The World Bank President, Ajay Banga, has warned that without deliberate and coordinated global action, the growing population of young people could become a source of instability rather than a catalyst for progress. This was as he projected that Nigeria’s population may rise by about 130 million by the year 2050. Banga disclosed this during…
The Federal Government of Nigeria has cleared the $3.4bn International Monetary Fund, IMF, COVID-19 loan. The IMF removed Nigeria from its credit outstanding list for the period covering May 1 to May 6, 2025. In the list published by the international finance body, at least 90 countries owe a combined $117.79 billion, and Nigeria is…
Nigeria’s inflation rate is predicted to stabilize at 14 per cent in 2029, indicating a potential end to the current upward trend according to the latest data from the International Monetary Fund. This projection comes as a relief amidst concerns over the increasing inflation rate, which currently stands at 33.69 per cent as of April…
Nigeria’s current account balance recorded a surplus of 1.432 billion dollars in 2024, according to the International Monetary Fund’s World Economic Outlook Database accessed by newsmen on Wednesday. The rise in FG’s account for the period represents a substantial increase from the 1.21 billion dollars surplus recorded in 2023. A country’s current account balance represents…
The Federal Government may need to raise a supplementary budget to accommodate the proposed minimum wage increase for workers. This is because the negotiated amount may surpass the budgeted amount in the original 2024 budget. The International Monetary Fund gave this recommendation in its latest staff country report for Nigeria. “The authorities noted that a…
The International Monetary Fund has advised Nigeria to ask global crypto trading platforms to register or obtain licenses to operate in the country, subjecting them to regulatory requirements. This recommendation was made in the IMF’s latest staff report, released on Thursday, following the conclusion of its 2024 Article IV consultation with Nigeria. The IMF emphasised…
TODAY’S VIEWPOINT IS ON NIGERIA’S BID TO JOIN BRICS. IT IS WRITTEN BY HONOURABLE FEMI ADEBISI JP, A MEDIA CONSULTANT Nigeria’s minister of foreign affairs, ambassador Yusuf Tuggar, recently in Russia, said that Nigeria has the intention to join the BRICS group within the next two years. This is against the backdrop of Nigeria’s economic challenges,…
The International Monetary Fund (IMF) has advised the Central Bank of Nigeria (CBN) to further hike Monetary Policy Rate (MPR) when next its Monetary Policy Committee (MPC) meets. The position of the Fund was given by its Director of Communications, Ms. Julie Kozack, in Washington DC, United States of America, today. She noted that the liquidity mop-up…