Nigeria's economy growing, exchange rate stabilising, says FG – Newstrends
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Nigeria’s economy growing, exchange rate stabilising, says FG

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5 months ago

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Nigeria’s Minister of Finance, Mr Wale Edun

Nigeria’s economy growing, exchange rate stabilising, says FG

The Federal Government has given an update on the state of nation’s economy.

It says a lot of progress is being made with the economy just  as the exchange rate is stabilising.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said this while briefing State House correspondents at the end of Council of State meeting on Tuesday.

Edun said the meeting presented an opportunity to update council members on the economy.

He said, “We gave them an update on how far progress has been made in terms of the macroeconomic policies being followed under the leadership of President Bola Ahmed Tinubu.

“And these policies are anchored on his eight priority areas and the results to date have been very encouraging.”

The minister also said, “We looked at the data, or we reported on the evidence and the data of this half year for which data was available, compared to the first quarter and the second quarter of 2023. And in broad terms, the economy is growing.

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“The balance of payments, in particular, the trade balance and a current account balance are in surplus.

“The exchange rate is stabilizing, and inflation, though high, uncomfortably high for the liking of Mr President and his team, it is slowing and it is set to fall.”

On his part, Chairman of the Governors’ Forum and Governor of Kwara State, Abdulrahman AbdulRazaq, said the Council also passed a vote of confidence in President Bola Tinubu.

He disclosed that after the Council of State meeting, the governors also met with the President in an executive session where another vote of confidence was passed.

He said, “Council members, especially those of the Nigerian governors’ forum, were satisfied with the presentation by the members of the Federal Executive Council, and after that meeting, there was an executive session between members of the Nigerian governor’s forum and Mr President, and frank and fruitful discussions were held between both parties.

“I’m glad to say we’re on the right track. And to say in the same vein, members of the NGF also, like the members of the Council of State, passed a vote of confidence in Mr President. We also wish him well and pray for God, guidance for him.”

Nigeria’s economy growing, exchange rate stabilising, says FG

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Naira opens 2025 on weak note against US dollar

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21 hours ago

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January 3, 2025

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Naira opens 2025 on weak note against US dollar

The Nigerian naira fell to N1,541.36/$ on the first trading day of 2025, marking a 0.36% decline from the closing rate of N1,535.82/$ recorded at the end of 2024, according to NFEM data on the Central Bank of Nigeria’s website.

Some authorised dealers quoted the dollar at N1,545/$, a slight improvement from the N1,550/$ quoted earlier in the week. Others quoted the naira at N1,520/$ at the close of trading on Thursday.

In the parallel market, the naira ended the day at N1,655/$, improving from N1,670/$ quoted on Tuesday.

The naira’s performance in 2024 saw a significant depreciation of 40.9% compared to its official rate of N907.11/$ at the close of 2023.

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The decline comes despite various foreign exchange policies introduced by the Central Bank of Nigeria (CBN) to improve market transparency and attract foreign investors.

One of the notable reforms was the December launch of the Electronic Foreign Exchange Matching System, which introduced new guidelines for authorised forex dealers. This initiative brought some stability to the naira towards the end of 2024.

Meanwhile, in the money market, the Nigerian Interbank Offered Rate saw declines across all maturities, indicating liquidity in the banking sector. The Open Repo Rate dropped by 0.61% to 26.69%, while the Overnight Lending Rate fell by 0.55% to 27.25%.

Trading in the secondary market for Federal Government of Nigeria (FGN) bonds remained subdued, resulting in a marginal increase in the average yield to 19.76%. In the sovereign Eurobonds market, buying pressure across various segments of the yield curve led to a 6-basis-point decline in the average yield to 9.62%.

Naira opens 2025 on weak note against US dollar

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Jetour attributes Nigeria’s award to customers loyalty, innovation 

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1 day ago

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January 3, 2025

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Jetour attributes Nigeria’s award to customers loyalty, innovation

 

Jetour has been declared the fastest growing auto brand in Nigeria.

The award was announced on Wednesday December 11, 2024 in Lagos at an impressive ceremony organised by the Nigeria Auto Journalists Association (NAJA).

Jetour representative in Nigeria, Jetour Mobility Services, has taken to its Facebook page to celebrate its customers for making this to happen, attributing the success to its commitment to innovation in creating remarkable driving experiences.

Jetour known for its luxury offerings is one of China’s most revered auto brands, a marque of Chery Holding Group established in 2018.

It mainly produces crossovers and Sports Utility Vehicles (SUVs).

The recognition of Jetour as the Fastest Growing Auto Brand in the country is coming about a year after its introduction into the Nigerian market.

Jetour arrived in Nigeria in the last quarter of last year. And the SUVs available for this market are X70 – Liberty, X70 Plus – Elegance, X90 Plus – Cruise and Dashing.

Chairman of the NAJA Awards Organising Committee, Mr Theodore Opara, said despite being new in the Nigerian market, the brand was quickly able to secure a prominent place for itself in the highly competitive industry and received considerable attention from new car enthusiasts.

The committee, he added, had no difficulty in picking the brand as the fastest growing in the Nigerian auto market.

The name “Jetour” is a combination of the word “jet” and “tour”, which according to the automaker signifies a “convenient journey”. And its models try to depict this connotation in designs and performance.

Jetour Mobility Services said it considered the award a great honour, adding that it was a validation of its commitment to innovation and creating remarkable driving experiences.

The firm celebrates the award on its Facebook page with the following comments:

“We’re honoured to be named the Fastest Growing Auto Brand of the Year at the prestigious NAJA Auto Awards, powered by the Nigeria Auto Journalists Association.

“This achievement is a testament to our commitment to innovation, quality, and creating unforgettable driving experiences.

“A huge thank you to our amazing customers and everyone who has been a part of the journey — your trust propels us forward! Cheers to more milestones ahead!”

Jetour says its focus is to be a leader in mobility as well as provide reasonable travel solutions for individuals and families.

Its goal is to provide an excellent vehicle that demonstrates individuality for today’s young people, it adds.

As in the global market, the brand users in Nigeria are said to be an uncompromising group of individuals, unwilling to settle for less.

Jetour is not only winning in Nigeria, it is also a toast of a section of the Saudi market. One of its models, Dashing, recently won the Best Midsize Crossover Award for 2023-2024.

National Automotive Supply Company, the authorised distributor of Jetour vehicles in the Kingdom of Saudi Arabia, announced that the new and advanced Jetour Dashing won the “Best Midsize Crossover” award during the awards ceremony of the 11th edition of the “PR Arabia National Automotive Award” in Saudi.

Jetour Dashing was announced as the winner at the ceremony held in mid-November in Jeddah under the patronage of the Saudi Automobile and Motorcycle Federation and in the presence of several princes and VIPs, as well as representatives of regional offices of automotive brands.

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NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo

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1 day ago

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January 2, 2025

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Former President of Nigeria, Olusegun Obasanjo

NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo

Former President Olusegun Obasanjo has disclosed that the Nigerian National Petroleum Corporation (NNPC) rejected a $750 million offer from billionaire businessman Aliko Dangote.

In an exclusive interview with Channels TV, former President Olusegun Obasanjo revealed that in 2007, Dangote offered a staggering $750 million to manage the Port Harcourt and Kaduna refineries.

Obasanjo explained that the Nigerian National Petroleum Corporation (NNPC), now rebranded as NNPCL, rejected the offer due to its inability to operate the refineries effectively.

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He said, “Aliko got a team together and they paid $750m to take part in PPP (Public–public-private partnership) in running the refineries.

“My successor refunded their money and I went to my successor and told him what transpired. He said NNPC said they wanted the refineries and they can run it. I now said but you know they cannot run it.

“But I was told not too long ago that since that time, more than $2 billion have been squandered on the refinery, and they still will not work,” he added

 

NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo

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