…..As consumers pay 4.27% higher for diesel M-o-M Motorists and other fuel users in the country bought fuel at an average retail price of N626.21 per litre in September, indicating a 226.75% increase when compared to the value of the product in the corresponding month of last year. However, the Premium Motor Spirit (Petrol) Price […]
The International Monetary Fund (IMF) has predicted that South Africa’s Gross Domestic Product (GDP) will briefly surpass Nigeria’s in 2024, thereby pushing Nigeria down from its current position as Africa’s largest economy. The Bretton Woods institution, in its World Economic Outlook, projected that South Africa’s GDP would reach $401 billion by 2024 at current prices […]
BudgIT, a civic-tech organization at the forefront of advocacy for fiscal transparency and accountability in Nigeria, has launched the 2023 edition of its annual States of States report with the theme ‘Subnational Healthcare Delivery for Improved Economic Development’. One of the key findings of the report showed that both the national and subnational governments continued […]
….As Food Prices Sustain Surging Trend The National Bureau of Statistics (NBS) on Monday reported that in September 2023, the headline inflation rate rose to 26.72% compared to the August 2023 headline inflation rate which stood 25.80%. The Bureau, in its ‘CPI and Inflation Report September 2023’ report published on its website, indicated that […]
The National Bureau of Statistics (NBS) has reported that Nigeria’s total capital importation in the second quarter of this year, remarkably decreased to US$1,030.21 million, lower than US$1,535.35 million recorded in Q2 2022. The Q2 2023 figures indicated a decrease of 32.90% year-on-year (Y-o-Y) but when compared to the preceding quarter, the nation’s capital importation […]
……Nigeria’s exports to country rise to N788.85bn The National Bureau of Statistics (NBS) on Friday reported that The Netherlands ranked top of the five partners and by major commodities in Nigeria’s merchandise trade with foreign countries in the second quarter of this year. The Bureau, in its ‘Commodity Price Indices and Terms of Trade Q2 […]
Latest Nigeria’s Purchasing Managers Index (PMI) report indicated that the index dropped to 50.2 in August, down from 51.7 in July, which showed that efforts by the government to grow the economy are yielding minimal impact with the MPI marking the lowest rate over the past five months. As expected the report is sending worrying […]
The World Bank has predicted that the recent military takeover of government in Niger Republic will likely mount additional pressure on the region’s food markets, with the attendant implications for rising prices for food items. The Washington D.C-based development finance institution made this forecast in its September Food Security update and the bank’s response to […]
The Federal Government spent N2.34 trillion on debt servicing within six months of this fiscal year even as revenue generation continues to be a big challenge for the fiscal authorities. A new report form the Debt Management Office (DMO), indicated that Nigeria’s debt servicing costs dropped to N849.58 billion in the second quarter of 2023, […]
With just about nine days to the Central Bank of Nigeria (CBN) Monetary Policy Committee’s (MPC’s) next meeting, the Lagos Chamber of Commerce and Industry (LCCI) has advised the apex bank to suspend interest rate hikes, especially the Monetary Policy Rate (MPR), to reduce the pressures on the supply side affecting inflation and mitigate the […]