The Lagos State Government is on the cusp of revolutionizing its revenue collection process with the imminent launch of the Lagos Revenue Portal (LRP), a robust digital platform designed to streamline tax and non-tax payments for residents and businesses alike. This move is poised to significantly enhance compliance, promote transparency, and drive efficient service delivery, […]

In a decisive move aimed at bolstering the Nigerian economy and stabilizing its currency, the Central Bank of Nigeria (CBN) has injected $876 million into the foreign exchange (forex) market. This latest intervention is part of the apex bank’s broader strategy to enhance market liquidity, promote transparency, and ensure that all legitimate foreign exchange demands […]

In a bid to stabilize Ethiopia’s turbulent foreign exchange market, the National Bank of Ethiopia (NBE) held a special auction to sell U.S. dollars to commercial banks. This move is part of a larger effort to close the gap between the official exchange rate and the rates in the parallel market. The auction saw the […]

In a notable display of political unity, 120 members of Nigeria’s National Assembly have come out in strong support of President Bola Tinubu’s sweeping reforms in the country’s oil and gas sector. This collective endorsement from the House of Representatives signifies a pivotal moment for Nigeria’s energy industry, as the lawmakers are urging the Nigerian […]

In recent weeks, Nigeria has been hit hard by a widespread petrol shortage that has left many motorists waiting in long queues and facing skyrocketing fuel prices. As frustrations mount, independent marketers are now calling on President Bola Tinubu to take decisive action against what they describe as unfair practices by the Nigerian National Petroleum […]

In a significant move to support Ethiopia’s economic recovery, the World Bank has approved $1.5 billion in financing for the country. This includes a $1 billion grant and a $500 million low-interest credit line, marking the first-ever direct budgetary support facility provided to Ethiopia by the global lender. This financial package is part of a […]

In recent days, Ethiopia has witnessed a dramatic shift in its economic landscape following the central bank’s decision to float the national currency, the birr. The move, which saw the birr weaken by 28% against the US dollar, has led to a surge in commodity prices, prompting local authorities to crack down on businesses accused […]

In a bold and unprecedented move, South Africa and the African Union are spearheading a global effort to impose taxes on the ultra-wealthy. This push marks the first serious attempt to establish an international standard for taxing individuals with assets exceeding $1 billion. Announced at a recent G20 finance ministers’ meeting in Rio de Janeiro, […]

In the bustling tech hubs of Lagos, a storm is brewing, threatening to unravel the fragile threads that hold Nigeria’s digital economy together. Tech entrepreneurs, united under the aegis of the Nigerian Tech Community (NTC), have issued a heartfelt plea to Nigerians: cancel the looming nationwide protests set to begin on August 1. These protests, […]

In a significant boost to Nigeria’s economic outlook, the Federal Government has reported a remarkable 30% increase in oil revenue for the first half of 2024 compared to the same period in 2023. This announcement, made by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlights the positive impact of […]