Economy

Nigeria’s headline inflation increased for the sixth consecutive month by 38bps to 22.79% y/y in June (May: 22.41% y/y). A report by the National Bureau of Statistics showed that on month-on-month basis, headline inflation rose by 19bps to 2.13% (May: 1.94% m/m). Food inflation advanced by 43bps to 25.25% y/y…

The Senate has approved $800 million World Bank loan request by President Bola Tinubu. This followed the consideration of the loan by the Committee of the Whole during Thursday’s plenary. Former President Muhammadu Buhari had, towards the tail end of his administration, forwarded same request to the 9th Senate in…

The Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, has officially announced that the investment profile in the nation’s telecommunications sector, comprising foreign direct investment (FDI) and local investment, has reached $75.6 billion as of 2021.  Danbatta disclosed this at an interactive session with…

The National Bureau of Statistics (NBS) says prices of food items such as tomatoes, rice, and yams witnessed increases in May. It made the declaration in its Selected Food Prices Watch Report for May issued in Abuja on Tuesday. The report stated that the average price of 1kg of tomato…

The Central Bank of Nigeria (CBN) and the Bill and Melinda Gates Foundation (BMGF) have held strategic discussions in Abuja on how to deepen collaboration on financial inclusion in Nigeria. Speaking during the meeting on June 22, 2023, the Bank’s Acting Governor, Mr. Folashodun Shonubi, reiterated the commitment of the…

Following the suspension of the Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele from office on Friday by President Bola Tinubu, the Deputy Governor (Operations Directorate), Mr. Folashodun Adebisi Shonubi has been directed to be the acting governor. About Shonubi Mr. Folashodun Adebisi was born on the 7th of…

 The National Information Technology Development Agency NITDA and the Small and Medium Scale Enterprises Development Agency of Nigeria (SMEDAN) have agreed to institutionalise the activities of the Small and Medium Enterprises, (SMEs) in the country. The proposed agreement was revealed in Abuja, at a meeting between the NITDA’s Director General,…

The Federal Government of Nigeria has confirmed plans to increase excise tax on tobacco products from 30 per cent ad-valorem to 50 per cent as part of measures to control tobacco smoking in the country. Dr Mangai Malau, Head, Tobacco Control Unit, Noncommunicable Disease Division, Federal Ministry of Health disclosed…

Report  from the National Bureau of Statistics (NBS) says inflation rose for the third consecutive month as it increased by 13bps to 22.04% y/y from the February reading of 21.91% y/y. The core inflation was the primary driver of the surge in headline numbers, even as food inflation recorded a…

Omolola Ajobiewe The Nigerian Maritime Administration and Safety Agency (NIMASA) has noted that while the country awaits a blue economy, a cohesive national policy to fully kick into gear, the country must for a starter become blue ambassadors, advocate for it. Speaking at the Centre for Financial Journalism, the Bullion…