Connect with us

Business

Subsidy Removal, Forex Unification Painful But Key To Rebuilding Nigeria’s Economy – World Bank

Published

on

506 Views

The World Bank has thrown its weight in support of the Federal Government’s subsidy removal and the exchange rate unification.

This comes weeks after President Bola Tinubu’s inaugural speech on subsidy removal and the need to unify Nigeria’s exchange rate.

Speaking at an event organised by the World Bank to assess the nation’s economy in the last six months on Tuesday, Country Director, Dr Subham Chadhuri, explained that the policy though painful remains key to rebuilding the economy of the nation.

Mr Chadhuri, however, advocated measures that will reduce the impact on the people going forward.

He further stated that the World Bank’s concessionary funding to Nigeria currently stands at over ten billion dollars.

Also speaking, a lead economist at the World Bank, Alex Seinart, said the removal of the fuel subsidy is projected to achieve estimated fiscal gains of about 3.9 trillion Naira in 2023.

The gains according to him are expected to reach over 21 trillion naira between 2023 to 2025.

The economist further projects that the petroleum subsidy removal is likely to lead to an increase in inflation in the upcoming months before contributing to disinflation in the medium term.

On the exchange rate, the senior economist at the world bank said that the previous foreign exchange management approach impeded investment and growth, contributed to inflation and undermined the efficacy of the monetary and fiscal policies.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

AfCFTA : Nigerian Goods In High Demand In Africa, says Minister

On a trade mission to Botswana with about 11 Nigerian businesses, one of them immediately got an order of 6,000 T-shirts to be supplied there.

Published

on

By

12 Views

The Minister of Trade, Industry and Investment, Dr Jumoke Oduwole, has said that Nigerian goods continue to remain competitive and, in particular, high demand on the continent.

The minister disclosed this yesterday in Abuja at the 2026 Third Quarter meeting of the African Continental Free Trade Area (AfCFTA) Central Coordination Committee (CCC).

She said, ” I think that a lot of Nigerians have the perception that Nigerian goods are not competitive on this continent. Nigerian entrepreneurs have shown that they can compete anywhere in the world, and are doing particularly well in the rest of Africa, and this is demonstrated by our non-oil exports, which have gone up exponentially, and it’s due to the exports of Nigerian goods across the African continent

She said on a trade mission to Botswana with about 11 Nigerian businesses, one of them immediately got an order of 6,000 T-shirts to be supplied there.

Continue Reading

Business

After South Africa, Kenya Cracks Down on Foreign Traders, Retailers

Ruto directed authorities to begin shutting down small businesses operated by foreign nationals from September 7, saying hawking and small-scale retail should be reserved for Kenyans.

Published

on

By

30 Views

Kenya is beginning a crackdown on foreign nationals operating small retail shops and engaging in hawking, after President William Ruto directed authorities to shut down such businesses from September 7.

Ruto announced this on September 2 while addressing micro, small and medium-sized enterprises, MSME. traders at State House in Nairobi.

He said foreigners should not compete with Kenyans in businesses such as hawking and small retail, while foreign investment was welcome in activities requiring greater capital.

Ruto directed authorities to begin shutting down small businesses operated by foreign nationals from September 7, saying hawking and small-scale retail should be reserved for Kenyans.

He said the government would take administrative action while the Parliament of Kenya considers the proposed Local Content Bill, 2025.

He also directed National Assembly Majority Leader Kimani Ichung’wah and Trade Cabinet Secretary Lee Kinyanjui to accelerate the bill’s passage through Parliament.

Continue Reading

Business

NAFDAC Goes After Chinese Logistics Firms Over Products Counterfeiting

Chinese people (counterfeiters) own the logistics companies which they used to bring these (fake goods) things.” NAFDAC said it has been shutting down the logistics companies.

Published

on

By

39 Views

The National Agency for Food and Drug Administration and Control (NAFDAC) has revealed that Chinese counterfeiters now living in Nigeria are behind the proliferation of fake goods in Nigeria.

NAFDAC’s Director of Investigation and Enforcement, Martins Iluyomade disclosed that recent investigations found Chinese counterfeiters, previously operating externally, have set up plants and logistics channels inside the country.

How They Operate

He said, “Before, to fake a product, you needed to go to China to bring it. Now, you don’t need to go. They are here (in Nigeria) with us. They are the ones who will identify the product that will be moving, send it to their country (China), and then come here and distribute it to our people (Nigerians) without having to travel, thereby worsening the production, distribution and sale of adulterated, harmful and unwholesome products.

Iluyomade, describing it as a “new trend making it (fake goods situation) look this serious,” noted that NAFDAC discovered the “Chinese people (counterfeiters) own the logistics companies which they used to bring these (fake goods) things.” NAFDAC said it has been shutting down the logistics companies.

Continue Reading

Trending