News Express

The power crisis in Nigeria is like a malignant disease, infecting the nation's economy and causing its citizens untold suffering. Small businesses are especially vulnerable, as they struggle to shoulder the burden of providing their power, while individuals face daily frustrations and hardships. Every day, across Nigeria, the power situation has become like a slow poison, creeping into every corner of life. For businesses, it's a death by a thousand cuts, as profits dwindle and costs mount. For individuals, it's a constant reminder of their country's shortcomings, a constant frustration. And for the economy as a whole, it's a drag on growth, an obstacle to progress. The broader consequences of the situation are far-reaching, affecting everything from the cost of living for ordinary citizens to the overall productivity of the economy. As a result, Nigeria's ability to develop and grow economically is being seriously undermined by the challenges facing the electricity distribution companies (DisCos). These challenges have created a vicious cycle, in which the inefficiencies of the DisCos are leading to an even greater demand for government intervention, which in turn is further straining the country's already tight finances. 

A Dataset Showing Nigeria's Top 10 insurers by gross written premium (GWP) is giving analysts the encouragement to suggest emerging dynamism in the country's insurance landscape that could position it for enhanced growth and greater development. The data do not, however, show that insurance penetration in Africa's most populous country and its largest economy by gross domestic product (GDP) size, is about to improve, but a combined gross premium of N472.6 billion by the 10 top insurers is given comfort to analysts to suggest that something positive lies ahead for the industry. Analysts say the emerging dynamism in the Nigerian insurance market going by the dataset can be seen in the increasing growth of life business against a general business which is traditionally the industry's mainstay; the fact that indigenous insurers are still holding ground as far as industry leadership is concerned; that bankers have moved into insurance to dominate and bring banking industry Midas touch to the industry to give it a shakeout; and the data showing that the frontier for growth is in the composite model, while that of competition lies in microinsurance, Takaful and insurtech.

In a Nigerian Economic landscape where 2024 poses major challenges for businesses, a survey conducted by multinational insurance and risk management giant, Allianz, and published in its 13th Allianz Risk Barometer, Nigerian business leaders participating in the global survey have identified changes in legislation, cyber and microeconomic developments as the joint top risks that companies will face in Nigeria this year. big issues facing companies right now – digitalization, climate change and an uncertain geopolitical environment. Many of these risks are already hitting home, with extreme weather, ransomware attacks and regional conflicts testing the resilience of supply chains and business models. The fast pace of change, and the growing interconnected nature of risk, likely necessitates a shift up in gear for many companies when it comes to risk management.

A disastrous eight years of Buharinomics, the clueless management of the Nigerian economy under former president Muhammadu Buhari, and a shaky Tinubunomics of the months-old current Presidency of Bola Tinubu are unravelling the extraordinary danger the Nigerian economy faces under the All Progressives Congress (APC) which appears to do more politics than economy management, multiple concerned analysts said over the weekend. “Buhari got us into this cul-de-sac. He was not only clueless about the economy, but there was a free reign of baseless economic policies driven by individual, rather than national, interest,” said a university politics professor who did not want to be named. This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

A Raft of Initiatives is emerging and getting launched at the ongoing U.N. climate summit, COP28, in Dubai aimed at boosting clean energy and reducing the world's dependence on fossil fuels, details rolling out of the event show. One of the most widely supported initiatives is expected to lead to a cut in the share of fossil fuels in global energy production, and reduce the greenhouse gas emissions that are driving climate change. Wide support for the initiative is bolstered by its ambitious goal of tripling the world's renewable energy capacity by 2030 leading to a huge cut in fossil fuels' contribution to the world's energy mix. The pledge to triple renewable energy capacity by 2030 was just one of many initiatives that have emerged at the COP28 summit aimed at decarbonising the energy sector and meeting the goal of net-zero greenhouse gas emissions by 2050. One of the key commitments was made by the European Union, the United States, and the UAE, which pledged to phase out unabated coal power by expanding the use of nuclear power, reducing methane emissions, and ending investment in new coal power plantsThis show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

Africa's economic landscape as the next frontier for global investments was on song for three days last week in Marrakech, Morocco, where the African Development Bank (AfDB) led by President Akinwumi Adesina of Nigeria, and its development partners successfully showcased the continent's value chains to international investors, attracting more than 1000 delegates to what is now globally recognised as a go-to annual event for serious financial deals closure, the Africa Investment Forum (AIF) Market Days. To underscore its now global attraction and success, this year's AIF's Market Days had no fewer than 80 Japanese companies including at least 50 business leaders, entrepreneurs and investors among the over 1000 delegates in attendanceThis show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

Nigeria's Energy Transition Plan with a 2060 target could be really challenged by the need for a clear development policy approach. Early distinct gaps noticeable in the NETP programme include a lack of holistic legal framework; no incentives for transition to clean energy; absence of disincentives for the use of dirty energy; and centralisation of energy provision in Nigeria, according to a report by the Nigerian Economic Summit Group. The federal government, though, had only this year enacted the energy decentralisation law. If properly administered, Nigeria stands to gain from the energy transition, which will offer an excellent opportunity to address its energy poverty by leveraging abundant renewable energy sources. However in the short to medium term, the country will lose significant revenues because of its over-dependence on fossil fuels. However, the NETP projects 340,000 jobs to be created in 2030 and 840,000 by 2060This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

Foreign investors appear to be carefully avoiding Nigeria's oil and gas-rich states, also called the Niger Delta region, as data from the National Bureau of Statistics (NBS) on assessment of foreign direct inflows into the nation's sub-nationals in Q2 of 2022 show that the region's states were among 32 subnationals which attracted zero dollar foreign inflow since Q2 of 2015. Additionally, the region, between 2015 and 2022, ranks among the least accessed in terms of foreign capital inflow (foreign direct investment (FDI). For example, another NBS data showed that the region received only 0.51% of the entire Nigeria FDI inflow between 2013 and Q1 of 2020. The region, which once held huge chunks of Nigeria's FDI inflows in the 1970s and 1980s, barely received $474.13 million out of the $92.28 billion total inflow into Nigeria in the seven-year period.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

Despite the challenges facing the Nigerian insurance market, microinsurance offers unique and exciting opportunities for both insurers and consumers, as well as the general economy, with its potential to reach millions of people excluded from traditional insurance products and other financial windows of the economy, multiple industry analysts have told Business a.m. The Nigerian market is rapidly expanding, with innovative new products and distribution models. For insurers, this represents an untapped market with significant growth potential, while for consumers, it offers a way to access much needed protection from financial hardship.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

Global Banking Posted its best performance in the last 18 months since 2007 on the back of sharp increases in interest rates in many advanced economies, including a 500-basis-point rise in the United States, a world review of the banking sector by global management consulting firm McKinsey, has shown. McKinsey's just published “Global Banking Annual Review 2023: The Great Banking Transition”, found that on average global banking saw “long-awaited improvement in net interest margins” enabled by higher interest rates which boosted profits by about $280 billion in 2022, lifting return on equity by 12 per cent in the same year with a projection that this will post higher at 13 per cent at the end of 2023.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

A new report by the European Investment Bank (EIB) based on a 2023 survey of Banking in Africa has found that banks on the continent have continued to show resilience despite operating in what the EIB described as “ a difficult environment.”The report titled “Uncertain Times, Resilient Banks: African Finance at a Crossroads” released under the EIB's eighth annual Investment in Africa report and covering the continent's banking system, found that banking in Africa continues to show resilience and a desire to support private sector development despite operating in a tough environment. Key banking indicators, such as capital ratios, profitability and non-performing loans, have not deteriorated despite the challenges the region is facing,” the EIB report noted. This resilience, according to the report, may rightly be attributed initially to pandemic support measures to bolster the continent's banking system, but it said such measures have been wound down, and that “most key bank metrics remain solid.”This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

The Group Of The World's 20 Leading Economies has admitted the African Union (AU) as a permanent member, a development termed by many as a “later than never” acknowledgement of Africa's relevance on the global stage. Until now, South Africa was the bloc's only G20 member and the AU had advocated for full membership for seven years in its quest to gain meaningful roles among the global bodies and also accord the 55 member states access to reforms in the global financial system such as the World Bank which had hitherto played a passive role in cushioning Africa's debt profile. The AU's G20 membership which was granted following a concession at the 18th G20 heads of state and government summit in New Delhi, India, is expected to see Africa get investment and political interest from a new generation of global powers beyond the U.S. and the continent's former European colonists.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

The Combination Of Aggressive interest-rate hikes in developed countries, lack of sufficient affordable capital from the World Bank and a failure to consider and address the spillover effects are creating costly spillback economic consequences on low-middle income countries already at high risk of debt distress, a new analysis from One Campaign says. The international, non-profit advocacy and campaigning organisation that fights extreme poverty, particularly in developing countries, finds that ‘rich countries' actions to control domestic inflation through rises in interest rates are creating unsustainable economic realities for low-and low-middle-income countries. The high interest rates, it explained, are gradually locking emerging economies out of low-cost financing options creating an increasingly divergent global economy and exacerbating an already dangerous debt crisis.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

After Over Two Years Of anticipation from the Nigerian populace, the National Bureau of Statistics eventually published Nigeria's labour statistics, considered an official analysis of the employment level of Africa's most populous country. Prior to the report, economic and finance experts had difficulty assessing the real-time data on the nature of the labour market and how to measure the impact of government policies and numerous pledges to create jobs. But from the country's grim economic realities, it was as clear as crystal that the country was facing a dire risk of high unemployment. In fact, the International Labour Organisation had in January 2023, expressed worry that “current monetary tightening to fight inflation could overshoot, potentially leading to high levels of unemployment.”This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

The new head of the Nigerian treasury, officially designated ‘Minister of Finance', Wale Edun, will have fully taken charge. But in the quest to see that all the levers of economic policy management are well aligned, the attention of analysts and others following the unfolding direction of the Nigerian economy, will shift to the person to be appointed substantive governor of the Central Bank of Nigeria, and consequently, the person to lead monetary policy during the President Tinubu's administration. Finance Minister Edun's assumption of office has already raised high expectations, which will now be taken higher, with regard to the management of the fiscal policy side of executive governance, say multiple economic and financial analysts, many of whom hold the strong view that in the eight years that former president Muhammadu Buhari held sway in the political-administrative landscape of Nigeria, he was abysmally short on fiscal policy governance, with his two appointed ministers of finance arguably among the worst to have held the position in the country.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

An expert in the Africa department of the International Monetary Fund has expressed optimism for the future success of Nigeria's e-Naira, Africa's first central bank digital currency and the world's second.Despite its underwhelming performance since its launch in October 2021, Jack Ree, a senior economist in the Africa department of the IMF, who conducted a study on the eNaira last year, suggested in an IMF podcast that with some adjustments to its current model, the digital currency could become popular. However, since its introduction 21 months ago, the e-Naira has struggled to gain traction, with less than one million downloads indicating that Nigeria's vast population has not yet fully embraced it, as this number is less than one per cent (-1%) of the total bank accounts in the banking system.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

African currencies have lost ground against the US dollar year-to-date, thereby driving inflation in the import-reliant continent. Policymakers across the continent are left with limited options to arrest the decline as a result of depleting dollar reserves, according to a report adapted from DW. As US interest rate hikes make the dollar more attractive to investors, sub-Saharan African currencies have been weakening. The downward spiral of the African currencies against the US dollar this year has been spelling trouble for citizens and businesses alike.The Nigerian naira is, so far, the biggest loser, falling more than 70 per cent against the dollar this year, chiefly after the Central Bank of Nigeria (CBN) removed trading restrictions on the official currency market.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

A Crescendo Of Expectations is building up over Aba, one of Nigeria's major manufacturing hubs, which for decades has had its stars dimmed by the ill luck of bad and incompetent governance and total neglect of the social and economic infrastructure required to make a manufacturing hub thrive. The expectations are being built around the provenance of having the banker, Alex Otti, on the saddle as governor of Abia State where the city is located and where vultures had reigned in the corridors of political power; of Geometric Power, promoted by the scientist, Barth Nnaji, a two-time former minister of power and of science and technology; and the unleashing of the exports easing African Continental Free Area (AfCFTA), all three coming into play at the same time.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

Former President Muhammadu Buhari who doubled as substantive minister of petroleum resources, assisted by a junior minister, Timipre Sylva and Mele Kyari, group chief executive officer of Nigerian National Petroleum Company Limited who was positioned to be running ground operations, may have been taken Nigerians for a big ride on the repairs and rehabilitation of government-owned refineries as work has long hit a dead end. So as millions of Nigerians trudge under the heavy weight of mounting transportation costs, the fall out of the removal of petroleum products subsidy by President Bola Tinubu in his first major policy directive on inauguration day, any hopes of soon seeing a downward move on petrol pump prices from the restart of production at the Port Harcourt Refining Company, the nation's first and biggest oil refinery, and later Warri Petrochemicals & Refining Company and Kaduna Refining & Petrochemicals Company, appear a forlorn dream.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

The World Bank and the International Monetary Fund (IMF), the two Bretton Woods institutions that have spent at least 20 years breathing down Nigeria's neck to let its currency, the Naira free, are today still in celebratory mood joined by domestic analysts and the markets who continue to express joy over the decision by the new government of President Bola Tinubu to reform the country's foreign exchange policies through the Central Bank of Nigeria. The head of the IMF Nigeria office, responding to the reforms, said: “The Fund greatly welcomes the authorities' decision to introduce a unified market-reflective exchange rate regime in line with our long-standing recommendations. We stand ready to support the new administration in implementing FX reforms.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

After at least eight years of the Nigerian economy drifting and feeling shortchanged by inept management, markets and economic analysts, both local and foreign, who trained their eyes and ears in expectation as Nigeria inaugurated Bola Ahmed Tinubu as its 16th president, have turned in a largely positive reception to the soundbites contained in the president's inaugural address. Analysts at FBNQuest Capital, Chapel Hill Denham, Cordros, CardinalStone and Cowry Assets, in separate research notes to clients which were examined by Business A.M. for this story, appear to express general positive sentiments with the policy directions contained in the president's speech.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

Ahead of his inauguration as president, Business A.m. has learnt that President-elect Bola Ahmed Tinubu and his team have been inundated with tonnes of position papers and memoranda from a myriad of independent sources offering strong positions on what and how the incoming president should tackle a number of issues that have kept Nigeria's economy down for at least eight years.Business a.m. understands from sources close to the president-elect and his team that they are in receipt of several memoranda on one of the most people-resonating issues of the Nigerian economy, the Naira and its exchange rate against other international currencies, in particular against the dollar, the pound sterling and the Euro.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

In the biggest positive outlook on investment inflow into Nigeria by international analysts in nearly a decade, the second half of 2023 and all of 2024 has been projected as periods in the country would attract record international capital inflow following the ease of uncertainty caused by recent general elections in the country. Overall, we expect the second half of 2023 to already match Nigeria's best six months in terms of attracting international capital, and 2024 to potentially see a record inflow of funds attracted by the more stable environment and the sheer quality of local growth companies still facing wide open market opportunities.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

The rising spate of building collapse in Nigeria, especially in Lagos, the economic nerve centre of the country, is putting worrying shivers down the spine of investors, the government and the general public primarily in regard to the enormous financial, economic and social implications. According to documents from the Building Collapse Prevention Guild, at least 271 buildings have collapsed in Nigeria over the past ten years, accounting for 50 per cent of the 541 reported cases in Nigeria between 1974 and 2022.The incidence of buildings collapsing in Nigeria has gotten to an alarming level that it comes as no surprise that the International Journal of Disaster Risk Reduction ranked Nigeria number one in the frequency and intensity of building collapse in Africa, a poor representation of a country striving for sustainable development and economic growth.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

Except there is a last-minute miracle, the President Muhammadu Buhari government, already well known for being out of its depth on the economy, is very likely to hand over to the next government a highly risky economy, what economic analysts would rate as ‘junk', and with a debt burden of at least N46 trillion. Revenue and debt management have become persistent challenges that have remained one of the most critical policy issues threatening the debt sustainability of the Muhammadu Buhari-led government and a major headache awaiting the incoming administration Data from the Debt Management Office, as at March 30 2023, showed Nigeria's debt, comprising the domestic and external debt stocks of the federal government, sub-national borrowings by the federal and stategovernments.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

With wide reports Of voter suppression and armed attacks against voters in Nigeria's February 25 presidential and national assembly and the March 18 governorship and state houses of assembly elections still seething, a new Freedom House report has revealed ‘global freedom' declined for the 17th consecutive year in 2022, as 35 countries suffered deterioration in their political rights and civil liberties. Widespread condemnation continues to trail the conduct and outcomes of the two elections held almost one month apart with reported incidents of violence, ballot box snatching and prevention of tens of thousands of voters from carrying out their civic responsibilitiesThis show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

Nigeria's 2023 general elections which began with the now disputed presidential and national assembly elections and which were to move to the gubernatorial and state assembly elections, suffered a little setback when initially scheduled for March 11, 2023, were postponed to March 18 by the Independent National Electoral Commission (INEC), citing logistic issues stemming from its lack of time to carry out the reconfiguration of the bimodal voter registration system (BVAS) used for the first leg of the elections. Now, analysts are saying that, though the second leg of the elections was shifted by a week, the abrupt decision by the electoral umpire has far-reaching consequences that could result in economic losses and adverse cost implications for Africa's largest economy. The postponement followed a ruling by the Court of Appeal in Abuja, sitting as the Presidential Election Petition Tribunal (PEPT), that granted INEC the right to reconfigure the BVAS, backed by the commission's statement that it will need five working days to reconfigure BVAS used in the 176,974 polling units where voting will take place for the election This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

Economists And Financial experts across the country continued over the weekend to hail the decision by the Supreme Court to extend the validity of the withdrawn N1,000 and N500 currency notes until December 31, 2023, describing the ruling as a positive development and one that provides relief from the cash crunch and helps stave off the severe repercussions for businesses and socioeconomic activities of Nigerians inflicted by the policy. But given the conflicting directives and orders exercised by the judicial and executive arms of the government in relation to the naira redesign policy, many Nigerians are still in the dark as to what happens next days after the judgement; mainly because the Central Bank of Nigeria is yet to react, thus further raising the anxiety of Nigerians.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

One of united states leading think tanks, Brooking Institution, in an analytical article on Nigeria's highly anticipated new government that will come into being after the forthcoming general elections, has placed a heavy weighting on fiscal and economic reforms, charging the incoming president to have an unwavering determination to implement policies that must deliver an inclusive and competitive economy, in what is described as a set of ‘must-do' activities for the new leader of Africa's largest economy by gross domestic products (GDP) and the continent's most populated.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

A supposedly harmless currency redesign policy for the Nigerian naira resulting in a cash swap program implemented by the Central Bank of Nigeria turned into a full-blown crisis that came to a head in the last seven days as scarcity and persistent difficulties in accessing the new notes led to disruptions in business and economic activities and the daily lives of Nigerians held captive by a policy the CBN assured would mop up illicit naira notes and promote a cashless economy. The climax of the tension became apparent as the initial deadline of January 31, 2023, for people to turn in their old notes drew closer before the apex bank announced an extension of 10 days to allow Nigerians more time to change their old notes for the new designs.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

A Potential trade volume estimated at $3.4 trillion packed into the African Continental Free Trade Area (AfCFTA) has now effectively received the attention and keen interest of ranking global chief executive officers from around the world, further putting pressure to deliver on African political and business leaders who will now have to do right by the pact, seen to have traveled rather too slowly on delivering quick wins since it was launched. The chief executive officers of some of the leading global companies when meeting recently at the World Economic Forum in Davos, Switzerland, drummed up massive support for strategies to unlock this potential seen through the AfCFTA arrangement.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

Policymakers, business managers, and investors have been told that the landscape of the economy in 2023 remains mixed and corporate strategies in organizations navigating this landscape would require having a keen eye on a number of trends that are projected to emerge on the horizon of the Nigerian economy this year. Nigeria is in the throes of a crucial year in its history going into a crucial general election that will lead to a change of government amid serious economic challenges across different indices of measurement and analysts are advising individuals corporate entities and the government to plan ahead to navigate the uncertainties that will shape the economy, policies and businesses in 2023 and beyondThis show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

After Many Decades Of relying on a revenue sharing formula that allocates funds from a central pool that has gradually become inadequate to meet basic and developmental needs, experts have challenged Nigeria's subnational governments, comprising states and local governments, to put on their revenue generation creative cap and expand their view to see the capital markets as veritable exploration grounds to finance their small, medium and large ticket programmes. At a recent webinar of the IGR Initia tive, an initiative supported by Business A.M. and convened by Martin Ike-Muonso, a professor of economics and an investment banking expert, Teslim ShittaBey, managing editor of financial information service hub, Proshare Nigeria, observed that there is currently a low rate of subnational governments (SNGs) using equity and other relevant long term capital instruments to produce significant fundings for development projectsThis show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

In the Lead up to 2023, when elections are expected to take place for a new government to replace the current administration of President Muhammadu Buhari, now into its seven years and six months, it is becoming clearer that long before the outbreak ofCOVID-19 in late 2019 in China and across the world in 2020, Nigeria has been suffering its own ‘long COVID', long-lasting symptoms that afflict people who have suffered a case of covid-19.With the economy in a tailspin since 2014, the Buhari government, it is now clear, has been unable to rise from an apprenticeship approach in economic policy formulation to deal with the major challenges that have confronted the economy in the last seven and a half years.

Nigeria's Power sector is expected to record a compound annual growth rate (CAGR) of about 13 percent between 2022 and 2027, driven by government support for renewables-based power generation, according to analysts at Mordor Intelligence.The market research company, in a report “Nigeria Power Market - Growth, Trends, Covid-19 Impact, and Forecast (2022-2027)”, said the Nigerian power market is largely driven by favorable government policies and a growing inclination toward privatization of the power sector, which can draw more investment in the sector.

Rising Inflation since the beginning of 2022 has sent the global economy wobbling, driven majorly by an unusual mix of supply shocks associated with the Covid-19 pandemic and, later, the Russia-Ukraine conflict. From developed to emerging markets, multi-decades-high inflation and tighter monetary policy are threatening to tip the world into a recession by next year.Recently, analysts at investment bank Morgan Stanley, in a series of reports said Britain and the eurozone economies are likely to tip into recession next year, but the United States might make a narrow escape

Cashless transactions in Nigeria have recorded appreciable growth since 2012 when the Central Bank of Nigeria introduced its cashless policy to give bank customers ease of transactions, eliminate long queues across banking halls, curtail the excessive movement of cash, and control the volume of cash in circulation. Prior to this time, Nigerians depended largely on a cash-based economy which meant manual transactions across banking halls, whether it was cash deposit or withdrawal, cheque clearance, account opening, checking of balance, statement of account request, or any other transaction. With every bank customer who had a business to transact in the bank trooping to the nearest bank branch, banking halls across the country, especially in heavily populated urban centers, became a nightmarish experience.

Economies across the world have taken a beating since the turn of 2022, exacerbated by the Russia-Ukraine conflict, just as the world economy seemed to be recovering from the impact of the COVID-19 pandemic. From the US to China to the UK to Europe and emerging markets, it has been a tale of decelerated or negative headline GDP growth, spiraling inflation, interest rate hikes by central banks, and an overall cost of living crisis. Major global financial institutions have cut their growth projections and economic experts are left guessing not just whether or not a major global economic crisis is in the offing in the coming year but how steep the downturn is likely to be.

The Central Bank Of Nigeria is not going back on its decision to withdraw, redesign and reissue the higher denominations of naira banknotes despite a welter of opposition that has greeted the policy move. Last week Wednesday, the CBN announced that it has secured President Muhammadu Buhari's approval to redesign the N200, N500, and N1,000 paper currencies and that the new notes would be in circulation effective December 15, 2022. Godwin Emefiele, CBN governor, who made the announcement, noted that the decision, which is in line with sections 19, subsections a and b of the CBN Act 2007, was taken in order to control the currency in circulation, curb counterfeit notes, and check ransom payment to terrorists and kidnappers.

With enterprise Ngr proudly presenting Nigeria's first State of Enterprise report which measures the country's Financial and Professional Services sector, the performance of the FPS sub-sectors in 2021 validates its pivotal role in the economy. Its particular contributions are significant in governments, businesses and people. By providing a current-state assessment. Obi Ibekwe, EnterpriseNGR's chief executive officer, said the SOE 2022 offers a launch pad for discussions around policy and regulation with a view to expanding the depth and breadth of the sector The report, the first of its kind in Nigeria, indicated that the FPS sector is central to the growth and broad-based prosperity of every economy. It considered FPS' nine classified sub-sectors: Banking, Insurance, Capital Markets, Asset Management, Non-interest Finance, Pensions, FinTech, Professional Services (Legal Services Accounting and Management Consulting) and Sustainable Finance

As the global economy wriggles through uncertainties worsened by the protracted Russia-Ukraine war with its spillover effects seen in accelerating global inflation, aggressive tightening of monetary policies, worsening debt positions, the decline in capital importation and other adverse implications, the sharp slowdown in global growth raises the risk of a prolonged recession in emerging markets, and subSaharan Africa economies like Nigeria seem at greatest risk given their precarious fiscal conditions.Apart from higher food and energy prices, rising interest rates, currency crises from dollar shortages, and capital outflows affecting emerging markets from Pakistan to Egypt to Ghana, Nigeria additionally faces rising insecurity, unpredictable FX exchange rates, shrinking earnings and profitability of corporate entities, as well as political uncertainties ahead of the 2023 general elections, according to analysts at Cowry Asset Management Limited, an investment banking firm.

Nigerian Public Universities'over-reliance on government direct funding has beenthe major cause of constant disagreements between the university staff unions and the federal government, which has come to see university funding as a millstone around its neck. These disagreements have led to lockdowns of the university system in the form of prolonged industrial actions, translating to time wastage on the part of students, poor learning outcomes, and loss of faith in the education system, with their attendant economic consequences.Amid the over seven-month-old impasse between the Academic Staff Union of Universities (ASUU) and the federal government over non-implementation of the previous agreements