Category: Nigeria
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inq. sets the stage for its Pan-African play
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URLGloriaEmail In a strategic move aimed at enhancing client experience, inq., a global leader in Edge solutions, has directed its efforts on better servicing clients through South Africa, a key region with a significant presence of multinational corporations. This aligns with the new group-level strategy to leverage South Africa’s robust…
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Special Announcement: 26 June – Shared Value is Coming to Nigeria
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We are excited to announce that today, Shared Value Africa launched Shared Value Nigeria, marking another significant milestone in our mission to bring about transformative change across the African continent. Following our successful expansions into Kenya, this new office is a testament to our commitment to driving sustainable business practices…
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Emirates to Resume Nigeria Flights After Nearly Two-Year Hiatus
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Dubai-based Emirates airline has announced the resumption of its flight schedules to Nigeria starting October 1, ending a suspension that lasted nearly two years. This development follows the lifting of the United Arab Emirates (UAE) visa ban on Nigerians, which had been in place since 2022. The suspension was originally…
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Nigeria’s Central Bank Raises Benchmark Rate to 26.25% Amid Soaring Inflation and Currency Volatility
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By Samkele Mchunu In a decisive move to combat persistent inflation and stabilize a volatile currency, Nigeria’s central bank has raised its benchmark lending rate by 150 basis points, setting it at 26.25%, up from the previous 24.75%. The announcement, made on Tuesday, marks the third interest rate hike this…
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Why Nigeria’s economy is in such a mess
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Nigeria Grapples with Severe Economic Crisis: Rising Prices and Hardship Plague Citizens Nigeria finds itself in the throes of its worst economic crisis in recent memory, plunging many into widespread hardship and frustration. Over the past nine months, the cost of living has skyrocketed, with petrol prices surging over threefold…
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Nigeria invites bids for 12 new oil blocks, promises fair process
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Nigeria is inviting bids from international investors with financial and technical capacity for 12 onshore and deepwater oil blocks, its oil regulator said in a speech yesterday at a global oil conference in Houston, Texas. Africa’s biggest oil producer opened this year’s licensing round on April 29 seeking to deepen…
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Nigerian Gasoline Prices Soar as Shortages Worsen Cost of Living Crisis
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By Samkele Mchunu Gasoline shortages persist in Nigeria’s major cities, exacerbating the country’s already dire cost-of-living crisis. Prices at retail outlets in Lagos and Abuja have risen sharply, with some exceeding 850 naira, while prices outside major cities, such as Kano, have soared above 1000 naira. Despite the government-owned oil…
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Nigeria’s Central Bank Ends Distorted Foreign Exchange Rate, Receives Mixed Reactions
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New Economic Measures Introduced by President Tinubu Spark Debate Among Nigerians In a significant move aimed at stabilizing Nigeria’s economy and attracting investors, the Central Bank of Nigeria has announced the end of its distorted foreign exchange rate system. The decision, made under the leadership of President Bola Tinubu, signals…
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Nigeria wants to borrow up to $2.25 billion from the World Bank.
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Nigeria’s government released a statement after the IMF/World Bank spring meetings in Washington, D.C., stating that the country is requesting up to $2.25 billion in loans from the World Bank and anticipates that the bank’s board will approve the request in June. According to the announcement released by Finance Minister…
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Nigerians face rising food prices as the currency declines.
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Due to a declining naira, inadequate domestic agricultural output, and an over reliance on pricey imported food, Nigerians are facing the greatest food inflation in decades. The annual food inflation rate in January was 35.41%, according to data from the National Bureau of Statistics. This was 11.9% more than the…