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NewsNigeriaPoliticsDangote Abandons Steel Investment Plans in Nigeria Over Monopoly Accusations

By Ezinwanne Onwuka (Senior Reporter)July 21, 2024

Aliko Dangote, Africa’s richest man, has shelved plans to build a new steel plant in Nigeria. This decision comes amidst accusations from the government that Dangote’s business empire wields too much influence, particularly with the launch of his new oil refinery. Dangote announced the change of plans on Saturday while addressing journalists at his refinery in Lagos. He stated that the company’s board opted to avoid the steel industry to avoid being “called all sorts...

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EconomyNewsNigeriaNigerians Feel the Pinch as Inflation Hits Record High of 34.19%

By Ezinwanne Onwuka (Senior Reporter)July 16, 2024

Nigerians are feeling the heat as inflation skyrockets to a record-breaking 34.19 per cent in June 2024, according to the National Bureau of Statistics, NBS. This marks a jump from May’s 33.95 per cent and a massive 11.40 percentage points higher compared to the 22.79 per cent recorded in June 2023. “This means that in the month of June 2024, the rate of increase in the average price level is higher than the rate of...

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EconomyNewsNigeriaTrucks of Rice Delivered to States as Tinubu’s Government Battles Food Crisis

By Ezinwanne Onwuka (Senior Reporter)July 16, 2024

To alleviate the impact of rising food prices, the Nigerian government has announced the distribution of trucks of rice to all 36 states and the Federal Capital Territory, FCT, Abuja. This comes as the National Bureau of Statistics reported a record-breaking inflation rate of 34.19 per cent in June 2024, with food prices experiencing a particularly sharp increase. Each State and the FCT received 20 trucks, although previous reports suggested each state would receive five....

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BusinessEconomyNewsNigeriaNigeria’s Cost of Living Crisis Worsens As Inflation Rate Hits 33.95%

Hassan Umar Shallpella (Regional Correspondent)June 17, 2024

The National Bureau of Statistics, NBS, released data on Saturday showing Nigeria’s inflation rate climbed to a staggering 33.95 per cent in May, the highest level in 28 years. This represents a 0.26 percentage point increase from April’s already concerning rate of 33.69 per cent. The report highlights a relentless rise in the cost of living, with food prices at the forefront. Food inflation specifically reached 40.66 per cent in May, up from 40.53 per...

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EconomyNewsNigeriaNigeria’s Inflation Rate Soars to 33.69%

By Ezinwanne Onwuka (Senior Reporter)May 15, 2024

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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BusinessNewsNigeriaFuel Scarcity: Civil Servants Calls For Unmask Of Cabals Behind The Problem

Hassan Umar Shallpella (Regional Correspondent)May 7, 2024

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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EconomyNewsNigeriaNetherlands To Activate $250 Million New Investments In Nigeria

Hassan Umar Shallpella (Regional Correspondent)April 26, 2024

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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National DevelopmentNewsNigeriaPresidential CNG Initiative Committee, Ready To Rollout Critical Assets For Deployment

Uzoamaka Ikezue (Staff Reporter)April 22, 2024

…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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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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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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