India and some other countries have reportedly rejected the ambassadors posted to them by President Bola Tinubu. They gave reason for the development.
Nigeria’s banking sector nears recapitalisation targets set by the CBN, with 30 banks compliant, enhancing stability and supporting long-term economic growth.
US tariffs on imported cars will create a major headache for European manufacturers such as Volvo, Volkswagen and Mercedes. Half of the vehicles sold by European manufacturers in the United States are imported, according to Moody's, amounting to 785,000 cars worth $44 billion dollars in 2024.
The Central Bank of Nigeria (CBN) has adjusted the exchange rate for cargo clearance, lowering slightly above the official market window as naira gains.
US President Donald Trump said Thursday that he would impose an added 10 percent tariff on Chinese imports while moving ahead with levies on Canada and Mexico next week, citing "unacceptable" fentanyl smuggling. Earlier this month, Trump already imposed a sweeping 10 percent tariff hike on imports from China, prompting Beijing to retaliate.
The high debt saddling the world's poorest countries needs an urgent reset to avoid multiple crises, African leaders said Thursday as they launched an initiative for debt relief and fairer borrowing terms.
French Finance Minister Eric Lombard told AFP on Thursday that the European Union would "do the same" if the United States follows through with 25 percent tariffs announced by President Donald Trump. Trump threatened Wednesday to impose 25 percent tariffs on goods imported from the European Union.
As the Tour de France this week unveiled its fourth foreign start in five years in Barcelona, organisers could point to the financial logic while fending off political criticism from those who believe the world's greatest cycling race should exclusively showcase its home country. For Amaury Sport Organisation (ASO), the company that owns the Tour, the financial logic is clear.
The federal government is ramping up efforts to create jobs for Nigerian youths especially in ICT. Dr. Bosun Tijani, has explained the role of the new ICT hub.
Tesla founder Elon Musk's role in the Trump administration has risked isolating the firm's traditionally liberal customers in its home market but consumers in US trade rival China seemed largely indifferent on Thursday. Despite intense competition from domestic brands, chief among them BYD, Tesla remains one of the best-selling EV brands in the world's largest auto market.
An Audi factory in Brussels billed as the "cradle" of the German carmaker's electric drive is shutting down production for good on Friday, the latest sign of the woes afflicting Europe's auto industry. Audi, a subsidiary of German auto giant Volkswagen, gave several factors for closing the Brussels plant, the largest private employer in the Belgian capital.
Economy
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