Nigeria’s Inflation Rate Rises to 32.70% in September
Nigeria's inflation rate climbed to 32.70% in September 2024, marking a slight increase from the previous month's rate of 32.15%. This rise is primarily attributed to a significant hike in the price of petrol. The World Bank had anticipated this increase in inflation, citing the government's decision to implement market-based pricing for gasoline as a major contributing factor....
Blockchain Expert Advocates for Economic Growth in Africa
Nigerian blockchain expert Adeshina Ajayi has emphasized the immense potential of blockchain technology to drive economic growth. Ajayi is at the forefront of efforts to expand blockchain education and solutions across Africa and the global market. Ajayi stressed that blockchain is not merely a buzzword but a powerful tool capable of revolutionizing industries, creating wealth, and fostering economic development. He...
CBN Urges Banks to Prioritize Cybersecurity to Protect Depositors
The Central Bank of Nigeria (CBN) has emphasized the importance of robust cybersecurity measures for banks in the country to safeguard depositors' savings from hackers. Dr. Adetona Adedeji, Acting Director of Banking Supervision, made this call during a panel discussion at the ongoing Nigeria Economic Summit. He acknowledged the rapid advancements in electronic banking and the need for banks to...
Federal Government Proposes Installment Tax Payments
The Federal Government has introduced a new tax payment option allowing individuals to pay their taxes in installments rather than a single lump sum. This proposal is included in the Nigeria Tax Bill 2024, which has been submitted to the National Assembly for consideration and approval. The new bill aims to enhance revenue collection by providing taxpayers with more flexibility...
World Bank Urges Nigeria to Sustain Economic Reforms for Long-Term Growth
The World Bank has emphasized the importance of sustained economic reforms for Nigeria to establish itself as a leading economic power in sub-Saharan Africa and globally. Indermit Gill, Senior Vice President of the World Bank Group, delivered this message during the 30th Nigerian Economic Summit in Abuja. The three-day event, themed "Collaborative Action for Growth, Competitiveness, and Stability," focused on...
HP Introduces New Workforce Solutions to Enhance Employee Experience
HP Inc. has unveiled a series of advancements in its workforce solutions division aimed at helping companies achieve growth by delivering more personalized and fulfilling experiences for employees. One of the key offerings is the expanded access to HP's Workforce Experience Platform, which provides IT managers with enhanced tools, data, and insights to ensure employees remain connected and productive. For...
Nigeria Requires $50 Billion to Bridge Infrastructure Gap
The Securities and Exchange Commission (SEC) Director General, Emomotimi Agama, has highlighted the urgent need for Nigeria to invest over $50 billion to bridge its infrastructure gap. Agama made this statement during a panel session at a stakeholders program themed "Financing the Future in Nigeria." He emphasized the capital market's crucial role in mobilizing funds for infrastructure development, provided that...
World Bank Forecasts Increased Indian Manufacturing Output with Higher Female Workforce Participation
The World Bank has projected a significant increase in India's manufacturing output if more women join the workforce. According to the bank's South Asia Development Update, India's manufacturing output could rise by 9% if women's labor force participation rates were increased. The World Bank maintained its GDP growth projection for India at 7% in FY25 and 6.7% in FY26. The...
ALTON Condemns Starlink’s Unilateral Price Hike
The Association of Licensed Telecommunication Companies of Nigeria (ALTON) has strongly criticized Starlink's decision to raise internet subscription prices without obtaining prior approval from the Nigerian Communications Commission (NCC). ALTON labeled this move as a significant affront to the regulatory authority. Starlink, which has gained a significant following in Nigeria with nearly 24,000 subscribers, increased its monthly subscription fees by...
Nigerian Manufacturers Face Mounting Challenges Amid Rising Electricity Tariffs
The manufacturing sector in Nigeria is facing significant challenges due to the escalating costs of energy, which have driven up production and logistics costs. Manufacturers have raised concerns about the detrimental impact of rising energy prices, with petrol prices increasing by approximately 430% and electricity tariffs rising by 212% for 'Band A' consumers in the past year. In April 2024,...
