Economy

Feb
08
2025
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By Abia ThinkTank
Nigeria Remains Africa’s Largest Economy – World Bank

Nigeria Remains Africa’s Largest Economy – World Bank

CBN/Commercial Banking, Columns/Opinions/Letters, Economy, FGN, World News
Nigeria Remains Africa’s Largest Economy – World Bank The World Bank’s Country Director for Nigeria, Dr. Ndiame Diop, has confirmed that Nigeria remains the largest economy in Africa by Gross Domestic Product (GDP) despite the challenges faced by its private sector. Speaking at the Country Private Sector Diagnostic (CPSD) and Stakeholder Engagement in Abuja yesterday, Dr. Diop said while Nigeria receives far less Foreign Direct Investment (FDI) than its potential warrants—especially in comparison to countries like Indonesia and South Africa—it continues to hold its position as Africa’s biggest economy. He stated that the CPSD report, set to be released in…
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Feb
03
2025
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By Abia ThinkTank
Fuel Marketers Ordered To Reduce Price As Dangote Crashes Supply Rate To N890 Per Litre

Fuel Marketers Ordered To Reduce Price As Dangote Crashes Supply Rate To N890 Per Litre

Business, Economy, News Flash, Oil & Gas
Fuel marketers ordered to reduce price as Dangote crashes supply rate to N890 per litre The Petroleum Products Retail Outlets Owners Association of Nigeria has urged marketers to reduce the price of Premium Motor Spirit, aka petrol, following the reduction in the ex-depot price of the product from N950 to N890 per litre by the Dangote refinery. Dangote Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday. Mr Anthony Chiejina, the Group Chief Branding and Communications Officer, Dangote Petroleum Refinery, said this in a statement on Saturday…
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Feb
03
2025
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By Abia ThinkTank
“Trade Wars Heat Up: Trump Tariffs Spark Canada’s Retaliation And China’s 75% Counterpunch – Who Will Blink First?” – By Dr. Chukwuemeka Ifegwu Eke

“Trade Wars Heat Up: Trump Tariffs Spark Canada’s Retaliation And China’s 75% Counterpunch – Who Will Blink First?” – By Dr. Chukwuemeka Ifegwu Eke

Columns/Opinions/Letters, Economy, Foreign Affairs, International
"Trade Wars Heat Up: Trump Tariffs Spark Canada’s Retaliation and China’s 75% Counterpunch – Who Will Blink First?" Canada’s swift retaliation to the new Trump tariffs, set to take effect this Tuesday, underscores the high stakes of this trade dispute. Historically, Canada has not hesitated to respond to U.S. protectionist measures with counter-tariffs of its own, as seen in 2018 when it imposed tariffs on $16.6 billion worth of U.S. goods in response to steel and aluminum tariffs. This time, Canada’s retaliatory measures are likely to target key U.S. exports, such as agricultural products, machinery, and consumer goods, which could…
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Feb
01
2025
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By Abia ThinkTank
The Cryptonomics Effect: Trump’s Law Ignites US Crypto Market Growth! – By Dr. Chukwuemeka Ifegwu Eke

The Cryptonomics Effect: Trump’s Law Ignites US Crypto Market Growth! – By Dr. Chukwuemeka Ifegwu Eke

Columns/Opinions/Letters, Economy, Foreign Affairs, International
The Cryptonomics Effect: Trump's Law Ignites US Crypto Market Growth! The recent signing of the crypto law by Trump marks a significant milestone in the development of cryptonomics in America. This law establishes a comprehensive framework for the regulation of digital assets, providing clarity and certainty for crypto businesses, investors, and enthusiasts. One of the key provisions of the law is the establishment of the Presidential Working Group on Digital Asset Markets. This group will play a crucial role in shaping the country's crypto regulations, ensuring that the crypto market operates in a safe and transparent manner. The group's membership…
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Jan
30
2025
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By Abia ThinkTank
CBN Clears Outstanding $7 Billion FX – CBN Gov, Cardoso Says

CBN Clears Outstanding $7 Billion FX – CBN Gov, Cardoso Says

CBN/Commercial Banking, Economy, FGN, News Flash
Outstanding $7 Billion n FX Cleared – CBN Gov, Cardoso Says Governor of the Central Bank of Nigeria, Olayemi Cardoso, announced on Wednesday that the Federal Government has cleared the outstanding $7bn foreign exchange backlog to various firms following a successful verification exercise by forensic auditors. Cardoso disclosed this at the launch of Nigeria’s Regulatory Policy Framework organised by the Presidential Enabling Business Environment Council. The event, which was tagged the regulators’ forum, took place at the State House Conference Hall in Abuja. Addressing the audience, Cardoso explained that the bank was optimistic the clearance of the $7bn backlog would…
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Jan
30
2025
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By Abia ThinkTank
NLC Announces Date For Nationwide Protest Over Telecom Tariff Hike

NLC Announces Date For Nationwide Protest Over Telecom Tariff Hike

Economy, Labour, News Flash
NLC Announces Date For Nationwide Protest Over Telecom Tariff Hike The Nigeria Labour Congress (NLC) has resolved to hold a nationwide anti-telecom tariff hike protest on Tuesday, February 4. Our correspondent learnt that the nationwide protest was agreed on at the ongoing National Administrative Council (NAC) meeting of NLC. It is aimed at sounding a note of warning to the government that workers would resist the planned hike as it would worsen the poverty level across the country. NCC approved a 50% tariff increase for mobile network operators. Recall that NLC had, on January 22, rejected the 50 percent telecommunication…
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Jan
29
2025
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By Abia ThinkTank
Governor Otti And ABIA State’s Nano Entrepreneurs – By Dr. Chukwuemeka Ifegwu Eke

Governor Otti And ABIA State’s Nano Entrepreneurs – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy, Good Governance
Governor Otti and Abia State's Nano Entrepreneurs Street trading is a ubiquitous feature of urban landscapes in many developing countries. In Umuahia, a city with a thriving informal economy, street traders are a common sight. These entrepreneurs, mostly young people, brave the elements to sell their wares, from fresh produce to second-hand clothing. According to a recent survey, there are over 100 street traders in Umuahia, contributing significantly to the city's economy. However, despite their importance, street traders face numerous challenges, including harassment by law enforcement, competition from formal businesses, and limited access to finance and markets. This caption resonated…
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Jan
29
2025
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By Abia ThinkTank
The Otti Doctrine: A Paradigm Shift In Inflationary ‘Politics’ – By Dr. Chukwuemeka Ifegwu Eke

The Otti Doctrine: A Paradigm Shift In Inflationary ‘Politics’ – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy, Good Governance
The Otti Doctrine: A Paradigm Shift in Inflationary 'Politics' In a bold move, Governor Otti has decreed the immediate freezing of inflation in Abia State. This audacious policy initiative has sent shockwaves throughout the economic establishment, leaving pundits scrambling to decipher the underlying logic. By invoking the hitherto unknown concept of "inflationary stasis," Otti has effectively declared war on the scourge of rising prices. A Marxist-Capitalist SynthesisOtti's unorthodox approach blends the dialectical materialism of Marxist theory with the laissez-faire ethos of capitalist ideology. By seizing control of the means of production (in this case, the monetary supply), Otti aims to…
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Jan
29
2025
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By Abia ThinkTank
Rethinking Economics: The African Way – By Dr. Chukwuemeka Ifegwu Eke

Rethinking Economics: The African Way – By Dr. Chukwuemeka Ifegwu Eke

Africa, Columns/Opinions/Letters, Economy
Rethinking Economics: The African Way When African culture and philosophy drive economics, we can expect to see a unique blend of traditional values and modern economic principles. This integration has the potential to create a more holistic, community-driven, and sustainable economic system. Ubuntu Economics is a key concept in this context. It emphasizes community and collective well-being, prioritizing social welfare and mutual support. Economic decisions are guided by principles of solidarity and cooperation, fostering a sense of interconnectedness and interdependence. Afrocentric Economic Development is another crucial aspect. It focuses on indigenous knowledge systems and local resources, promoting cultural heritage and…
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Jan
29
2025
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By Abia ThinkTank
President Tinubu Inherited N87.38 Trillion Debt, Not N21 Trillion – DMO Clarifies

President Tinubu Inherited N87.38 Trillion Debt, Not N21 Trillion – DMO Clarifies

Economy, FGN, News Flash, Politics
Tinubu Inherited N87.38 Trillion Debt, Not N21 Trillion – DMO Clarifies The Debt Management Office (DMO) has debunked recent media reports claiming that President Bola Ahmed Tinubu inherited N21 trillion in public debt which arose to N142 trillion. In a statement issued by the DMO on Monday, the agency said the actual total public debt as of June 30, 2023 after President Tinubu took office stood at N87.38 trillion. President Tinubu took office on May 29, 2023. The DMO clarified that the figure includes the external and domestic debt of the Federal Government of Nigeria (FGN), the 36 states, and…
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