A large amount of petrol was squandered while welcoming President Bola Tinubu from an investment summit in France, weeks after ending subsidies in a way many saw as insensitive. Some have complained that a president who charged Nigerians to bear the pain of economic reforms was flaunting in their face the sort of opulence that …
More than 10 million Nigerians have fallen into poverty in the last eight years, according to data obtained by BusinessDay. The All Progressives Congress has been in power since May 29, 2015, when Muhammadu Buhari took office after he became the first to oust an incumbent in an election. Eight years later, he handed over …
Confusing signals emanating from electricity distribution companies (DisCos) in the country and the Nigerian Electricity Regulatory Commission (NERC) are keeping electricity consumers on edge. Many are making panic bulk energy purchases unsure of dithering noises from the regulator and the DisCos. On June 22nd, the Abuja Electricity Distribution Company (AEDC) announced that there would be …
New study shows Africa has highest female representation on company boards of any region at 25% against global average of 17% Nairobi — At the age of 39, Faith Nkatha Gitonga is way ahead of the game. In just over a decade, the Kenyan fintech professional- turned-digital whizz has built an impressive resume including top …
Contributors under the Contributory Pension Scheme are entitled to withdraw portions of the balance in their Retirement Savings Accounts (RSAs) six times from the commencement of contributions to retirement. As provided in the Pension Reform Act 2004 and the 2014 amendment, RSA holders can access 25 percent of their pension savings if they lose their …
In Nigeria’s current economic situation, allowing money to remain idle is a luxury few can afford. From equities to fixed income securities and alternative asset classes, here’s a closer look at recommendations for maximising returns on N1 million. Broadly, there are three major investible instruments: equity, money market, and fixed-income securities. You must consider your …
After defying rock-bottom expectations by scrapping fuel subsidies and implementing exchange rate reform, Bank of America has predicted President Bola Tinubu’s next major policy reform is taming the menace of the billion-dollar crude heist threatening the finances of Africa’s biggest economy. “With the current momentum, Tinubu’s next big move should be to reduce oil theft …
Nigeria’s recent economic reforms making foreign investors excited are robbing households of their spending power, inflicting more pain and renewing pressure on them. Subsidy removal, naira devaluation, and the implementation of a value-added tax on diesel imports are causing further spikes in the prices of goods and amplifying a cost-of-living crisis in Africa’s biggest economy. …
The cost of living in Africa’s biggest economy is expected to worsen as the country is proposing a 40 percent hike in electricity tariff from July 1. The hike is expected to amplify the financial burden of struggling households. This comes shortly after the removal of the petrol subsidy, which had already tormented Nigerians grappling …
New administration wants prospects for economic growth on firmer footing The banqueting hall of the Oriental Hotel in Lagos buzzed with anticipation. A few days after Nigeria’s new president took office in late May, about 80 of its business elite gathered around tables draped in gold cloth waiting to hear a briefing on what the …