The Central Bank of Nigeria (CBN) has taken a decisive step to combat inflation and stabilize the economy by increasing the benchmark interest rate to 27.5%. This move is aimed at reducing the money supply in the economy, thereby curbing the rising prices of goods and services. By increasing the interest rate, the CBN hopes…
Nigeria’s electricity network has suffered a devastating disruption, plunging the nation into darkness. This most recent malfunction follows closely on the heels of a preceding partial failure. The persistent grid failures can be attributed to a multitude of factors, including antiquated electrical frameworks, malicious damage, and insufficient fuel supplies for thermoelectric power stations. These facilities…
Aliko Dangote, president of Dangote Industries Limited, has seen his wealth skyrocket to $27.8 billion, nearly doubling his previous net worth. This dramatic increase is primarily attributed to the operationalization of his multibillion-dollar oil refinery, as detailed in the Bloomberg Billionaires Index. As of October 18, 2024, Dangote’s net worth surged by $15.1 billion, propelling…
Rising energy cost push manufacturer to brink of collapse. Energy or power poses as a vital factor in the manufacturing sector, aside a revenue generation scheme it forms the basis for goods introduction and job creation. Currently the sector in Nigeria is facing economical menace associated with the hike in cots of energy, and other…