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Despite IMF, Fitch concerns, FG draws $1.5bn first tranche of $5bn Abu Dhabi bank loan
Despite concerns raised by the International Monetary Fund (IMF) and Fitch Ratings, the Federal Government has proceeded to draw the first tranche of a $5 billion loan agreement with the First Abu Dhabi Bank (FAB) worth $1.5 billion. The Nigerian senate…
Naira undervalued by 25.6% — IMF, tells CBN to slow foreign reserves’ accumulation
International Monetary Fund (IMF) has stated that the Nigerian currency, Naira, is undervalued by as much as 25.6 per cent, noting that the fair exchange rate against the U.SDollar should be N1,142.04/$. The official forex rate stands at N1,356.27/$ as of…
Dangote warns rising oil prices may ground Nigerian airlines
Demands subsidies for farmers Ziggy Ojiegbe, with agency reports Chairman of the Dangote Group, Aliko Dangote, has called on the Nigerian government to introduce targeted subsidies for farmers, warning that surging global oil prices could cripple both agriculture and aviation…
Dangote courts global lenders to boost infrastructure investment
Sopuruchi Onwuka President and Chief Executive of the Dangote Group, Aliko Dangote, has stepped up engagement with global financial institutions, seeking to attract investment into Nigeria’s infrastructure and industrial sectors. Speaking at the launch of the World Bank’s “Water Forward”…
African economies to rebound in 2024
Africa’s economic activity will likely slow again this year amid taxing headwinds but is expected to recover in 2024, according to the International Monetary Fund’s latest regional outlook. Growth in sub-Saharan Africa’s gross domestic product is forecast to edge down…
Energy price surge: IMF warns governments against subsidies
The International Monetary Fund (IMF) has declared that countries will need to invest more in renewable energy to protect against volatility in oil and gas prices The multilateral credit agency on Wednesday also advised governments against floating subsidies as measures…
