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 […]
The outgoing Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammed Nami, has projected that the service will achieve a new revenue collection record of at least N13 trillion by the end of this year in view of its ongoing drives. If the projected target is met, it would imply that the federal revenue […]
Nigeria’s public debt stock has surged to N87.38 trillion (US$113.42 billion) in Q2 2023 from N49.85 trillion (US$ 108.30 billion) in Q1 2023, representing a 75.27% growth on a quarter-on-quarter basis. The National Bureau of Statistics (NBS), the national statistics coordinating agency in Nigeria, reported on Thursday, in its ‘Nigerian Domestic & Foreign Debt Q2 […]
Nigeria’s headline inflation rate increased to 25.80% in August relative to the 24.08% recorded in the preceding month, the National Bureau of Statistics (NBS) has reported. The statistics agency, in its ‘Consumer Price Index August 2023’ report published on Friday, indicated that that the August 2023 headline inflation rate showed an increase of 1.72% points […]
The International Energy Agency (IEA) has disclosed that Africa’s bond market total is still less than $1 trillion, which is just less than 1% of the global total. The agency, in its just released September 2023 report on energy financing in Africa, noted that the bond market on the continent was still in its growth […]
The National Bureau of Statistics (NBS), the coordinating agency for Nigeria’s statistical system, reported on Friday that total revenue generated from rail transportation in the second quarter of this year increased to N1.1 billion, representing 83% more than the N598.74 million generated in the corresponding quarter of last year. However, it reported that when analyzed […]
Sustained efforts by the Nigerian Electricity Regulatory Commission (NERC) and the electricity distribution companies to provide meters for electricity consumers in the country appear not to be yielding tangible results as metered customers only increased to 5.47 million in Q2 2023, representing a growth of 3.10% from 5.31 million recorded in the preceding quarter this […]
Nigeria’s merchandize trade value in the second quarter of this year totalled N12,741.96 billion, with exports accounting for N7,015.71 billion while imports accounted for the N5,726.25 billion balance. The National Bureau of Statistics (NBS) in its ‘Foreign Trade in Goods Statistics (Q2 2023)’ report posted on its website on Friday indicated that the nation’s total […]
…..targets 50% broadband penetration by year-end The telecommunications sector’s contribution to the nation’s Gross Domestic Product (GDP) has increased significantly to 16% in the second quarter of 2023, according to the data reported by the Nigerian Communications Commission (NCC). The Executive Vice Chairman of NCC, Prof. Umar Danbatta, who made this disclosure in a […]
…..consumers to pay more for fuel, other items Oil prices at the global markets rose to a nine-year high since 2014 on Tuesday as Saudi Arabia announced the sustenance of its voluntary production cuts of one million barrels per day until the end of 2023 even as Russia also expressed its export cuts of 300,000 […]