The recent surge in the price of fuel across the country will worsen the country’s cost of living crisis as households struggle to keep up with the rising cost of goods and services. Over the past year, Nigerians have been struggling to afford basic needs and desperately seeking financial support as inflation erodes household incomes. …
More than two-thirds of Nigerians who have experienced an increased cost of living are reducing their spending on essential and non-essential items, a new report has said. The report titled ‘Talent Management, A New World Order: Shifting Paradigms’ by Phillips Consulting Limited, a Nigerian business and management consulting firm surveyed 1,054 Nigerian adults aged 18 …
The IMF wants to address exchange rate distortions but progress has been limited in several countries including Nigeria, Ethiopia, and Argentina, David Malpass, World Bank Group president has said. Countries with active parallel currency markets have increased in number due to the deterioration of economic conditions over the past few years. Growing depreciation pressures facing …
Rush to stock up fuel causes long queues at service stations and immediate scarcity A proposal by Nigeria’s new president to remove costly fuel subsidies has sparked a rush to snap up cheap petrol and led to long queues outside gas stations across Africa’s most populous country. The fuel crisis erupted at the start of …
So far this year, Nigeria’s economy has encountered a multitude of challenges, ranging from a cash crunch at the beginning of the year to persistent high-interest rates and sky-bound inflation rates. These obstacles have had significant repercussions on the country’s economic performance, including its GDP. According to the latest report by the National Bureau of Statistics, …
The number of registered banking agents grew by 41 percent in 2022 following the Central Bank of Nigeria (CBN) issuing new licences to mobile money operators. The latest GSMA State of Industry Report on Mobile Mobile says the growth in registered banking agents means new jobs for millions and increased access to mobile money services …
As Africa’s technology and start-up ecosystem continues to attract global attention, the inaugural edition of GITEX Africa kicked off in Morocco yesterday, with emphasis on Africa’s ability to play a leading role in the future of global technology and innovation. Major tech stakeholders, international government entities, start-ups, youth, academia, and investors from across Africa and …
As fuel subsidy removal affects the masses, giving solar power a boost, individuals, and businesses now view solar power as a financially attractive investment. The growing alliance between renewable energy and fintech companies through a Pay-As-You-Go (PAYG) model allows solar companies to embed software into their solar-powered products. Consumers can now invest in renewable energy …
Rising prices in Africa’s biggest economy are making many products unaffordable as manufacturers’ inventory of unsold goods rose by 22 percent in one year, according to the Manufacturers Association of Nigeria (MAN). In the association’s latest half-yearly review report, inventory of unsold finished products in the manufacturing sector increased to N469.7 billion in 2022 from …
Many Nigerians have expressed worry over the significant increase in the pump price of petrol across the country, even as long queues persisted at filling stations on Wednesday. The Nigerian National Petroleum Company Limited adjusted pump price at its stations, with the new price ranging from N488 per litre to N557, up from N184-N194 per …