By Jemimah Wellington, JKNewsMedia Reporter UNION BANK of Nigeria has secured a major reprieve as the Supreme Court of Nigeria set aside a Federal High Court judgement that had awarded over N22trillion against the financial institution and other parties, ending a legal contest that had dragged on for a quarter of a century. The ruling [&helli...
By Ajibola Olaide, JKNewsMedia Reporter THE WORLD Bank has forecast a troubling increase in poverty levels in Nigeria over the next five years, projecting a rise of 3.6 percentage points by 2027. The projection, revealed in the Bank’s latest Africa’s Pulse report, comes during the ongoing Spring Meetings of the International Monetary Fu...
By Jemimah Wellington, JKNewsMedia Reporter NIGERIA’s FEDERAL Government announces it has raked in over N6.9 billion from mining-related fees and registered 118 new private mineral buying centres within the first quarter of 2024. This is marking a surge in regulatory engagement and investor interest across Nigeria’s solid minerals secto...
By Jemimah Wellington, JKNewsMedia Reporter OLDER SMARTPHONES will no longer support WhatsApp from 5 May 2025, as Meta begins the next stage of its global platform update, targeting devices that no longer meet the app’s minimum security and performance standards. Meta, which owns WhatsApp, confirmed the decision applies to both individual use...
By Joke Kujenya TRADE TENSIONS between the United States and the rest of the world reached new heights this week following President Donald Trump’s sweeping tariff policies. The impact of the US trade war is being felt across various sectors, with countries like China and Nigeria responding in distinct ways to the ongoing volatility. Wh...
By Joke Kujenya CLOSING 2024 with a Balance of Payments (BOP) surplus of $6.83 billion, Nigeria records a dramatic reversal from consecutive deficits of $3.34 billion in 2023 and $3.32 billion in 2022. The Central Bank of Nigeria (CBN) attributed this turnaround to a combination of bold macroeconomic reforms, stronger trade dynamics, and a re...
By Joke Kujenya NIGERIA’s WIDE-ranging import restrictions on 25 product categories have drawn a sharp response from Washington, with United States (U.S.) officials warning of reduced market access and lost export revenue for American firms across key sectors. The United States Trade Representative (USTR) said on Monday that U.S. agricultural...
By Jemimah Wellington, JKNewsMedia Reporter NIGERIAN PETROL marketers have incurred losses exceeding ₦200 billion over the past six months due to significant price volatility in the downstream petroleum sector. The Independent Petroleum Marketers Association of Nigeria (IPMAN) attributes these financial setbacks to fluctuating prices and inte...
By Jemimah Wellington, JKNewsMedia NIGERIA’s STATISTICAL system falls behind its global peers, the World Bank has noted, urging increased investment to enhance data accuracy and reliability. During a courtesy visit to the Minister of Budget and Economic Planning, Abubakar Bagudu, the World Bank’s practice manager for West and Central Africa, ...
By Jemimah Wellington, JKNewsMedia Reporter THE NIGERIAN naira experienced a slight depreciation against the US dollar in the official foreign exchange market on Thursday, marking its third consecutive daily decline. According to data from the Central Bank of Nigeria (CBN), the naira weakened to ₦1,538.66 per dollar on March 27, down from ₦1,...
