At the start of 2024, the world's wealthiest individuals were experiencing unprecedented gains, raking in an estimated $10 billion per day throughout January. However, just a month later, those fortunes have taken a dramatic hit, with a combined $… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader Tech Billionaires lose $138 billion as market rally reverses By sbinsights on March 2, 2025 At the start of 2024, the world's wealthiest individuals were experiencing unprecedented gains, raking in an estimated $10 billion per day throughout January. However, just a month later, those fortunes have taken a dramatic hit, with a combined $138 billion erased from the net worths of Elon Musk, Jeff Bezos, Mark Zuckerberg, and Larry Ellison. The downturn signals a sharp shift for billionaire investors, particularly in the tech sector, where valuations had soared to record highs. The reversal comes amid rising market volatility, driven in part by the emergence of a disruptive new AI company that has unsettled investor confidence. Read also Tech Billionaires lose $138 billion as market rally reverses Senate pushes tax reform bills to achieve Tinubu's $1 trillion economy vision Nigeria's GDP growth hits 3.4% in 2024, fastest pace in three years Foreign investors withdraw N45.85bn from Nigerian stock market Kano's food sector gets boost with new Instant Koko production line According to the Bloomberg Billionaires Index, losses are mounting across the board. Elon Musk, who entered February with an estimated $433 billion, has seen his wealth plummet to $349 billion. Mark Zuckerberg, CEO of Meta, has dropped from $243 billion to $232 billion. Meanwhile, Oracle chairman Larry Ellison, who briefly ranked among the world's top three richest individuals, has lost nearly $9 billion. The sudden reversal has left analysts debating whether this is a temporary market correction or the start of a longer-term decline. With tech stocks facing increasing pressure and investors reassessing their positions, the coming months could determine whether the billionaire boom of early 2024 was simply a short-lived surge.

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The Nigerian Senate has described the proposed tax reform bills as a critical step toward achieving President Bola Tinubu's vision of a $1 trillion economy. Speaking to journalists in Abuja on Tuesday, Senate Committee on Finance Chairman, Sani Mu… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader Senate pushes tax reform bills to achieve Tinubu's $1 trillion economy vision By sbinsights on March 2, 2025 The Nigerian Senate has described the proposed tax reform bills as a critical step toward achieving President Bola Tinubu's vision of a $1 trillion economy. Speaking to journalists in Abuja on Tuesday, Senate Committee on Finance Chairman, Sani Musa, emphasized the importance of the reforms in strengthening Nigeria's economic framework. Musa disclosed that the committee would embark on a three-day retreat to review stakeholder submissions and consult with economic experts and legal professionals, including the Office of the Attorney General of the Federation. Related Posts "We are determined to give this country a workable and inclusive legislation. The bill will take into account the interests of all Nigerians, ensuring economic policies that are sustainable beyond President Tinubu's tenure," Musa stated. The Senate Committee on Sports Chairman, Abdul Ningi, who initially opposed the bills, acknowledged that extensive consultations with state governors had fostered a national consensus on the proposed reforms. Meanwhile, Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, commended Nigerians for embracing the tax reforms, which he said would enhance revenue generation and economic stability. Additionally, the Manufacturers Association of Nigeria (MAN) supported the proposed reforms on Free Trade Zone (FTZ) operations, clarifying that goods manufactured in FTZs and sold in the domestic market are not entitled to tax exemptions. The Senate assured Nigerians that the reforms would help improve business transparency, economic competitiveness, and revenue efficiency, all of which are crucial to achieving a $1 trillion economy in the coming years.

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Nigeria's Gross Domestic Product (GDP) growth rose to 3.4% in 2024, up from 2.74% in 2023, according to the National Bureau of Statistics (NBS). The report, released on Tuesday, showed that the economy expanded at its fastest pace in three years, … Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader Nigeria's GDP growth hits 3.4% in 2024, fastest pace in three years By sbinsights on March 2, 2025 Nigeria's Gross Domestic Product (GDP) growth rose to 3.4% in 2024, up from 2.74% in 2023, according to the National Bureau of Statistics (NBS). The report, released on Tuesday, showed that the economy expanded at its fastest pace in three years, driven largely by the services sector and non-oil industries. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, welcomed the latest figures, describing them as a testament to the resilience of the Nigerian economy and the success of President Bola Tinubu's Renewed Hope Agenda. According to the NBS, the services sector was the major driver of the economy, contributing 57.38% to total GDP. The non-oil sector, which accounted for 95.40% of total GDP in Q4 2024, continued to lead economic growth. Meanwhile, the oil sector's contribution declined to 4.60%, down from 5.57% in the previous quarter. In real terms, the economy grew to N22.61 trillion in Q4, up from N20.12 trillion in Q3 and N21.77 trillion in Q4 2023. In nominal terms, GDP stood at N78.37 trillion, reflecting an 18.91% year-on-year growth. Read also Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), described the 3.84% GDP growth in Q4 as an indication of economic recovery and investor resilience. He noted that macroeconomic conditions began to improve in the second half of 2024, with relative naira stability, easing inflation, and lower energy costs boosting investor confidence. A significant highlight of the report was the petroleum refining sector's recovery, posting an impressive 9.6% growth, largely attributed to the Dangote Refinery and the resumption of operations at NNPC refineries. Edun assured Nigerians that the government's economic policies, particularly agricultural investments and financial sector reforms, were aimed at translating growth into improved livelihoods for all citizens.

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