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Worsening Insecurity In Nigeria A Cause For Concern - IMF

Worsening Insecurity In Nigeria A Cause For Concern – IMF

June 16, 2022 4:52 am

The International Monetary Fund (IMF) has expressed serious concerns over the worsening level of security conditions in Nigeria, maintaining that it was contributing to the subdued Gross Domestic Product (GDP) figures in the country.

The global financial body also listed other negative risks in the near-term to include the elections, low vaccination against Covid-19 and higher global interest rates.

The Washington-based institution made these claims in an end-of-mission statement on Wednesday at the end of its staff visit with Nigeria.

It disclsoed that an IMF team led by the Country Director, Ms. Jesmin Rahman, held meetings with Nigerian authorities from …

Angry Biden Lambasts Oil Industry Over Fuel Costs

Angry Biden Lambasts Oil Industry Over Fuel Costs

June 16, 2022 4:23 am

The President of the United States, Joe Biden yesterday chastised the oil industry over the recent soaring fuel prices which have now sparked off a 40-year high inflation, warning of unspecified emergency measures.

The letter which was obtained by Africa Daily News, New York on Thursday morning was sent to seven major oil corporations. It was Biden’s most direct salvo yet in a campaign to blame the industry for stoking price increases.

Average fuel prices are now $5 a gallon for drivers in the United States, up from $3 a year ago, and the spike is reverberating through the entire …

NCC Grants Over ₦500m For Research To Nigerian Universities

Telecoms Service Delivery: NCC Mulls For Consumer Support

June 15, 2022 5:52 pm

The Nigerian Communications Commission (NCC) has put out a structure to canvass for the support of telecom consumers in complementing the Commission’s important efforts to ensure improved telecom service delivery in their communities and areas.

Prof. Umar Danbatta who is The Executive Vice Chairman and Chief Executive Officer of NCC (EVC/CEO),  made the appeal at the second edition of the Village Square Dialogue (VSD), one of the Commission’s consumer outreach programmes.

“The dialogue took place in Danbatta Local Government Area, Kano State recently with a focus on, “Protection of Telecom Infrastructure for Improved Quality of Service: The Role of Residents.”

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Panic As Bitcoin Falls Under $25,000, Lowest In 18 Months

Panic As Bitcoin Falls Under $25,000, Lowest In 18 Months

June 14, 2022 6:32 am

Bitcoin tumbled yesterday to an 18-month low under $25,000 as investors shunned risky assets in the face of a vicious global markets selloff, many months after the cryptocurrency hit a record high.

The unit took a heavy knock also from news that cryptocurrency lending platform Celsius Network paused withdrawals, citing volatile conditions.

World stock markets have plunged since Friday when data showed US inflation at a fresh four-decade high, increasing recession fears and sending investors running for safer assets like the dollar.

‘It is not very surprising to see such a strong downturn as we have noticed an increased correlation …

More Nigerians Set Fall Into Extreme Poverty - World Bank

More Nigerians Set Fall Into Extreme Poverty – World Bank

June 13, 2022 4:38 am

The World Bank dropped a devastating prediction on Nigeria declaring that people in Nigeria and its Sub-Saharan neighbours are expected to fall into extreme poverty in the coming months. 

According to a report obtained via a World Bank newsletter onon Monday, titled, ‘Global Economic Prospects,’ Russia’s invasion of Ukraine and its effect on the commodity market, supply chains, inflation, and financial conditions have continued to intensify the slowdown in economic growth.

The Washington-based bank further explained that the possibility of high global inflation could eventually result in tightened monetary policy in advanced countries which might lead to financial stress …

Bullying: India Slams $113m Fine On Google Parent Company

Australian Politician Floors Google In Defamation Suit

June 6, 2022 1:34 pm

It was jubilation day for an Australian politician as Australia’s federal court ordered Google on Monday to pay more than $500,000 in damages to a politician after finding he had been defamed by a comedian’s videos which were hosted on YouTube.

John Barilaro was deputy premier of the state of New South Wales in 2020, when an Australian comedian known as friendlyjordies uploaded a series of videos to YouTube, accusing the politician of corruption and using an Italian accent to mock his heritage.

Read Also: Russia Accuses Google, Apple Of interfering In Elections

Barilaro labelled the videos racist and broke …

Musk Finally Subpoenas Twitter Whistleblower In Sales Battle

Elon Musk Announces Plans To Retrench Staff At Tesla

June 4, 2022 9:12 am

Elon Musk who is the Tesla CEO has ordered a pause in hiring in all Tesla factories worldwide, as he also planned to do away with about 10% of the salaried staff.

A message sent to executives on Thursday laid out his concerns, his “super bad feeling” about the economy.

The dire outlook came two days after the billionaire told staff to return to the workplace or leave and adds to a growing chorus of warnings from business leaders about the risks of recession.

Tesla shares fell 9% in U.S. trade on Friday after the Reuters report.

Read Also: Elon

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OPEC+ Production Hike Causes Dip In Oil Prices

OPEC+ Production Hike Causes Dip In Oil Prices

June 4, 2022 9:05 am

It was a sinking day for Oil prices as they fell on Friday after Saudi Arabia and other OPEC+ states agreed to bring forward oil production rises to offset Russian output losses because of Western sanctions.

The downside, however, remained capped by signs of tight global supply and expectations of increased demand as China eases its COVID-19 restrictions.

Benchmark Brent crude futures dropped by 0.7 per cent to 116.75 dollars a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down by 0.8 per cent at 115.92 dollars.

The oil exporters’ cartel said it would increase supply by 648,000 …

Global Cryptocurrency Scams Sees 46,000 Lose Over $1bn

Global Cryptocurrency Scams Sees 46,000 Lose Over $1bn

June 4, 2022 9:04 am

Reports have shown that more than 46,000 people have reported losing over $1 billion in cryptocurrency scams since the start of 2021. This report was compiled by the Federal Trade Commission (FTC)  on Friday.

Nearly half the people who reported losing digital currencies in a scam said it started with an ad, post or a message on a social media platform, according to the FTC.

The craze for cryptocurrencies was at a fever pitch last year with bitcoin hitting a record high of $69,000 in November.

Read Also: India Announces Bill To Ban Cryptocurrencies

Reports point to social media and …

Access Bank To Launch More Avenues For Funding SMEs

Access Bank To Launch More Avenues For Funding SMEs

June 4, 2022 9:02 am

Access Bank PLC which has made a mark in the financial institution sector as one of Nigeria’s top financial lender, has pledged to fund entrepreneurs and create market access for small businesses by putting them in the right community.

Speaking during a conversation with customers in the micro, small and medium scale category, Deputy Managing Director, Victor Etuokwu, said the bank remained resolute in its drive to engage and empower MSMEs by providing access to funds, markets and knowledge.

These objectives, according to him, were at the heart of the business engagement sessions in key cities across the nation.

Read

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Subsidy On Fuel May Hit N6trn in 2022, IMF Warns Nigeria

Subsidy On Fuel May Hit ₦6trn in 2022, IMF Warns Nigeria

May 31, 2022 4:41 am

The International Monetary Fund (IMF) has warned that with Nigeria’s fuel subsidy payout averaging ₦500 billion monthly, total expenditure on subsidy could hit a record ₦6 trillion mark before the end of the year.

The multilateral lender also disclosed that a macro-fiscal stress test it conducted on the country showed that interest payments on debts in the country could amount to Nigeria using 100 per cent of its revenue to service debts by 2026 if not closely monitored.

IMF’s Resident Representative for Nigeria, Mr. Ari Aisen made this known while presenting the latest Sub-Saharan Africa Regional Economic Outlook, in Abuja …

AfDB Inaugurates Youth Entrepreneurship Banks In Nigeria

AfDB Inaugurates Youth Entrepreneurship Banks In Nigeria

May 28, 2022 12:13 pm

In a fresh development, the African Development Bank (AfDB) has reiterated that it would be designing youth entrepreneurship investment banks in 13 African countries to create wealth in the continent.

Dr. Akinwumi Adesina, the President of the AfDB Group, said this at a news conference to conclude the Bank’s 2022 Annual Meetings in Accra, Ghana.

Adesina said the move, to be finalized by June, would help youths get capital and create wealth for the younger generation for the development of the continent.

Read Also: Why We Picked Form For AfDB President, Adesina – Group

“We are designing renewed financial

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𝐀𝐟𝐫𝐢𝐜𝐚 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐍𝐞𝐰𝐬, 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤, is a nonpartisan online news portal founded on the truth to provide you with weekly, insightful articles written with precision and current updates on current events from Africa in particular and the rest of the world in general. All of our reports undergo extensive fact-checking to ensure their veracity, and we adhere strictly to the facts, no matter whose ox is gored.

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