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Nigeria’s inflation rate has climbed to a new high of 33.69 per cent, according to data released by the National Bureau of Statistics, NBS, on Wednesday. This represents a significant increase from 33.20 per cent recorded in March 2024. The rise in inflation is attributed to soaring prices of food and non-alcoholic beverages. The year-on-year comparison paints a grim picture as well, with April 2024’s inflation rate being 11.47 percentage points higher compared to April...

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The Netherlands will activate $250 million worth of new investments in Nigeria over the next few months, including a $100 million investment in a waste-to-wealth industrial facility in Lagos State. Netherlands Prime Minister, Mark Rutte disclosed this when he received President Bola Tinubu in The Hague, also acknowledged President Tinubu’s economic reforms. “You are promoting democratic governance and dealing with problems of development. “I saw you take the courageous decision to deal with fuel subsidies...

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Nigeria’s inflation rate surged to a new high of 33.2 per cent in March 2024, according to data released by the National Bureau of Statistics, NBS, on Monday. This represents a 1.5 percentage point increase from the 31.7 per cent recorded in February 2024. The rise in inflation is being attributed primarily to increasing food and beverage prices, coupled with rising energy and housing costs. Food inflation, a key driver of overall inflation in Nigeria,...

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In response to mounting economic pressures, the Central Bank of Nigeria, CBN, has announced a significant hike in interest rates, aiming to address inflationary concerns and stabilise the country’s economy. The Monetary Policy Committee, MPC, voted on Tuesday to increase the Monetary Policy Rate, MPR, by 200 basis points, bringing it to 24.75 per cent from the previous rate of 22.75 per cent. The decision reflects careful deliberation by the MPC, considering various economic indicators...

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A team from the ECOWAS Commission, led by Mrs. Massandje Toure-Litse, the ECOWAS Commissioner for Economic Affairs and Agriculture, visited the Anambra Central Fish Village located in Adazi Nnukwu, Anaocha Local Government Area of Anambra State. The visit is part of the tour by the ECOWAS team to evaluate significant agro investments that may require assistance that can be given by the Commission, to boost the economic fortunes of the people for its vision of...

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The Economic Community of West African States – ECOWAS, has partnered with the Fisheries and Aquaculture Business Development Agency – FABDA, an Anambra State Government Agency headed by Emeka Iloghalu, to train no fewer than one hundred and fifty Anambra youths in table fish production. This training was hosted by the Anambra State Polytechnic in Mgbakwu, Awka North Local Government Area, Anambra State. The training which took place over four months, was handsomely supported by...

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The ‘Ounje Eko’, Lagos food market is offering discounts on prices of essential commodities across the state. The commencement of the sales follows the announcement that the “Ounje Eko” food markets will begin sales of food items at discounted prices in the five divisions of the state on Sunday, March 17, so Lagosians may flood the various locations to buy food items at affordable prices. Lagos State Governor, Babajide Sanwo-Olu who disclosed this at a...

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In commemoration of International Women’s Day, about 1,000 young single mothers have been empowered with vocational skills in the Ibeju-Lekki local government area of Lagos State. A civil society organization, Oladele Fajemirokun Foundation provided the women, who have no male support in their households with relevant skills, resources, and support to enhance their economic independence and self-sufficiency. Kene Egbue, the Foundation’s Program Manager, who announced the initiative in a statement released to mark the 2024...

The Minister of Agriculture and Food Security, Senator Abubakar Kyari has announced that the Federal Government will commence the distribution of 42,000 metric tonnes of grains directed by President Bola Tinubu will across the 36 states this week. The minister made this known through a post on his official handle on X on Monday said in addition to the grains, 58,500 metric tonnes of milled rice sourced from mega rice millers will also be released...

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To boost investment in solid minerals, the Federal Government (FG) has guaranteed Qatari businessmen of investor friendly policies to facilitate business in Nigeria. Dr. Oladele Alake, Minister of Solid Minerals Development, noted that comprehensive data on the pattern and quantity of energy mineral Lithium are available at the Nigerian Geological Survey Agency for businesses interested in  establishing lithium companies in Nigeria. Alake stated this in Doha, Qatar on Saturday at a meeting with Qatari businessmen on...

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