In a landmark collaboration aimed at bolstering Nigeria’s agricultural sector and addressing the nation’s food security challenges, a coalition of agro-allied commodities and cooperatives’ service providers has teamed up with the World Bank to roll out a six-year, $500 million food security programme. The initiative, announced on August 13, 2024, underscores the critical need for […]

The Central Bank of Nigeria’s (CBN) recent move to reintroduce the Retail Dutch Auction System (rDAS) has garnered significant attention and mixed reactions from analysts, economists, and stakeholders across various sectors. The reintroduction of rDAS, which was previously suspended in 2015, is part of the CBN’s broader strategy to stabilize the foreign exchange (FX) market […]

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, […]