The African Development Bank (AfDB), in partnership with the World Bank Group, pledged $40bn on Tuesday to achieve the “Mission 300” initiative. The Mission 300 initiative, projected for 2030, is a collaborative effort between the AfDB and the World Bank to address the global energy accessibility gap, where nearly 600 million people lack electricity. The…
The Nigeria Export Processing Zones Authority has unveiled its groundbreaking Automated E-Platform for the Free Trade Zone (FTZ) scheme, a development hailed as a significant step towards the digitalization and modernization of Nigeria’s economic zones. The platform is expected to revolutionize how the FTZ scheme operates, ensuring transparency, streamlining processes, and attracting more investments into…
Governor Peter Mbah has signed a Land Use Regulation (2025) Act as well as Executive Order No. 1, 2025, designating some areas in the state as urban areas. Speaking at a brief signing ceremony, he explained the provisions contained in the Executive Order, entitled “Enugu State Designation of Land as Urban Areas.” He disclosed that…
The Chief Executive Officer of the Nigerian Economic Summit Group (NESG), Dr. Tayo Aduloju, on Thursday called for the rebasing of the country’s economy to stimulate new growth that is indispensable for crafting evidence-based policies to strengthen sectoral performance. The is as the National Bureau of Statistics (NBS) has said data emanateing from the rebased…
Special Adviser to the President on Economic Matters, Tope Fasua, has said that the strategy of floating the naira made local goods cheaper and e-commerce lucrative. Fasua made the assertion in an interview on Arise Tv. He said the decision of the Central Bank of Nigeria (CBN) to float the naira was strategic. In June…
Economic inclusion programmes are cost-effective and impactful but are reaching only about one-in-ten people living in extreme poverty, according to a World Bank report released recently. Economic inclusion programmes, which provide cash transfers, skills training, business capital, coaching, and market access build a ladder out of poverty for the poorest and most vulnerable people, particularly…
Nigeria accounts for $28.2bn of the Sub-Saharan Africa (SSA) port project pipeline, driven by large-scale projects such as the $12bn Olokola Deep Sea Port in Ondo, a report by BMI, a Fitch Solutions Company has said. The research firm stated this in a report titled ‘Sub-Saharan African Transport Infrastructure Project Pipeline: Roads And Bridges Set…
The National Bureau of Statistics (NBS) in Abuja said that findings from multi-topic data on household income, assets, health, education, and economic activities have been used to design projects in sectors such as agriculture and food, education, water, social protection and jobs, and governance, valued at $8.9bn. Speaking at the official launch of the 2023/24…
There is no doubt that the federal government is having it tough with the management of the economy. The economic team has been grappling with the ailing economy but it appears that the its effort has not started paying off yet. This is because the inflation keeps rising, and so is the cost of living…
The removal of fuel price subsidies and the unification of official foreign exchange windows into a single rate, among other economic reforms by President Bola Tinubu, have been commended by 42 World Trade Organization (WTO) Member countries. This commendation comes in light of Nigeria’s policy review at the WTO Trade Policy Review exercise in Geneva,…
