Food and Energy Costs Soars Nigeria’s Inflation to 33.2% New High

EconomyNewsNigeriaFood and Energy Costs Soars Nigeria’s Inflation to 33.2% New High

By Ezinwanne Onwuka (Senior Reporter)April 16, 2024

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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CBN Hikes Interest Rate to 24.75% to Tackle Economic Challenges

BusinessEconomyNewsNigeriaCBN Hikes Interest Rate to 24.75% to Tackle Economic Challenges

By Ezinwanne Onwuka (Senior Reporter)March 27, 2024

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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ECOWAS Team visit’s Anambra Central Fish Village in Adazi Nnukwu

EconomyNewsNigeriaECOWAS Team visit’s Anambra Central Fish Village in Adazi Nnukwu

Ebuka Onyekwelu (Staff Writer)March 22, 20241

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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ECOWAS Partners with Anambra to Train Youths in Fish Farming

EconomyNewsNigeriaECOWAS Partners with Anambra to Train Youths in Fish Farming

Ebuka Onyekwelu (Staff Writer)March 20, 2024

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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Lagos Food Market Offers Discounts Of Prices On Essential Commodities

EconomyNewsNigeriaLagos Food Market Offers Discounts Of Prices On Essential Commodities

Hassan Umar Shallpella (Regional Correspondent)March 18, 2024

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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IWD: Over 1000 single mothers rewarded with vocational skills in Lagos State

EconomyNewsNigeriaIWD: Over 1000 single mothers rewarded with vocational skills in Lagos State

Hassan Umar Shallpella (Regional Correspondent)March 8, 2024

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...

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EconomyNewsNigeriaFederal Government To Commence Distribution Of 42,000 Metric Tonnes Of Grains

Ije Ulasi (Regional Correspondent)March 5, 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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Solid Minerals: FG guarantees Qatari businessmen of investor-friendly policies

EconomyNewsNigeriaSolid Minerals: FG guarantees Qatari businessmen of investor-friendly policies

Uzoamaka Ikezue (Staff Reporter)March 2, 2024

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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Niger Foods set to establish 30,000-hectare farm estate in Ishau

EconomyNewsNigeriaNiger Foods set to establish 30,000-hectare farm estate in Ishau

Uzoamaka Ikezue (Staff Reporter)March 2, 2024

In a bid to tackle food insecurity, Niger Foods has signed a lease agreement to develop a 30,000-hectare farm estate in Ishau District of Niger State. The agreement was signed at the Emir Palace in the presence of the Emir of Minna, Alh (Dr) Umar Faruq Bahago. The initiative is in line with former Governor Umaru Bago’s commitment to establish farm estates across 25 local government areas of Niger State. The chairman of Niger Foods...

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Over 100,000 Vulnerable Households Receives Foodstuff In Borno State

EconomyNewsNigeriaOver 100,000 Vulnerable Households Receives Foodstuff In Borno State

Hassan Umar Shallpella (Regional Correspondent)February 29, 2024

Governor of Borno State Babagana Zulum has initiated the distribution of food supplies to more than 100,000 vulnerable households in two local government areas, namely Maiduguri Metropolitan Council and Jere. Governor Zulum, during the symbolic presentation at the Maiduguri Sports Centre, said each household would receive a 25kg bag of rice and a 25kg bag of maize, noting the aim is to alleviate the difficulties caused by the increasing costs of food and other essential...

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