Just another News Updates
Despite a recent boost in Nigeria’s minimum wage to ₦70,000, inflation has significantly eroded its purchasing power, reducing its real value to ₦52,473.76. Although the inflation rate has slightly decreased from 34.19% to 33.40%, the cost of living remains a pressing concern for many Nigerians. The initial announcement of the wage increase brought hope to […]
The Federal Government of Nigeria is planning to suspend import duties on staple food items, drugs, and other essentials for six months to address rising inflation. This initiative, outlined in a document submitted to President Bola Tinubu, also proposes waiving levies on fertilizers, poultry feed, flour, and grains. Bloomberg reports that President Tinubu has not […]
The International Monetary Fund (IMF) has issued a stark warning regarding Nigeria’s economic future, stating that the inflation rate could soar to an unprecedented 44% if significant actions aren’t taken to stabilize the naira’s declining value. In its recent assessment of Nigeria’s post-financing situation, the IMF outlined a troubling scenario where a combination of factors, […]
The International Monetary Fund has issued a stark warning about Nigeria’s economic challenges, citing stagnant per-capita growth, widespread poverty, and escalating food insecurity as key contributors to the nation’s ongoing cost-of-living crisis. In a report titled ‘IMF Executive Board Concludes Post Financing Assessment with Nigeria,’ the global financial institution highlighted Nigeria’s mounting inflation, currency instability, […]
The headline inflation rate in Nigeria experienced a notable increase, reaching 27.33% in October 2023. This marks a continued ascent from the already high September figure of 26.72%, indicating a 0.61% point rise compared to the previous month. A year-on-year analysis reveals a more alarming trend, with the October 2023 inflation rate standing 6.24% points […]
The United Nations World Food Programme (WFP) says over 25 million Nigerians may face acute hunger at the peak of the lean season (June-August) this year. The projection was made known by WFP’s Country Director, David Stevenson, at the unveiling of the humanitarian agency’s new Country Strategic Plan (CSP) for Nigeria in Abuja on Wednesday. […]
Nigeria’s annual inflation rate rose to 22.41 per cent in May from 22.22 per cent in the previous month, the National Bureau of Statistics (NBS) said Thursday. The statistics office said the May 2023 inflation rate showed an increase of 0.19 per cent points when compared to April 2023 headline inflation rate. The NBS said […]
The Presidential Enabling Business Environment Council (PEBEC) has ranked Gombe as the state which provides the friendliest environment for business in Nigeria. This is contained in the council’s 2023 Subnational Ease of Doing Business (EoDB) report. This is the second time Gombe will clinch the top spot. The state had emerged the overall best when […]
When he steps down next week President Muhammadu Buhari will be leaving Nigerians less secure, poorer and more in debt than when he came to office in 2015. The former military ruler became president after winning a momentous election which saw the defeat of underperforming incumbent Goodluck Jonathan. Riding a wave of optimism that change […]
Nigeria’s consumer price index (CPI), which measures inflation rose to 22.04 percent in March 2023, up from 21.91 percent in February This is according to the latest CPI report released on Saturday by the National Bureau of Statistics (NBS). The March increase comes across as the third consecutive surge in the country’s inflation figure since […]