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Nigeria to Boost Economy with $20 Billion Investment, Implements Cash-Out Limits

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ECONOMY,INVESTMENT,CASH-OUT LIMITS

Nigeria aims to bolster its economy with a $20 billion annual investment, targeting a 6.3% growth rate. The government also implements several measures, including cash-out limits for PoS terminals, temporary access to the Nigerian Autonomous Foreign Exchange Market (NAFEM) for Bureau de Change (BDC) operators, and zero percent duty on imported CNG and LPG equipment. These measures aim to address economic challenges, combat fraud, and promote a cashless economy.

Nigerians paid N2.23 trillion as ransom in one year between May 2023 and April 2024.invest $20 billion annuallyEdun spoke on Friday during the citizens and stakeholders engagement on the implementation of presidential priorities and ministerial deliverables for the fourth quarter of 2024, in Abuja.

to the Nigerian Autonomous Foreign Exchange Market to purchase $25,000 weekly from December 19 to January 30. CBN also said the personal travel allowance and business travel allowance remain available and can be accessed from their banks to meet travel requirements.limit on point-of-sale terminals to N100,000 per customer.

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Nigeria Saves $20 Billion by Ending Fuel Subsidy and Adopting Market-Based ForexThe Nigerian Federal Government announced a significant saving of $20 billion by eliminating petrol subsidies and implementing market-based foreign exchange pricing. Finance Minister Wale Edun stated that these subsidies previously consumed 5% of the country's GDP, which amounted to $20 billion annually. The government intends to allocate these funds to crucial sectors like infrastructure, healthcare, social services, and education. The removal of subsidies is seen as a major step towards economic reform, aimed at curbing profiting from inefficient systems.
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