Some economists have said it is still too early to gauge the true impact of the recent petrol subsidy removal and the unification of the foreign exchange rates on inflation figures. “We believe that in the early days, the impact of subsidy removal on inflation, particularly core inflation, was less severe,” said Tajudeen Ibrahim, chief …
The Maize Association of Nigeria (MAAN) says it is adopting a private-public partnership model to drive increased production and marketing of produce in the country. Speaking at a flag-off of the 2023 wet season maize farming and input distribution in Katsina State, Abubakar Bello, the national president of MAAN, said that the PPP platform was …
The National Bureau of Statistics (NBS) has explained why last month’s inflation numbers did not fully capture the impact of the fuel subsidy removal and the unification of the exchange rate. According to the NBS, Nigeria’s inflation rate rose marginally to a new high of 22.79 percent in June 2023 from 22.41 percent in the …
Nigeria’s headline inflation rate accelerated marginally for the sixth consecutive time to 22.79 percent in June, according to data by the National Bureau of Statistics (NBS) released Monday. The inflation rate in Africa’s biggest economy rose to a new 17-year high of 22.79 percent in June 2023 from 22.41 percent in the previous month. Analysts …
…as GIZ/DTC Nigeria holds Techmybiz pitch-a-thon L-R: Olusegun Alimi; Weyinmi Smith; Bashira Hassan all of GIZ; Markus Wauschkuhn, coordinator of the Sustainable Economic Development Cluster of GIZ Nigeria; Onesi Lawani; Inuwa Kashifu Abdullahi, DG of NITDA; Thuweba Diwani, head of the Digital Transformation Center Nigeria; Bunmi Kole-Dawodu, Lagos State manager, SMEDAN; Gbekeloluwa Oshinowo, and Emmanuel …
Nigeria’s extractive industry, focusing on oil, gas, and minerals, positions the country as Africa’s top oil producer and the 12th largest globally. It boasts significant natural gas reserves as well. This sector plays a vital role in Nigeria’s economy, contributing over 65 percent of government revenue and more than 85 percent of total exports. However, …
The Central Bank of Nigeria (CBN)’s slashing of Cash Reserve Ratio (CRR) of Merchant banks, means money for the real sector of the economy to create jobs. The CBN on Friday revised the CRR of Merchant banks to 10 percent from 32.5 percent, and this takes effect August 1, 2023. Haruna Mustafa, director, banking supervision …
The federal government’s move to tax the informal sector could worsen the burden of small business owners and heighten poverty and hardships facing Nigerians, economic experts have said. The federal government, through the Federal Inland Revenue Service (FIRS), recently disclosed plans to implement the VAT Direct Initiative, which is aimed at enabling the government to …
Central Bank of Nigeria (CBN) The Central Bank of Nigeria (CBN) on Friday revised the Cash Reserve Ratio (CRR) of merchant banks to 10 percent from 32.5 percent. Haruna Mustafa, director, banking supervision disclosed this in a letter to all Merchant banks dated July 14, 2023. Read also: Tough times for Nigerian banks as CRR …
Dele Kelvin Oye, national president, Nigerian Association Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has commended the President Bola Ahmed Tinubu-led Federal Government for the launch of the trade and investment policies for Nigeria. Oye spoke on behalf of the Organised Private Sector of Nigeria at the stakeholders’ sensitisation workshop and public presentation of …