Nigeria’s inflation rate has climbed again, reaching 34.60 per cent in November, up from 33.88 per cent in October. This was revealed in the latest Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS) on Monday. The rising cost of living has been linked to the naira’s devaluation and repeated petrol price hikes, both of which have pushed many Nigerians into tough financial situations. To tackle the inflationary pressure, the Central Bank...

The International Monetary Fund, IMF, has revised Nigeria’s 2024 economic growth forecast downward to 2.9 per cent from the earlier projection of 3.1 per cent in July. The downgrade, contained in the IMF’s latest World Economic Outlook, WEO, report, attributes the adjustment to disruptions in oil production, severe flooding, and persistent inflation. The report notes that flooding, coupled with ongoing security and maintenance challenges in the oil sector, has significantly affected economic activities. “Over the...