Despite the Central Bank of Nigeria’s (CBN) efforts to curb liquidity through tightening measures, the country’s Broad Money Supply (M2) surged by 51% year-on-year (YoY) to ₦108.96 trillion in November 2024, according to the apex bank’s latest report. The increase was primarily driven by rising domestic borrowings by the Federal Government, the CBN stated. Broad Money Supply (M2) encompasses the total money in circulation, including cash and various non-cash components such as savings deposits and time deposits. The CBN’s Money and Credit Statistics revealed that M2 grew sharply from ₦72.03 trillion in November 2023. This growth was consistent for six…

Nigeria’s labour unions have intensified their criticism of the Federal Government’s policies, highlighting their adverse impact on citizens and calling for urgent economic reforms to address inflation, high exchange rates, and declining living standards. Trade Union Congress (TUC) President Festus Osifo, during an interview on Channels TV, accused President Bola Tinubu of doubling down on policies that have worsened economic challenges. He noted that while the president’s recent media chat aimed to inspire hope, the government has failed to implement actionable strategies to mitigate inflation and stimulate economic growth. “Our inflation analysts have repeatedly linked current economic hardships to some…

Starting Wednesday, Nigeria will require applicants for oil licences and permits to demonstrate plans for low carbon emissions and renewable energy integration before approvals are granted, according to Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The new policy aligns with Nigeria’s commitment to achieving net-zero carbon emissions by 2060. To support this initiative, the NUPRC has introduced the Upstream Petroleum Decarbonisation Template (UPDT), which provides guidelines for applicants. Komolafe stated that enforcement of the new requirements will begin on January 1, 2025, encompassing all upstream sector approvals, including divestments. “This initiative deepens our efforts…

Ivory Coast has announced that French troops will withdraw from the West African nation, further reducing the military influence of the former colonial power in the region. In an end-of-year address, Ivory Coast's President, Alassane Ouattara, said the move was a reflection of the modernisation of the country's armed forces. Separately, Senegal, which last month announced France would have to close its military bases on its territory, confirmed the withdrawal would be completed by the end of 2025. Ivory Coast is home to the biggest remaining contingent of French troops in West Africa. There are some 600 French military personnel…