Category: Economy
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Nigeria Signs $2.5 Billion Livestock Deal With Brazil’s JBS
President Bola Tinubu has sealed a landmark deal with JBS S.A., one of the world’s largest meat processing companies, during a ceremony in Rio de Janeiro, Brazil on Thursday. The partnership aims to transform Nigeria’s $2.5 billion livestock sector while addressing long-standing farmer-herder conflicts that have plagued the nation. Speaking at the signing ceremony, President…
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FEC Proposes N47.9 Trillion Budget for 2025
The Federal Government of Nigeria is set to present its most ambitious budget yet, as the Federal Executive Council (FEC) finalizes a N47.9 trillion spending plan for the 2025 fiscal year. The proposal, scheduled for submission to the National Assembly on Monday, reflects the administration’s strategy to navigate current economic challenges while pursuing growth. Budget…
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Economic Downturn Pushes More Nigerians Below N100,000 Monthly Income Threshold
A stark economic reality has emerged in Nigeria as the number of workers earning below N100,000 ($80) monthly has surged by 42% in the past year, according to the newly released PiggyVest 2024 Savings Report. This shift signals a deepening income crisis in Africa’s largest economy. The report reveals that 37% of employed Nigerians now…
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Presidency Partners with Tuface to Promote MSME Development, Job Creation
The Job Creation and Micro, Small and Medium Enterprises (MSMEs) Secretariat in the Office of the Nigerian Vice President has entered into an agreement with popular Nigerian musician, Mr. Innocent Idibia, also known as Tuface. The agreement was signed on Friday in Abuja, with Mr. Temitola Adekunle-Johnson, the Senior Special Assistant to the President on…
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Nigerian Onion Farmers Face Over 50% Post-Harvest Losses, Warn of Impending Price Hikes
Nigeria’s onion producers are sounding the alarm over a storm of challenges threatening the industry, with crippling post-harvest losses, soaring production costs and the devastating impacts of climate change converging to undermine the sector’s stability. In a recent press conference in Sokoto, Alhaji Aliyu Maitasamu, the President of the National Onion Producers, Processors, and Marketers…
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Economic Reforms Show Early Signs of Success – Wale Edun
Nigeria’s Finance Minister and Economic Coordinator Dr. Wale Edun, has said that the country’s economic climate is showing positive signs of recovery following recent market reforms. Speaking at a Senate Committee session in Abuja, Edun highlighted the tangible benefits of President Tinubu’s bold economic initiatives, particularly the groundbreaking policy of trading crude oil in Naira…
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Oil Marketers Launch Legal Battle Against Dangote’s Bid for Market Control
A high-stakes legal confrontation has erupted in Nigeria’s petroleum sector as three major oil marketers – AYM Shafa, A.A. Rano, and Matrix Petroleum – mount a strong legal challenge against Dangote Petroleum Refinery’s attempt to restrict fuel imports. The case, filed at the Federal High Court in Abuja, represents a turning point for Nigeria’s energy…
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Meter Price Hike Sparks Consumer Protests as Discos Announce 28% Surge
A steep 28% increase in electricity meter prices by Nigeria’s power distribution companies has triggered widespread protests from consumers and businesses, marking an unprecedented second price adjustment in just four months. This surge pushes single-phase meter costs from N117,000 to N149,800, intensifying financial pressure on households and enterprises across Africa’s largest economy. Consumer Response to…
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Makinde Approves ₦80,000 Minimum Wage for Oyo State Workers
The Oyo State Government has approved a ₦80,000 minimum wage for its workforce, State Commissioner for Information and Orientation, Dotun Oyelade, announced Wednesday. “The Technical Committee set up by the State Government recommended and got approval from Governor Seyi Makinde for the implementation of the new salary scale,” Oyelade said in an official statement. The…
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FG Boosts Nigerian MSMEs with ₦75 Billion in Single-Digit Loans from BOI
In a move aimed at catalyzing the growth of Micro, Small and Medium Enterprises (MSMEs) across Nigeria, the federal government has initiated the disbursement of ₦75 billion in single-digit loans through the Bank of Industry (BOI). This strategic intervention, approved by President Bola Tinubu, is set to provide much-needed financial relief and support to the…