The federal government has requested an 18-month extension on the closing date of the World Bank’s $800 million palliative loan in a strategic move to bolster its social safety net programs amidst rising inflation and economic challenges.   

Nigeria’s Trade Balance Rises to $1.43bn, IMF Reports Nigeria’s current account balance has increased to $1.432 billion in 2024 despite the economic downturn ravaging the country, data from the International Monetary Fund’s World Economic Outlook shows. The IMF data indicates a posi­tive outlook for Nigeria’s econom­ic...

Nigeria’s Economy to Hit $1.85tn by 2029, IMF Predicts  The International Monetary Fund has predicted that Nigeria’s economy will reach $1.85tn by 2029, in Purchasing Power Parity terms. This forecast suggests a significant growth trajectory for the country’s economy over the next five years. According to the...

Despite Economic Downturn Nigeria’s Current Trade Balance Rises to $1.43bn Nigeria’s current account balance has increased to $1.432 billion in 2024 despite the economic downturn ravaging the country, data from the International Monetary Fund’s World Economic Outlook shows. The IMF data indicates a positive outlook for...

UN Seeks $4.7bn for Humanitarian Response in Nigeria, Six Others The United Nations Office for the Coordination of Humanitarian Affairs (OCHA) has said that humanitarian partners will need $4.7bn to assist 20.9 million vulnerable people in parts of Nigeria, Chad, and five other African countries. This...

Nigeria-Taiwan Trade Drops by $500m – Envoy The Chief of Mission to the Taiwanese Government in Nigeria, Andy Liu, has disclosed that the value of trade between Nigeria and Taiwan was halved to $500m in 2023, from $1bn in 2021. Liu stated this recently in Lagos...