Business
Eniola Badmus Hails Tinubu For Shifting Nigerian Economy From Consumption To Production
Nollywood actress, Eniola Badmus has commended the Nigerian economy under President Bola Ahmed Tinubu.
She highlighted that the nation’s imports are on the decline while exports are rising, whichto her suggested a growing economy.
The actress emphasised that Nigeria, under Tinubu, has made unprecedented progress in trade, highlighting a shift from consumption to production.
On her Instagram story, she wrote: “Our imports are reducing, and our exports are increasing. That is a sign that our economy is expanding.
“For the year-to-date 2024, our imports were N24.44 trillion, while our exports stood at N38.59 trillion. This gives us an unprecedented trade surplus of over N14 trillion in just eight months.
“It has never happened in Nigeria. Never. This is a refreshing shift from consumption to production.”
Her appraisal is against the backdrop of unprecedented hardship and inflation in the country.
Last month, millions of citizens took to the streets in a movement called the ‘End Hunger Protests,’ voicing their frustration over the escalating hardship in the country.
The Nigerian Economic Summit Group (NESG) has projected that the country has the potential to achieve a 5.5% growth in Gross Domestic Product (GDP) if critical policy reforms are sustained.
This was disclosed on Thursday during the launch of the NESG’s 2025 Macroeconomic Outlook report.
Speaking at the event, the Chief Economist and Director of Research & Development at NESG, Dr. Olusegun Omisakin, highlighted the need for more efficient policy implementation to unlock Nigeria’s economic potential.
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“We believe at the optimal level, if we embark on more efficient policy reforms, the Nigerian economy has the potential, the GDP to end up at 5.5 per cent, and we believe that this is achievable,” Omisakin stated.
More to follow……….
The Central Bank of Nigeria (CBN) has announced the release of the Nigerian Foreign Exchange (FX) Code, a set of guidelines designed to promote ethical conduct among authorized dealers in the country’s FX market.
In a statement, the apex bank disclosed that the official launch of the Code would take place on Tuesday, January 28, 2025, at the CBN Head Office Auditorium in Abuja.
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“The Central Bank of Nigeria has approved the release of the Nigerian Foreign Exchange (FX) Code as a guideline to the banking industry to promote the ethical conduct of authorised dealers in the Nigerian Foreign Exchange Market,” the statement read.
The introduction of the FX Code is expected to enhance transparency, accountability, and professionalism within Nigeria’s foreign exchange ecosystem, aligning it with global best practices.
The event is anticipated to attract key stakeholders in the financial and banking sectors, as well as representatives from authorized FX-dealing institutions across the country.
The 47th President of the United States, Donald Trump attracted up 3 trillion dollars in investments into the country’s economy in his first full day at work.
This was gleaned from the verified handle of the POTUS on micro-blogging site, X, on Wednesday.
Biztellers reports that the POTUS is focused ensuring at least $1 trillion investment daily for the first seven days of his return to the White House, which would be driven by key clearly identified areas, including artificial intelligence.
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President Trump wrote, “In total, before the end of my first full business day in Washington and the White House, we’ve already secured nearly $3 trillion of new investments in the United States.
“And probably, that’s going to be six or seven by the end of the week.”
In a short video clip accompanying the statement, President Trump assured that the surge in investments would likely hit $7 trillion within his first seven days as the 47th POTUS.
He highlighted that artificial intelligence had proven to be an area lots of willing entrepreneurs had shown much appetite for.
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