Private sector employers risk imprisonment for non-compliance with N70,000 minimum wage,FG warns
Post AMUGE
September 19, 2024
Business a.m. The federal government has issued a strong warning to private employers, stating that failure to comply with the new N70,000 minimum wage could result in imprisonment. Kachollom Daju, permanent secretary of the ministry of labour and employment, affirmed that the minimum wage of N70,000 is now legally enforceable and that all employers must […]
Slowing inflation raises prospects of CBN interest rate halt
Post AMUGESeptember 17, 2024
Business a.m. Nigeria’s inflation rate dropped from 33.40 percent in July 2024 to 32.15 percent in August 2024, according to the latest figures from the National Bureau of Statistics (NBS). This downtrend, analysts believe, can be largely attributed to the moderation of food inflation brought about by the harvest season, and is expected to present […]
Petrol holds Nigerian economy hostage as crisis disarms officials
Post AMUGESeptember 10, 2024
Price hikes destabilise businesses, homes Scarcity drives managers, consumers nuts Economy disconfigured by petrol crisis Ricochet of President’s May 29, 2023 one-liner ONOME AMUGE IN LAGOS, NIGERIA The Nigerian economy is in a hostage situation and petrol, the product from fossil fuel that both government officials and a less discerning general public like to call […]
King’s College Old Boys’ association rallies for a secure Nigeria by 2030 at Kingsweek 2024
Post AMUGESeptember 10, 2024
Onome Amuge L-R: Femi Adegoke, member, board of trustees; Wole Eperokun, alternate chairman, 2024 Kingsweek Planning Committee; Ali A Agada, principal King’s College, Lagos; Tonye Cole, chairman, 2024 Kingsweek Planning Committee; Leke Oshunniyi, president, King’s College Old Boys’ Association; Jani Ibrahim, chairman of the School Based Management Committee; Busuyi Onabolu, member, board of trustees, during […]
Nigeria’s business activity index breaks 13-month losing streak- CBN
Post AMUGESeptember 5, 2024
Business a.m. After a prolonged period of contraction lasting 13 consecutive months, the Nigerian economy finally experienced a turning point in August 2024, with businesses registering an expansion in economic activities, according to the Central Bank of Nigeria’s (CBN) recent Purchasing Managers’ Index (PMI) report. The PMI data for August 2024 indicated an upturn in […]
Nigeria private sector expansion slows to a halt in August-PMI
Post AMUGESeptember 3, 2024
Business a.m. Business conditions in Nigeria’s private sector remained broadly stagnant in August, despite some signs of improvement, according to the Stanbic IBTC Bank Purchasing Managers’ Index (PMI). The PMI inched up to 49.9 in August from 49.2 in July, staying just below the 50.0 neutral mark, indicating that overall operating conditions remained stagnant for […]
Inflation, malnutrition, insecurity hit 32m Nigerians with severe suffering
Post AMUGEAugust 31, 2024
Business a.m. Over 31.8 million Nigerians, particularly women and children, are facing severe hunger and malnutrition, a crisis largely driven by the spike in food prices and exacerbated by the removal of fuel subsidies and ongoing security challenges. The extent of this pressing humanitarian crisis was laid bare in the most recent report by the […]
Nigerians borrow N4.82trn in Q1’24 as consumer confidence slides to negative 9.1 points
Post AMUGEAugust 29, 2024
Business a.m. The Household Expectations Survey for July 2024, conducted by the Central Bank of Nigeria (CBN), has indicated a sharp decline in consumer confidence among Nigerians, with the index for the next three months plummeting to a worrying negative 9.1 points. The survey, which collected data from 1,665 households across the country, has revealed […]
Nigeria’s economy expands 3.19% in Q2 driven by service sector growth
Post AMUGEAugust 26, 2024
Business a.m. Nigeria’s economy, led by the services sector, expanded at a robust pace in the second quarter of 2024, with gross domestic product (GDP) growth clocking in at 3.19 percent, exceeding the growth rate of 2.51 percent recorded in the same quarter of the previous year and the 2.98 percent growth achieved in the […]
FG, sub-nationals share N1.358 trn revenue allocation in July
Post AMUGEAugust 19, 2024
Business a.m. The Federation Account Allocation Committee (FAAC) has distributed a total sum of N1.358 trillion among the three tiers of government in Nigeria as federation revenue allocation for July. The disbursement came from the gross total of N2.613 trillion generated during the reference period. Wale Edun, the minister of finance and coordinating minister of […]