Tag Archives: Nigeria

Nigeria’s inflation rate rises to 17.71%

The National Bureau of Statistics (NBS) has said that Nigeria’s inflation rose to its highest level in 11 months, rising from 16.82% recorded in April 2022 to 17.71%. The consumer price index, which measures the rate of inflation rose by 17.71% year-on-year in May 2022, which is 0.89% points higher than the 16.82% recorded in the previous month (April 2022). ...

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Nigerian economy grew by 3.11% in first quarter of 2022- NBS

The National Bureau of Statistics (NBS, has disclosed that Nigeria’s economy has experienced growth of 3.11%, year on year, YoY, in the first quarter of the year (Q1’22) from 0.51% as recorded in the corresponding period in 2021 (Q1’21). The Nigerian Gross Domestic Product Report (Q1 2022) released this morning (Monday) by the National Bureau of Statistics, said, “Gross Domestic ...

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Nigeria needs DFIs to solve economic challenges- BoI MD

The Bank of Industry has called for the increased collaboration of Development Finance Institutions (DFIs) to end some of the nation’s economic challenges. This was made known by the Managing Director, Bank of Industry (BoI), Olukayode Pitan at the Nigerian Development Finance Institution’s annual general meeting. According to the Chairman of the group, it is compelling for DFIs to increase ...

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Many hotels are on the verge of collapsing- Association cries out

The Hoteliers’ Association Of Nigeria has called on the Federal Government, and Oyo State particularly to come to the rescue of the industry over outrageous bills and multiple as some of them are on the verge of folding up. The call was made by Ayodele Ogundele, the Association’s President on Monday. According to him, hotels are currently running below 50% ...

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Nigeria, others may experience economic turbulence- IMF

Nigeria and other developing countries with high foreign currency borrowings and external funding should prepare for possible turbulence The warning was Issued by financial global body, the International Monetary Fund. The IMF said this in a  blog post titled ‘A Disrupted Global Recovery’ discussing its World Economic Outlook. It will be recalled that Nigeria spent a sum of $520.78 million ...

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Nigeria spent N500 billion on fish import within 11 months

Despite being the largest producer of fish in Africa, Nigeria has spent about N500 billion on fish import in the last 11 months. Findings revealed that the higher cost of imported fish products since 2015 and the 2019 devaluation of the naira are yet to create the necessary opportunity for domestic fish production to compete with imported fish. Therefore, the ...

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Rising Prices of Foodstuffs and Ineffective Economic Policies in Nigeria

By Ajibola Olarinoye “There are people in the world so hungry that God can not appear to them except in the form of bread.” The quote stated above was made by the late Indian activist, nationalist, and brilliant lawyer, Mahatma Ghandi, who was unfortunately assassinated in 1948. Without any shadow of doubt, the statement vividly depicts the current abject poverty ...

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Shell Nigeria announces expansion of a new business line

Global energy giant, Shell, has announced the expansion to a new business line in Nigeria with the expansion of natural gas sales and distribution to meet the growing energy needs of wholesale consumers and provide more and cleaner energy across the country. The new business line, which is Shell Energy Nigeria will seek to deliver gas-based energy solutions to businesses ...

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Chinese banks to soon start operations in Nigeria- Envoy

Plans are in the offing for Chinese banks to start operations in Nigeria, Ambassador Cui Jianchun said on Tuesday. He noted that Nigerian financial institutions are welcome in his country if they decide to come on board. According to him, he is working to ensure the banks open in China and has been taking required steps. Jianchun told reporters in ...

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Food Affordability: Report ranks Nigeria second poorest in the world

A report by the Institute of Development Studies, a UK-based think tank, has placed Nigeria as the second poorest country in the world in terms of food affordability. The report, which was compiled through a publicly available global cost-of-living database, Numbeo, was used in creating a ‘cost of food basics’ analysis that compares the monthly minimum recommended spending on food ...

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