ECONOMY

  The National Bureau of Statistics (NBS) says the headline inflation rate eased to 32.15% in August 2024, relative to the July 2024 headline inflation rate of 33.40%. This indicates that the August headline inflation rate showed a decrease of 1.25% points when compared to the July headline inflation rate....

President Bola Tinubu has claimed that there has been a positive shift in the country’s economy. He expressed confidence in the reforms introduced by his administration, stating that they will create a more robust economy and usher in a new era of prosperity for Nigerians. Speaking via a statement issued...

‘The Nigeria Deposit Insurance Corporation (NDIC), the Central Bank of Nigeria (CBN), the Bank of Industry (BoI), the United Bank for Africa, Access Holdings plc and a host of other banking and financial institutions have thrown their weight behind the 2024 conference of the Finance Correspondents Association of Nigeria (FICAN)...

  Nigeria has become the third-largest debtor to the World Bank ’s International Development Association (IDA). The West African nation, according to the World Bank, had $16.5bn loan exposure as of June 2024. This was published in a financial statement dated June 30 2024, recently released by the World Bank....

  The rising inflation rate will force Nigerian households to spend the largest amounts of their earnings on food in the next six months, a recent survey by the Central Bank of Nigeria (CBN) has shown. This is as the most recent report by the National Bureau of Statistics (NBS)...

  Nigeria’s Gross Domestic Product (GDP) grew while oil production dropped between the first and second quarters of 2024, according to official data. The GDP grew by 3.19 per cent year-on-year in real terms in the second quarter of 2024, the National Bureau of Statistics has said. The Nigerian Bureau...

    Nigeria’s headline inflation rate decreased to 33.40 per cent in July 2024, down from 34.19 per cent in June 2024. This marks the first decline in the headline inflation rate since December 2022, when it last dropped to 21.34 per cent. The latest inflation rate figures are based...

      The pan-Yoruba socio-political group, Afenifere, says President Bola Ahmed Tinubu’s administration is plunging Nigeria into an economic crisis that is worse than the Great Depression of 1929. The group states further that Nigeria’s economic crisis is far worse than the 1929 Great Depression, noting severe declines in...

A recent report by the World Bank Group Finances has revealed that Nigeria is still repaying $10.6 billion in loans obtained by former Presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, and Goodluck Jonathan. According to the report, the loans, totaling 69, were taken between 2000 and 2014, and are still being...

  Nigeria pays $600 million each month on fuel imports, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed. According to him, the expenditure is partly because neighbouring countries, extending to Central Africa, are benefiting from these fuel imports. Speaking during an interview on AIT’s ‘Moneyline...