Business
Okonjo-Iweala: AI Will Transform the Nigerian Economy
Citing a Pricewaterhouse report, she emphasized that AI has the potential to elevate global economic activity by up to $15.7 trillion, or about 15 percent, by 2030. “This growth will extend beyond the industrialized north.

Dr. Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), asserts that the Nigerian economy stands on the brink of significant transformation through the strategic adoption of Artificial Intelligence (AI).
With the right policy decisions and targeted investments from the government, Nigeria is poised to harness the full potential of AI.
Speaking at the 10th Convocation of the African University of Science and Technology (AUST) in Abuja, she declared, “If Nigeria can capitalize on this opportunity, the rewards for our economy will be substantial.”
She referenced a recent report from a public policy consultancy that highlights the potential for AI to generate an impressive $136 billion in productivity gains across Nigeria, Kenya, Ghana, and South Africa.
However, she acknowledged that challenges such as unreliable electricity and frequent power outages might impede internet access and the adoption of AI in Nigeria and other African nations. Despite these challenges,
Okonjo-Iweala pointed out that the combined gains from AI for the four countries represent 13 percent of their total GDP for 2022, with Nigeria poised to capture 43 percent of these estimated benefits.
She praised the federal government and the Ministry of Communications, Innovation, and Digital Economy for their proactive approach in formulating a national AI strategy aimed at leveraging AI to propel economic growth through talent development and partnerships with major players like Google to train and upskill the youth and support startups.
Citing a Pricewaterhouse report, she emphasized that AI has the potential to elevate global economic activity by up to $15.7 trillion, or about 15 percent, by 2030. “This growth will extend beyond the industrialized north.
The global south, including Nigeria, has immense opportunities ahead, but we must act decisively to seize this potential,” she stated. Okonjo-Iweala underscored the importance of Nigeria not being left behind in the race to leverage AI technology.
The implications for reshaping economies and achieving development goals are profound, and Nigeria’s proactive engagement with AI will position it for success in international trade and economic advancement.
Business
Nigeria’s inflation drops massively to 24.48% after CPI rebase

Nigeria’s inflation rate dropped massively to 24.48 percent in January 2024 from 34.80 percent in December last year after the rebased Consumer Price Index.
The Statistician General, Prince Adeyemi Adeniran, disclosed this on Tuesday in Abuja at the launch of the rebased CPI report.
Nigeria’s inflation rose to 34.80 percent in January 2025 compared to 34.80 percent recorded in December last year.
The National Bureau of Statistics disclosed its rebased Consumer Price Index for January released on Monday.
He said the Consumer Price Index (CPI) – which measures the rate of change in prices of goods and commodities – has declined to 24.48 per cent year on year in January.
Adeniran explained that urban inflation stood at 26.09 percent while rural inflation came to 22.15 percent.
Accordingly, the report, food inflation declined to 26.08 percent in January, from 39.84 percent in December 2024.
In a statement on the X account, NBS said, “The National Bureau of Statistics has released the rebased Consumer Price Index (CPI), reflecting an updated price reference period (base year) of 2024 and a weight reference period of 2023.
“Nigeria’s inflation rate for January 2024 stood at 24.48 percent year on year.
“The food inflation rate stood at 26.08 percent; the core inflation rate stood at 22.59 percent; the urban inflation rate stood at 26.09 percent; and the rural inflation rate stood at 22.15 percent “.
This comes as the Central Bank of Nigeria Monetary Policy Committee would hold its first meeting in 2025 on February 19 and 20, 2025.
In November 2024, MPC raised interest to 27.50 percent to bring down inflation.
Business
Johnvents Secures $40.5mn from BII to expand
Benson Adenuga, head of British International Investment’s (BII) office in Nigeria, said the institution was providing long-term funding for the firm’s plant in Ondo state.

Johnvents, a Nigerian agribusiness and manufacturing firm, has gained $40.5 million from the UK’s development finance institution to more than double its cocoa processing capacity to 30,000 metric tons annually.
Cocoa is among the biggest non-oil exports in Nigeria and largely grown by small-scale farmers in the south of the country.
Benson Adenuga, head of British International Investment’s (BII) office in Nigeria, said the institution was providing long-term funding for the firm’s plant in Ondo state.
” We’re actually providing funding for them to acquire machines and refurbish and expand their factory,” Adenuga told Reuters. Johnvents exports processed cocoa butter and powder, including to Europe.
Adenuga said BII would also help the firm to have 90% of its cocoa certified under the Rainforest Alliance sustainability and traceability programme by 2027.
Business
CBN Shores up foreign reserves to $40bn., why it’s Important
He made the disclosure on the sideline of the just-concluded inaugural Conference on Emerging Markets Economies organised by the Ministry of Finance, Saudi Arabia, and the International Monetary Fund (IMF) Regional Office in Riyadh.

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, says that the country’s foreign reserves had exceeded $40 billion .
Foreign reserves play a vital role in maintaining economic stability, supporting monetary policy, and ensuring a country’s ability to participate in international trade and finance.
Governor Cardoso attributes the growth in the foreign reserves to the adoption of an electronic matching system to improve transparency in the market and the introduction of a foreign exchange code of ethics, which all Nigerian banks signed to ensure adherence to market rules.
He made the disclosure on the sideline of the just-concluded inaugural Conference on Emerging Markets Economies organised by the Ministry of Finance, Saudi Arabia, and the International Monetary Fund (IMF) Regional Office in Riyadh.
Cardoso acknowledged that Nigeria had faced significant economic challenges, including capital flow exits, multiple exchange rate regimes, currency depreciation, high inflation, and a backlog of foreign exchange transactions, which led to a loss of confidence in the country’s currency.
The CBN Governor cited reforms in the financial markets that addressed distortions in the Nigerian foreign exchange market, which had previously experienced a gap of up to 60% between the official and parallel market exchange rates.
He noted that due to consistent policy direction, improved market confidence, and enhanced transparency in forex trading, the gap has significantly narrowed to approximately 4-5%.
Importance of Foreign Reserves
Foreign reserves, also known as foreign exchange reserves, are a crucial component of a country’s economic stability and financial security.
Here are the key importance of foreign reserves:
1. Maintains Exchange Rate StabilityForeign reserves help maintain a stable exchange rate by providing a buffer against fluctuations in the foreign exchange market.
2. Ensures Import PaymentsForeign reserves enable a country to pay for imports, ensuring a steady supply of essential goods and services.
3. Supports Monetary PolicyCentral banks use foreign reserves to implement monetary policy, such as managing interest rates and regulating money supply.
4. Enhances CreditworthinessAdequate foreign reserves can improve a country’s creditworthiness, making it easier to borrow from international lenders.
5. Provides LiquidityForeign reserves serve as a liquidity buffer, allowing a country to meet its short-term foreign exchange obligations.
6. Supports Economic GrowthForeign reserves can be used to support economic growth by providing financing for development projects and investments.
7. Reduces Vulnerability to External ShocksAdequate foreign reserves can reduce a country’s vulnerability to external shocks, such as global economic downturns or trade wars.
8. Facilitates International TradeForeign reserves enable countries to participate in international trade by providing the necessary foreign exchange to settle trade transactions.
9. Supports National SecurityIn some cases, foreign reserves can be used to support national security by providing financing for defense-related expenditures.
10. Enhances Investor ConfidenceAdequate foreign reserves can enhance investor confidence, attracting foreign investment and promoting economic growth.
-
Crime2 days ago
Police Sustains Fight Against Violent, Organized Crimes: Neutralizes 7 Terrorists, Recover 23 Arms, Assorted Ammunition
-
News1 day ago
BREAKING: DSS storms Lagos Assembly, seals Speaker, deputy’s offices (Video)
-
Sports1 day ago
DHQ Clarifies Facts About Canada Visas Denials to Invictus Games
-
News14 hours ago
BREAKING NEWS: Chief Edwin Clark is dead
-
Crime2 days ago
Police Recover N3m Ransom Money from Kidnappers
-
News12 hours ago
UPDATE: Leaders of the Pan Niger Delta Forum, other Dignitaries visit home of Late Chief Edwin Clark (Photos)
-
Business12 hours ago
Nigeria’s foreign reserves hit $40bn as CBN strengthens forex market
-
Business12 hours ago
CBN Shores up foreign reserves to $40bn., why it’s Important