economy
News on the global economies
Akwa Ibom, Delta, 12 Other States Rely Heavily on FAAC for Survival
The FAAC distributes funds monthly, using factors such as statutory allocations, Value Added Tax (VAT), and the 13 percent derivation principle.
Abuja, Nigeria – A new report by Budgit has revealed that 14 Nigerian states, including Akwa Ibom, Bayelsa, Delta, … Continue Reading
Luxembourg Extends Schengen Visa Program for Short Stays in 2025: Here’s What You Need to Know
Luxembourg’s short-stay Schengen Visa remains active for 2025, opening New doors for travelers to explore Easier Access To Tourism, Business, and Study Across Luxembourg and other Schengen countries with ease
Luxembourg’s Schengen Visa (Type C) allows travelers to experience the … Continue Reading
US Forgives $1.1 Billion of Somalia’s Debt in Landmark Deal
US Debt Forgiveness Cancels Decades of Financial Strain, Signals New Era for Somalia’s Economic Recovery and Global Financial Reengagement
Debt Legacy from Civil War Era
Most of Somalia’s debt accumulated during the military dictatorship of Siad Barre, which ended … Continue Reading
N2.8bn Grant to Boost AI Talent Development in Nigeria
Nigeria is set to make significant strides in the global artificial intelligence (AI) sector through a groundbreaking partnership between the Federal Ministry of Communications, Innovation, and Digital Economy (FMCIDE) and Google.org to boost aI talent Development.
A generous grant of … Continue Reading
Nigerians Struggle to Repay N4.05 Trillion in Loans
Nigerians repaid an eye-watering N4.05 trillion in personal loans during the second quarter of 2024, marking a significant shift in consumer behavior as the country grapples with rising interest rates and mounting economic pressures.
According to the Central Bank of … Continue Reading
Swedish Migration Minister Calls for Deportation of Migrants Supporting Terrorist Groups Amid Gaza Protests
Swedish Migration Minister Johan Forssell Proposes Deportation for Migrants Who Support Terrorist Groups; Calls Grow for Equal Enforcement Across All Migration Statuses
In response to recent pro-Gaza demonstrations where flags of Hamas and Hezbollah were reportedly displayed, Swedish Migration Minister … Continue Reading
Dangote’s Refinery Raises Fears of Monopoly in Nigeria’s Oil Sector
The recent launch of the Dangote Refinery, Africa’s largest oil refinery, has set the Nigerian oil sector abuzz, with some industry stakeholders expressing concern that Aliko Dangote’s growing influence could lead to monopolistic control, impacting both market competition and consumer
… Continue Reading
Nigeria’s Economic Crisis Deepens as 14 Million Fall into Poverty
A recent report by the World Bank highlights a troubling reality in Nigeria, revealing that stagnant labor incomes have thrust an estimated 14 million additional Nigerians into poverty in 2024.
The World Bank’s report, Macro Poverty Outlook: Country-by-Country Analysis and … Continue Reading
JP Morgan CEO Warns: “World War III Has Already Begun” Amid Global Unrest
JP Morgan CEO warns global conflicts signal a new era of heightened risk, calling nuclear proliferation “The beginning Of World War 3”
In a stark warning, JP Morgan CEO Jamie Dimon declared that the world might already be in the … Continue Reading
FG Gives 9-Month Grace Period for Nigerians Holding Dollars Outside Banking System
Edun also provided updates on Nigeria’s financial accounts, with the Excess Crude Account at $473,754.57, the Natural Resources Fund at ₦26.1 billion, and the Stabilization Account at ₦36.3 billion.
Abuja, Nigeria – Nigeria’s Minister of Finance and Coordinating Minister of … Continue Reading