NBS Reports Strong Economic Performance with 3.19% GDP Growth in Q2 2024

EconomyNewsNigeriaNBS Reports Strong Economic Performance with 3.19% GDP Growth in Q2 2024

By Ezinwanne Onwuka (Senior Reporter)August 27, 2024

Nigeria’s Gross Domestic Product, GDP, grew by 3.19 per cent in the second quarter of 2024, surpassing the 2.51 per cent growth recorded in the same period last year, according to the National Bureau of Statistics, NBS. In its Q2 2024 GDP Report released on Monday, the NBS highlighted that this growth rate outpaced both the 2.51 per cent achieved in the second quarter of 2023 and the 2.98 per cent recorded in the first...

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Bumper harvests: Food Prices Normalize In Kano, Kaduna, Katsina

EconomyNewsNigeriaPoliticsBumper harvests: Food Prices Normalize In Kano, Kaduna, Katsina

Hassan Umar Shallpella (Regional Correspondent)August 19, 2024

Reports from Kano, Kaduna and Katsina, states indicate that with the bumper harvest, prices of food items have normalize in some parts of the states while prices have remained high in certain areas. Investigations revealed several factors influencing the varying prices of foodstuffs, impacting the purchasing power of ordinary citizens in these states. In Kano State, the arrival of new harvests has led to a reduction in the prices of some food items. A survey...

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Nigeria’s Inflation Rate Drops to 33.40% in July

EconomyNewsNigeriaNigeria’s Inflation Rate Drops to 33.40% in July

By Ezinwanne Onwuka (Senior Reporter)August 16, 2024

The National Bureau of Statistics, NBS, has announced a decline in Nigeria’s headline inflation rate to 33.40 per cent in July, representing a 0.8 per cent point decrease from the 34.19 per cent recorded in June. According to the NBS Consumer Price Index and Inflation Report for July, released on Thursday in Abuja, the year-on-year inflation rate in July 2024 was 9.32 per cent higher than the rate recorded in July 2023, which stood at...

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Dangote Abandons Steel Investment Plans in Nigeria Over Monopoly Accusations

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

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

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

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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Nigeria’s Inflation Rate Soars to 33.69%

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

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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Netherlands To Activate $250 Million New Investments In Nigeria

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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