China Extends Tariff-Free Trade to Afghanistan
This initiative offers the Taliban an economic lifeline as Afghanistan grapples with a collapsed economy and limited international financial support due to concerns over human rights issues.
Category: Finance
Nvidia CEO Warns EU Falling Behind US and China in AI Investment
The European Union is falling behind in the global race for artificial intelligence (AI) dominance, according to Nvidia CEO Jensen Huang. While the United States and China continue to invest heavily in AI innovation, the EU lags in both technological infrastructure and industry development. During a visit to Copenhagen on Wednesday, Huang called for Europe…
Gold Prices Reach Record Highs Amid Pre-Election Market Volatility and Dollar Strength
Gold prices surged to record highs on Wednesday, defying the typically inverse relationship with the U.S. dollar, which also strengthened. As investors turn cautious ahead of the U.S. presidential election in two weeks, global stock markets edged lower. With uncertainty looming, many are hesitant to make major financial moves, leading to increased volatility across various…
Euro Could Fall 10% Amid Trump’s Tariff and Tax Cut Policies, Goldman Sachs
Goldman Sachs economist Michael Cahill outlined a scenario in which Trump, following a potential election victory, implements aggressive economic policies that include a 10% global tariff and a 20% levy on Chinese imports.
Russian President, Putin Calls on BRICS Nations to Embrace Cryptocurrencies to Reduce Reliance on US Dollar
In a significant move aimed at reshaping global financial systems, Russian President Vladimir Putin has called on members of the BRICS bloc—Brazil, Russia, India, China, and South Africa—to adopt cryptocurrencies and other digital currencies in their financial transactions. His objective is clear: reduce reliance on the US dollar and empower emerging economies to operate independently…
NNPC Partners with Shell, TotalEnergies, and Agip to Supply Gas for Brass Methanol Plant
In a major step toward monetizing Nigeria’s vast gas reserves, the Nigerian National Petroleum Corporation (NNPC) Limited, in partnership with Shell, TotalEnergies, and Agip, has finalized an important agreement to supply gas to the Brass Fertilizer & Petrochemical Company Limited’s upcoming methanol-manufacturing plant. This milestone agreement, which took nearly nine years to materialize, was officially…
FG Grants Marketers Direct Access to Purchase Petrol from Dangote and Local Refineries
In a significant policy shift, the Federal Government of Nigeria has authorized petroleum marketers to lift petrol directly from the Dangote Refinery, bypassing the long-standing arrangement where the Nigerian National Petroleum Corporation Limited (NNPCL) acted as the sole intermediary. This move, which marks a departure from the traditional procurement structure, aims to promote efficiency and…
Nigeria’s External Reserves Reach 22-Month High at $37.31bn, Says CBN
Nigeria’s external reserves have surged to a 22-month high of $37.31 billion, marking a significant inflow of foreign currency into the nation’s economy. Data from the Central Bank of Nigeria (CBN) shows that as of September 18, 2024, the reserves reached their highest level since November 4, 2022, when they stood at $37.36 billion. This…
FG Reveals Why Coca-Cola Suspended Its $1 Billion Investment Pledge to Nigeria
The Nigerian presidency has provided clarification regarding Coca-Cola’s decision to withdraw its $1 billion investment pledge, initially made in 2021. In a statement released on Thursday, Bayo Onanuga, Special Adviser to the President on Information and Strategy, addressed reports suggesting that Coca-Cola had failed to honor its previous investment commitment to Nigeria. Onanuga explained that…
CBN Set to Expand eNaira for Government Payments and MDA Transactions
The Central Bank of Nigeria (CBN) has announced plans to expand the use of its digital currency, eNaira, to facilitate payments into government accounts and streamline transactions for Ministries, Departments, and Agencies (MDAs). This initiative will enable MDAs to manage vendor and beneficiary payments using the eNaira, marking a significant step toward integrating digital currency…
