…records largest drop on top 10 Africa’s richest list Nigeria experienced a decline in millionaire growth of 45 percent in one decade, resulting in 6,800 individuals losing their millionaire status, a new report showed on Tuesday. The 2024 Africa Wealth Report compiled by Henley and Partners, a London investment migration […]

While the naira has appreciated against the dollar in recent weeks to become the world’s best-performing currency, food inflation in the country jumped to a historic high last month. Naira’s appreciation, driven by a series of measures taken by the Central Bank of Nigeria including the clearing of foreign exchange backlogs, has yet […]

Over the past few weeks, the naira has undergone a dramatic turnaround, appreciating from a record low of around N1,900/dollar to N1,148/dollar as of April 12th. This impressive surge even earned it the title of the best-performing currency in the world in April, according to the US investment bank Goldman […]

Nigerian corporate influence and that of the West continue to collide. The rationale is straightforward: whereas corporate activity in Europe and America is part of their larger local and foreign policy engagement, privately owned enterprises in Nigeria or commercial interests are not part of Nigeria’s foreign policy ecosystem, nor is […]

Bola Tinubu, Nigeria’s president, is gloating. The economy “is looking much better,” he says, and he wants Nigerians to start rejoicing because their woes will soon be over. In his Easter message, Tinubu told Nigerians that “the seeds of patience, which they have sown, are beginning to sprout and will […]

Minister of Power, Adebayo Adelabu has said that the N225 kilowatt-hour tariff for Band A electricity consumers could decrease if the exchange rate falls below N1,000 to a dollar. Adelabu said this in an interview on Channels Television’s Politics Today, This comes after the Federal Government, through the Nigerian Electricity […]

The Federal Government has clarified that the recent electricity tariff hike only affects a small, wealthy segment of the population. In a statement, Information Minister Mohammed Idris assured that 85% of Nigerians will continue to benefit from electricity subsidies. This clarification comes after the Nigerian Electricity Regulatory Commission (NERC) announced […]

In the realm of economics, the quest for prosperity and the fight against poverty dance together, their steps intricate and intertwined. Yet, in developing economies, this dance often stumbles, with economic growth failing to lead the charge against poverty as expected. Read also: Poverty: 10 African countries with most population living […]

The Ikeja Electricity Distribution Company has announced an addition of 34 new Band A feeders to its network with a view to increasing power supply to customers. This development took place after a monitoring and evaluation of power supply capacity by the Nigerian Electricity Regulatory Commission (NERC). The Disco, in […]

Nigeria’s broadband penetration fell to 42.53 percent as of January, and subscriptions stood at 92.19 million, spotlighting the huge deficit in a country with a population of over 200 million. According to the Nigerian National Broadband Plan 2020-2025, the country hopes to increase broadband penetration to 70 percent by 2025. To achieve 96 percent […]