By Jemimah Wellington, JKNewsMedia Reporter NIGERIA’s EXTERNAL reserves slumped to an eight-month low in April as the Central Bank ramped up dollar sales and foreign debt service obligations weighed on the balance. Gross reserves dipped by nearly $375 million from March to $37.9 billion at the end of April, marking the fourth consecutive mont...
By Jemimah Wellington, JKNewsMedia Reporter THE AFRICAN Development Bank (AfDB) Group has endorsed a bold five-year Country Strategy Paper (2025–2030) for Nigeria, committing approximately $650million annually to drive economic transformation, enhance resilience, and support inclusive prosperity across the nation. It says the sweeping $3.2 bi...
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 LEADERSHIP OF Nigeria’s finances has shifted into new territory. Public debt surged to N144.67 trillion ($94.23 billion) by December 31, 2024, reflecting a staggering 48.58% increase from the previous year’s N97.34 trillion ($108.23 billion), according to the latest figures from the Debt Manag...
By Jemimah Wellington, JKNewsMedia Reporter SOARING TO $23.11 billion by the end of 2024, Nigeria’s Net Foreign Exchange Reserve (NFER) reached its highest level in over three years. The increase reflects a significant improvement in external liquidity, reduced short-term obligations, and renewed investor confidence. According to the Central ...
By JKNewsMedia BANKING FEES that once chipped away at customers’ funds are now set to become a thing of the past—at least for those using Sterling Bank. The bank says the industry-defining policy has taken effect, eliminating charges on all local transfers and reshaping the financial landscape. The announcement, made on 1 April, was initially...
By Jemimah Wellington, JKNewsMedia Reporter ECONOMIC MISMANAGEMENT spanning five decades has left Nigeria in financial distress, President Bola Ahmed Tinubu has revealed. Addressing a delegation of former National Assembly colleagues at the State House on Thursday, the President stated that his administration’s economic reforms were necessary...
By Joke Kujenya PRESIDENT BOLA Tinubu has signed Nigeria’s 2025 federal budget into law, setting the country’s expenditure at a record-breaking N54.99 trillion. The signing, which took place at the Presidential Villa in Abuja on Friday, follows the budget’s approval by the National Assembly, marking a nearly 100% increase from the N27.5 trill...
By Jemimah Wellington, JKNewsMedia Reporter NIGERIA’s ECONOMY recorded its fastest expansion in three years, with the services sector playing a dominant role in driving growth. The Gross Domestic Product (GDP) grew by 3.84% year-on-year in the fourth quarter of 2024, up from 3.46% in the preceding quarter, according to new data from the...
