for February 2025
Abuja, Nigeria – The Federal Government, states, and local governments have shared a total of ₦1.678 trillion in revenue for February 2025, according to the Federation Account Allocation Committee (FAAC).
The allocation was finalized during the FAAC meeting held in … Continue Reading
FG Launches N300 Billion Bond Re-issue for March 2025 Auction
Nigeria’s Debt Management Office to Offer N300 Billion in Re-Opened Federal Government Bonds
The Debt Management Office (DMO) of Nigeria has announced an upcoming auction for two re-opened Federal Government of Nigeria (FGN) bonds, totaling N300 billion. This initiative is … Continue Reading