Tag: Economy
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Nigeria: The Land of Opportunity… For the Wealthy
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Nigeria, the bustling West African nation, has solidified its position as the continent’s economic titan. With a GDP surpassing $477 billion, Nigeria stands head and shoulders above its rivals, Egypt and South Africa. The International Monetary Fund (IMF) forecasts that Nigeria’s economic dominance will continue for years to come. As…
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President Bola Ahmed Tinubu: First year
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President Bola Ahmed Tinubu’s first year in office has been a period of significant challenge and transition for Nigeria. Taking over from his predecessor, Muhammadu Buhari, Tinubu has faced a nation grappling with economic instability, high debt, and social unrest. Economic Policies and Impact Tinubu inherited a nation in economic…
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Nigeria’s Minimum Wage Tango: Labour Demands N615k, Government Offers N48k
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Negotiations for a new national minimum wage in Nigeria have hit a standstill, with the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) expressing disappointment over the government’s proposed N48,000 minimum wage, which they consider insufficient. Labour leaders, including Joe Ajaero, the NLC’s National President, have criticized the proposal…
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Nigeria’s New Cybersecurity Levy: A Burden on an Ailing Economy?
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With the introduction of the new Cybersecurity Levy, Nigeria’s economic landscape faces yet another challenge, marked by the implementation of a 0.5% levy on electronic transactions. This levy, mandated by the 2024 Cybercrime (Prohibition, Prevention, etc.) Amendment Act, aims to bolster national cybersecurity efforts under the Office of the National…
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QatarEnergy Puts Brakes on Nigerian Investment Plans
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In a surprising turn, QatarEnergy’s CEO, Saad Sherida al-Kaabi, has decided against investing in Nigeria’s oil and gas sector, as reported by Africa Intelligence and other sources, despite President Tinubu’s diplomatic efforts. This decision follows Tinubu’s visit to Qatar earlier this year, during which landmark agreements were signed to enhance…
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767 Manufacturing Firms Shut Down Due to New Levy in Nigeria
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In 2023, Nigeria saw 767 manufacturing firms shut down, with another 335 in distress, according to the Manufacturers Association of Nigeria (MAN). These closures and distresses are due to the many challenges the sector faces, like high interest rates, foreign exchange issues, and unsold products worth N350 billion. The newly…
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Exit Exodus: Nigeria’s Policy Pitfalls
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In the wake of recent events involving Binance’s departure from Nigeria, it’s crucial to examine the broader context of company exits that have occurred in the country. These exits, ranging from startups to multinational corporations, raise questions about the impact of Nigeria’s economic policies on businesses and the overall economy.…