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Video: Nigeria’s Tinubu meets private sector executives over cost of living crisis

Published

9 months ago

February 26, 2024

In this video, President Bola Tinubu of Nigeria spoke with executives in the private sector about the nation’s rising cost of living and the steps being taken to solve it.

“The people of this country are only the people we have to please and we are very much concerned, from students to mothers, fathers, farmers, traders and realizing that everyone has to fetch water from the same well.

“We are looking additional efforts that might help the downtrodden Nigerians and we will provide that hope and assurance that the economic recovery is on its way. We are not saying that we have all the answers but we will not be blamed for not trying,” Tinubu said in the video.

Aliko Dangote, the richest man in Africa and the owner of Dangote Industries, along with businessmen, AbdulSamad Rabiu and Tony Elumelu, were in attendance.

Following the meeting, Mr. Dangote told reporters that “the economy, food security, and security of the nation” were the topics of discussion at the Presidential Villa in Abuja.

Nigeria is in the middle of its worst economic crisis in decades following the removal of subsidy on petrol and the floating of its currency. Its inflation is at a record high of 29.9℅. The situation has led to a surge in the cost of living and pressure on President Tinubu who came into power nine months ago.

Related Topics:Cost of Living Featured Nigeria

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Video: Kenya’s Ruto targets inflation rate below 3%

Published

4 weeks ago

October 24, 2024

Ifeoluwa Dada

In this video, Kenyan President, William Ruto, stressed the economic goals of his government and charged the public to believe in the economic reforms of his administration.

Ruto also emphasized that the international community and multilateral bodies had applauded his policy direction, and urged Kenyans to join the train.

“You do have my commitment that we will be disciplined as a public sector… it my target that by next year inflation will be sub 3%”, Ruto said.

Earlier in the month, the Central Bank of Kenya slashed the benchmark rate to 12.0%, 75.0 bps down. The Central Bank’s prescribed target band for headline inflation is 2.5% – 7.5%, 5.0% being the mid-point · The last time Kenya registered <3.0% headline inflation was May 2007

Watch the video below:

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Video: Amid unpopular reforms, W’Bank chief insists Nigeria must ‘stay in course’ for 15 years

Published

1 month ago

October 15, 2024

Ifeoluwa Dada

In this video, Indermit Gill, the Vice President and Treasurer of the World Bank who also serves as the Pension Finance Administrator of the World Bank Group, at an event in Abuja, Nigeria’s capital, commended the recent fiscal and monetary reform policies of the government.

He noted that implementing such reforms was impossible without strong resolve from the political class. He also commended the central bank’s decision to raise interest rate.

The central bank has had to hike its policy rate by a huge 850 points in the last 9 months to boost confidence in the Naira and anchor inflationary expectations.

“But this is only the beginning, Nigeria will need to stay the course for at least another 10 to 15 years to transform its economy,” the World Bank chief stressed.

Gill’s remark brings to mind the age-long argument on the actual interest of multilateral bodies in their engagements with developing countries, largely African states, whether through loans or policy framework. Some have argued that the institutions are only bent on impoverishing the continent through policy positions like the removal of subsidy and the devaluation of currencies, both of which Nigeria under the current administration has done under two years— leading to unprecedented inflation rate and soaring cost of living.