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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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Due to unending fuel scarcity across the country, the Association of Senior Civil Servants of Nigeria, ASCSN, has called on the Federal Government to unmask alleged cabals behind the act. Dr. Tommy Okon, President of the Association who spoke during the association’s National Executive Council, NEC, meeting in Lagos, lamented that the long queues at filling stations are holding the economy down and compounding the suffering, hardship, and difficulties confronting Nigerians, especially workers. He reiterated...

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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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…Announces Plan To Produce 600 Buses In First Phase In a bid to reduce the burden of increase in pump price on the masses, the Federal Government provided N100 billion (part of the N500 billion palliative budget) to purchase 5500 CNG vehicles (buses and tricycles), 100 Electric buses and over 20,000 CNG conversion kits, alongside spurring  the development of CNG refilling stations and electric charging stations. The committee driving the initiative is set to deliver on...

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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 ‘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...

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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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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