In a small factory in Nigeria’s northern Kano city, Muhammad Khamis Umar stares at stacks of plastic products that have not been sold for over a week since new President Bola Tinubu scrapped a fuel subsidy, sharply driving up the cost of petrol. Most of Umar’s customers came from across Nigeria’s northern states to buy …
Nigerian Eurobonds jumped on Monday as foreign investors interpreted the suspension of central bank governor Godwin Emefiele as the end of the country’s multiple exchange rate practice. The Eurobonds rose as much as 2.6 cents on a dollar, the most since late January, according to data from Bloomberg. Longer-dated maturities saw the biggest gains, with …
Markets are likely to respond positively to the weekend ouster of Nigeria’s central bank governor, which will allow the country’s new president to better pursue his promise of resetting monetary policy that’s been blamed for crippling Africa’s biggest economy. Godwin Emefiele was suspended by President Bola Tinubu after financial markets closed on Friday, and detained …
The record gains across Nigeria’s major financial markets – majorly foreign exchange (FX) and stocks, is cooling off as investors watch the progress of implementation of some of President Bola Tinubu’s pro-market policies. Tinubu has been warming himself to investors after wasting no time in announcing an end to Nigeria’s costly fuel subsidy regime and …
Many doubted the Nigerian Medical Association (NMA) when it raised the alarm that as of October 2022, there were only 10,000 resident doctors in the country. That figure is fast increasing as data obtained from the Nigerian Association of Resident Doctors, as of January this year, disclosed that at least 85percent of Nigerian doctors are …
The latest twist in the tale of Nigeria’s all-powerful Central Bank Governor, Godwin Emefiele, is his suspension by President Bola Tinubu amid an investigation of his office and planned financial sector reforms. On Friday evening, Tinubu ordered the immediate suspension of Emefiele from office as the governor of the Central Bank of Nigeria (CBN). He …
Godwin Emefiele who was until last night the substantive governor of Nigeria’s central is arguably the most controversial occupant of the exalted position. Although he did not betray his unorthodox instincts early, but he fought against both local and foreign investor groups in fierce battles. The former chief executive of Zenith Bank Plc took up …
High intra-African trade is a key driver for growth and development in the continent, according to the African Union (AU). However, issues around high tariffs, protectionist policies, infrastructure deficit, dampen its prospects. Reports from the AU reveal that intra-African trade accounts for approximately 14 percent of total trade in Africa, which is low when compared …
Nigerian seaport is seriously positioning itself to become the hub for the West African region using the newly built $1.5 billion Lekki Deep Seaport as a transit port for cargoes going to neighbouring landlocked countries in the West African region. Presently, Nigeria is hopeful of receiving the first set of its transhipment cargoes through Lekki …
Nigeria has one less reason to grow its ballooning debt stock after last week’s move to abandon costly petrol subsidies that would have drained $12.9 billion (N6 trillion) from state finances this year. Cash-strapped and with little room to sustain its explosive debt appetite, Nigeria faced a deeper fiscal crisis if the subsidy program didn’t …