Economy - Abia ThinkTank News

Mar

2024

Argentines Abandon Dollars For Bitcoin To Tackle Inflation

Business, Economy, International, News Flash, World News

Argentines Abandon Dollars For Bitcoin To Tackle Inflation Argentines are abandoning the US dollar in favour of Bitcoin as the cryptocurrency’s value reached an all-time high this month. The trend persists as Argentines search for a solution to the country’s accelerating inflation. According to Business Insider, Argentine purchases of Bitcoin jumped to their highest weekly level in 20 months. In the first week of March, the number of weekly Bitcoin purchases in the country increased to 34,700. That was more than double the number of buyers in February. This uptick aligns with Bitcoin’s significant appreciation in recent months, climbing up…

Mar

2024

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By Abia ThinkTank

U.S Govt Announces 3 New Initiatives For Nigeria’s Creative Sector

Economy, International, News Flash

U.S Govt Announces Three New Initiatives For Nigeria’s Creative Sector The U.S. government, on Wednesday announced three new opportunities for Nigerians in the creative economy sector. Ms. Lee Satterfield, U.S. Assistant Secretary of State for the Bureau of Educational and Cultural Affairs made the announcement while delivering a foreign policy speech at the University of Lagos. She is currently in Nigeria on an official visit till March 22. Satterfield, in her remarks, underscored the Biden-Harris Administration’s commitment to deepening educational and cultural ties between Nigeria and the U.S.. “Today, I want to announce the launch of the Africa Creative TV(ACTV)…

Mar

2024

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By Abia ThinkTank

Progress Report On The Nigeria-Morocco Gas Pipeline

Business, Economy, International, News Flash, Presidency

🚨BOOM PROGRESS REPORT ON THE NIGERIA-MOROCCO GAS PIPELINE : ●MD/CEO of NNPCL, Mr Mele Kyari says Final Investment Decision(FID) to be made by December. ●Discussions are progressing as Nigeria aims to establish gas pipelines traversing thirteen African nations and extending to Europe. ● ⁠The agreement to build the $25bn, 48” x 5,300Km pipeline from Nigeria to Dhakia (Morocco) was signed by the NNPCL in 2017. ●Project is expected to transport around 30billion cbf of gas annually when completed. ● Gas, as an alternative source of energy and a potent means of economic diversification, remains a priority for the President Tinubu-led…

Mar

2024

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By Abia ThinkTank

Aliko Dangote Donates 1 Million Bags Of Rice To Nigerians

Economy, News Flash, Philanthropy, Religion

Aliko Dangote Donates 1 Million Bags Of Rice To Nigerians Africa’s wealthiest man, Aliko Dangote, has started giving out one million bags of rice worth more than N13 billion to people in need all over Nigeria through his Humanitarian Foundation. The organization is also providing meals for a minimum of 10,000 Muslims who are fasting during the holy month of Ramadan in Kano State. A press release penned by Samira Sanusi, an executive at the foundation in Kano, announced that the organization intends to disseminate one million bags of rice – valued at over N13 billion – throughout the 36…

Mar

2024

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By Abia ThinkTank

Naira Appreciation Continues As USD Supply Surges At Forex Market

Business, CBN/Commercial Banking, Economy, News Flash

Naira Appreciation Continues As USD Supply Surges At Forex Market The Naira continued its appreciation against the US Dollar at the foreign exchange market as USD transactions surged. FMDQ data showed that the Naira appreciated to N1,572.82 per USD upon resumption of trading on Monday compared to 1,602.75 on Friday. The figure represents N29.93 appreciation compared to the N1602.75 it traded on Friday. Similarly, this is first since March 5, 2024, that the country’s currency crossed to N1,572.82 per USD mark from an average of N1,600 per USD. This is because USD transactions surged 2.20 per cent, reaching $140.45 million…

Mar

2024

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By Abia ThinkTank

President Tinubu’s N1Trillion Bribe In 2024 Budget Tearing National Assembly Members Apart

Economy, FGN, National Assembly, News Flash, Politics

Tinubu’s N1trillion Bribe In 2024 Budget Tearing National Assembly Members Apart Tinubu’s N1trillion Bribe In 2024 Budget Tearing National Assembly Members Apart Nigerian Undercover Agent known as Jackson Ude through his Verified Twitter account claimed that President Tinubu padded about N1trn into the 2024 Budget. He said: “A N1trillion padded into the 2024 Budget by Bola Tinubu as bribe to the leaderships and members of the National Assembly to accelerate the passage of the money bill, is the reason lawmakers are now at daggers drawn.” “From the padded N1trillion, Senate President Godswill Akpabio collected N125billion worth of projects, Speaker Tajudeen…

Mar

2024

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By Abia ThinkTank

Investors Gain N2.1 Trillion As Stock Market Sustains Bullish Trend

Business, Economy, News Flash

Investors Gain N2.1 Trillion As Stock Market Sustains Bullish Trend The stock market sustained bullish trend last week as investors on the Nigerian Exchange Limited, NGX, gained N2.1trillion. Though the market recorded mixed sentiment, the gains outweighed the losses as the NGX market capitalisation, which represents the total value of investment on the Exchange, surged to N59.416 trillion at the close of trading on Friday from N57.293 trillion the previous week. In similar manner, another stock market performance indicator, NGX All Share Index, ASI increased by 3.7% to 101,085.25 points from 101,330.85 points. Analysis of transactions last week showed that…

Mar

2024

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By Abia ThinkTank

Budget Padding: President Tinubu Advised To Review 2024 Budget

Abuja, Economy, National Assembly, News Flash, Politics

The Peoples Democratic Party (PDP) has called on President Bola Ahmed Tinubu to restore the integrity of the 2024 budget by immediately ordering an open investigation into the alleged insertion as well as a holistic review of the budget. A statement issued by the party’s National Publicity Secretary, Debo Ologunagba, said that the PDP stands by its demand that Senator Akpabio should report at the Economic and Financial Crimes Commission (EFCC) for investigation into the alleged looting of N108 billion belonging to the people of Akwa Ibom State and the N86 billion alleged contract scam under his watch as the…

Mar

2024

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By Abia ThinkTank

Subsidy Beneficiaries And Smugglers Fighting Back My Efforts To Reposition The Economy

Economy, News Flash, Politics, Presidency

Subsidy Beneficiaries And Smugglers Are Fighting Back My Efforts To Reposition The Economy President Bola Tinubu has said that smugglers and beneficiaries of the old petrol subsidy are fighting back against his effort to reposition the country's economy. Tinubu who had a meeting with the Forum of State Chairmen of the All Progressives Congress (APC) at the State House in Abuja on Friday, March 15, stated that Nigeria would prevail against the “agents of destabilization" allegedly working to sabotage efforts at repositioning the economy.

Mar

2024

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By Abia ThinkTank

ABSG May Relocate Motor Parks In Aba As Otti Visits Chisco Loading Bay Gutted By Fire

Abia State, Economy, Good Governance, News Flash

ABSG MAY RELOCATE MOTOR PARKS IN ABA AS OTTI VISITS CHISCO LOADING BAY GUTTED BY FIRE Abia State government may relocate some of the motor parks along Milverton Avenue,Aba to a more spacious area for ease of movement.This is sequel to the fire incident at Chisco transport company office located at Milverton Avenue, Aba which occured Wednesday evening. Speaking during an on the spot visit to the company to see the extent of damage, Governor Alex Otti said the crowded nature of the park was a recipe for disaster. He stated that government will look at other parks at Osisioma…