The services sector is projected to create at least 85 million net new jobs across Africa by 2030, a new report has said. The report titled ‘Reimagining economic growth in Africa: Turning diversity into opportunity’ by McKinsey & Company, said Africa will be home to the world’s largest working-age population by 2040, and smart deployment …
At a ceremony in November, the Nigerian government celebrated the discovery of as many as 1 billion barrels of oil in the country’s arid northeast, almost 1,000 kilometers (621 miles) away from the crude-rich Niger Delta. The state’s partners in the multi-billion dollar project in the impoverished, landlocked corner of the country is a company …
The surge in petrol prices occasioned by the removal of subsidy is the latest headache facing millions of small businesses in Nigeria, a couple of months after a cash crisis caused economic activity to shrink for the first time in almost three years. Many of the country’s 39.6 million nano, micro, and small businesses have …
Surging prices of goods and services in Africa’s most populous country have pushed household consumption expenditure to the lowest in six years. Nigeria recorded a negative real annual growth rate of household consumption expenditure of 4.07 percent in 2022, down from 25.65 percent in 2021, according to a report by the National Bureau of Statistics …
In the highly competitive real estate business in Nigeria, it is difficult to stand out from the crowd. But this is certainly not the case for Millicent Duru, chief executive officer of Giselle Homes – a turnkey real estate company that operates in Lagos. With determination, dexterity, and hard work, Millicent is succeeding in a …
The establishment of the National Assembly Service Pensions Board and exemption of its staff from the country’s Contributory Pension (CPS) have been faulted by stakeholders as capable of derailing the achievements and eroding confidence in the scheme. The National Assembly Pension Service Board (Establishment ) Act 2023 signed into law by former President Muhammadu Buhari …
The recent surge in the price of fuel across the country will worsen the country’s cost of living crisis as households struggle to keep up with the rising cost of goods and services. Over the past year, Nigerians have been struggling to afford basic needs and desperately seeking financial support as inflation erodes household incomes. …
More than two-thirds of Nigerians who have experienced an increased cost of living are reducing their spending on essential and non-essential items, a new report has said. The report titled ‘Talent Management, A New World Order: Shifting Paradigms’ by Phillips Consulting Limited, a Nigerian business and management consulting firm surveyed 1,054 Nigerian adults aged 18 …
The IMF wants to address exchange rate distortions but progress has been limited in several countries including Nigeria, Ethiopia, and Argentina, David Malpass, World Bank Group president has said. Countries with active parallel currency markets have increased in number due to the deterioration of economic conditions over the past few years. Growing depreciation pressures facing …
Rush to stock up fuel causes long queues at service stations and immediate scarcity A proposal by Nigeria’s new president to remove costly fuel subsidies has sparked a rush to snap up cheap petrol and led to long queues outside gas stations across Africa’s most populous country. The fuel crisis erupted at the start of …