Category: Finance
SERAP Demands Tinubu Probe Missing N233bn, Reject $1.08bn World Bank Loan
LAGOS – The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to investigate and recover over N233 billion in missing public funds instead of accepting a $1.08 billion (approx. N1.6 trillion) World Bank loan approved last week. In a letter dated April 5, 2025, SERAP urged the president to direct the…
Naira Plummets to N1,600/$ in Official Market as Parallel Market Gap Widens
The Nigerian naira suffered another significant blow on Friday, crashing to N1,600 per US dollar in the official Nigerian Foreign Exchange Market (NFEM) for the first time in three months. Market Breakdown: What This Means:The latest depreciation marks: Market Reactions:Financial analysts attribute the slide to: CBN’s Challenge:The widening gap between official and parallel rates presents…
World Bank Approves $1.08 Billion for Nigeria’s Education, Nutrition, and Economic Resilience
The World Bank has greenlit $1.08 billion in concessional financing to bolster Nigeria’s education, nutrition, and economic recovery efforts, targeting vulnerable populations across the country. Breakdown of Funding Allocations Objectives and Expected Impact Broader Implications The funding aligns with Nigeria’s push to address systemic challenges in human capital development, particularly post-pandemic economic strains. The World…
Tesla Q1 Sales Plummet 13% Amid Musk Political Backlash and Production Woes
Tesla reported disappointing first-quarter vehicle deliveries Wednesday, with sales dropping 13% year-over-year to 336,681 units as CEO Elon Musk’s political entanglements and production challenges weigh heavily on the electric vehicle pioneer. Key Takeaways from Tesla’s Q1 Report The Musk Factor: Political Fallout Musk’s vocal support for President Trump’s administration—including advising on federal job cuts—has sparked…
Trump Slaps 14% Tariff on Nigerian Exports in Sweeping Trade Policy Shift
Washington D.C., USA – In a move that could significantly impact Nigeria’s economy, former U.S. President Donald Trump announced a new 14% tariff on Nigerian exports to the United States during a “Make America Wealthy Again” event at the White House Rose Garden on Wednesday. Key Details of the New Trade Policy Trump’s Justification Trump…
Lagos Set to Host Nigeria’s Premier SME Trade Fair with ₦5 Billion Sales Target
Lagos, Nigeria – The Lagos State Government, in partnership with Naija Brand Chick (NBC), is gearing up to host the 2025 Lagos Tourism NBC Trade Fair, Nigeria’s largest SME commerce event, with an ambitious ₦5 billion sales target and over 220 vendors expected to participate. Scheduled for April 11–13 at the Federal Palace Hotel’s Balmoral…
Nigeria’s Foreign Exchange Reserves Rebound to Three-Year High, But Structural Challenges Loom
The Central Bank of Nigeria has announced a dramatic recovery in the country’s foreign exchange reserves, with net reserves climbing to $23.11 billion in 2024 – the highest level since 2021. This financial turnaround comes as the Lagos business community warns that without fundamental reforms to Nigeria’s power sector and debt management, these gains may…
NBS Vows Transparency Amid Inflation Data Controversy, Clarifies Rebasing Process
The National Bureau of Statistics (NBS) has moved to quell growing concerns over its inflation reporting methods, pledging enhanced transparency after confusion arose from its recent Consumer Price Index (CPI) rebasing exercise. Data Integrity Assurances In an official statement, Acting Director of Communications Folorunso Alesanmi confirmed the bureau’s commitment to “quality data publication,” emphasizing that…
Four Bank Employees Arrested in Lagos for £138,924 International Airline Fraud
Lagos, Nigeria – The Lagos State Police Command has arrested four bank employees for allegedly orchestrating a sophisticated fraud scheme that diverted £138,924 (over ₦270 million) from international airline accounts through illicit transfers. How the Fraud Was Uncovered According to CSP Benjamin Hundeyin, the command’s spokesperson, the bank detected unauthorized transactions and alerted authorities, prompting…
Economic Activities Expand for Second Consecutive Month, CBN Reports
The Central Bank of Nigeria (CBN) has announced that economic activities expanded for the second consecutive month, reaching 51.4 index points in February 2025, according to its Purchasing Managers’ Index (PMI) Report. The report highlights growth in the industry, services, and agriculture sectors, signaling a gradual recovery in the Nigerian economy. Sectoral Performance The CBN’s…