The week ahead - Gifts that keep on taking
The US has rolled back its corporate corruption stance, while Nigeria faces economic and political challenges, and Ghana tackles a health sector funding gap.
Happy Valentine’s Day.
As many celebrate the season with gifts and cheer, American firms have been greeted with POTUS’s rollback on tough stance. In Nigeria, the government’s "gifts" come in the form of additional budget requests and higher port tariffs, compounded by increased telecom charges, even as anticipation builds over a potential MPR hike. Meanwhile, defecting lawmakers in a south-south state continue to hold their seats despite the governor’s attempts to unseat them. Across the border, Ghana’s finance minister has been tasked with closing a critical health sector funding gap.
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Nigeria's Valentine's Day celebrations are growing in popularity, with 85.6% of Nigerians planning to participate in 2025. Spending is increasing, with traditional gifts and experiential treats in demand. Despite inflation, retailers are adapting with innovative strategies, showcasing Nigeria's resilience and adaptability. The full report can be found here.
Chart of the week
Developing story
Sudan thanked Russia for blocking UN intervention, reaffirming its commitment to sovereignty. Russia secured a naval base in Sudan in return for their support. This comes amid the continuing conflict between the Sudanese military and RSF, which has caused over 28,000 deaths and millions displaced. Despite the UAE's ceasefire call, the Sudanese army refused, demanding the lifting of city sieges. The army accused the EU of supporting the RSF, a claim the UAE denies.
What we’re watching
President Donald Trump signed an executive order pausing enforcement of the Foreign Corrupt Practices Act, which prohibits US companies from bribing foreign officials.
President Bola Tinubu has requested a $2.99 billion increase to Nigeria's 2025 budget, bringing the total to $35.96 billion, to address the country's critical challenges.
The Central Bank of Nigeria has rescheduled its 299th Monetary Policy Committee meeting to February 19-20. At this meeting, the central bank will decide whether to hold or hike interest rates in response to current economic trends.
A Lagos court has ruled in favour of the Federal Competition and Consumer Protection Commission's authority over MTN Nigeria. Due to rising operational costs, telecom operators are beginning to implement a 50% tariff hike.
The Nigerian Ports Authority has secured approval for a 15% tariff increase to upgrade infrastructure, but business groups are opposing the move, warning it will raise production costs and harm businesses.
Nigeria's Supreme Court dismissed Rivers’ Governor Fubara's suit against 27 state lawmakers who defected to the APC, ending a long political crisis marked by legal battles and disputes over the Assembly's legitimacy.
Ghana's President John Mahama has directed the Finance Minister to address the $156 million funding shortfall in the health sector caused by the suspension of USAID assistance.