The World Bank has said that the accelerating inflation in Africa’s biggest economy has pushed an additional four million Nigerians into poverty in the first five months of 2023. In its latest Nigeria Development Update report for June 2023, the Bank said the loss of purchasing power from high inflation has increased poverty in the …
Federation Accounts Allocation Committee (FAAC) A top-level committee representing the entire federation and chaired by Anambra state governor Charles Soludo will hold its second meeting late Tuesday to advance Nigeria’s quest to add a massive N4trn to the cash available monthly for sharing by the three tiers of government on the back of the fuel …
A new report issued Tuesday by the World Bank says Nigeria’s new administration has initiated critical reforms to address macroeconomic imbalances and that it offers the continent’s most populous nation the window of opportunity to impact the lives of millions and establish a solid foundation for sustainable and inclusive growth. According to the report, “the …
… says debt to GDP ratio may hit 46% …FG hints on possible additional borrowings World Bank The World Bank has projected that Nigeria will save N3.9 trillion in 2023 following subsidy removal and FX unification move, saying it will also stop the country from falling off a fiscal cliff. This was made known by …
Africa has some of the world’s most significant, yet, untapped resources such as solar, hydraulic and geothermal energy. While some of these resources are scattered across the continent, most are found in huge deposits around the Northern, Southern and Eastern regions. According to comments by Makhtar Diop, Managing Director, IFC, in the recently concluded Africa …
Simon Melchior is the Chief Executive Officer of Asseco Nigeria, a subsidiary of the Asseco Group, the leading software company in Central and Eastern Europe and the 5th largest in Europe. In this interview with BusinessDay’s Frank Eleanya, Melchior speaks on how the Company is driving technology in Nigeria through the promotion of local content …
IHS Holdings, the Nigerian-based telecommunication infrastructure provider that is listed on the New York Stock Exchange (NYSE) is in an intense power tussle with two of its majority shareholders, MTN Group and Wendel SE. MTN Group, Africa’s largest telecom operator, and Wendel, a French investment company, which together own about 45 percent of IHS, are …
Mark Loughran has been appointed as the Group President of inDrive, a global mobility, and urban services platform, starting July 12, 2023. His role will involve shaping and driving inDrive’s business strategy, managing investments, and improving internal processes. He will also oversee the development of inDrive’s inVision hub, which promotes justice and equality in various …
The unification of Nigeria’s foreign exchange rates is expected to bring many positive results, including lowering the pressure on foreign reserves. “A key benefit of the policy is the elimination of losses resulting from the arbitrage spread, which could help alleviate pressure on the gross official reserves,” FBNQuest, a Lagos-based investment firm, said in a …
Africa has some of the world’s most significant, yet, untapped resources such as solar, hydraulic and geothermal energy. While some of these resources are scattered across the continent, most are found in huge deposits around the Northern, Southern and Eastern regions. According to comments by Makhtar Diop, Managing Director, IFC, in the recently concluded Africa …