Economy

Onome Amuge Nigeria’s headline inflation rate continued its upward trend for the 18th consecutive month in June 2024, climbing to 34.19 percent from 33.95 percent recorded in May, as the cost of living in Africa’s most populous country continues to soar amid widespread economic hardship. The National Bureau of Statistics (NBS) disclosed the latest inflation […]

Business a.m. A recent anti-corruption survey conducted by the National Bureau of Statistics (NBS) and the United Nations Office on Drugs and Crime (UNODC)  has revealed that bribery continues to be rampant in Nigeria, as Nigerian public officials were found to have received nothing less than N721bn as bribes in 2023. According to the data […]

Business a.m. The Stanbic IBTC Purchasing Managers Index (PMI) plunged to a seven-month low in June, indicating a slowdown in the Nigerian economy driven by weaker demand and price pressures. The monthly survey, which is used as a leading indicator of the state of the economy, revealed that the headline figure dropped to 50.1 points […]

Business a.m. Nigeria’s economic inflows from foreign sources soared to $24 billion during the first quarter of 2024, according to a recent statement from Olayemi Cardoso, Nigeria’s central bank governor. Cardoso, in an interview with Bloomberg TV, stated that the measures taken by the Central Bank of Nigeria (CBN) have had a positive impact on […]

Business a.m. Recent data from the Central Bank of Nigeria (CBN) has revealed that everyday Nigerians are turning to credit facilities from financial institutions to finance their day-to-day expenses, a move that has become increasingly common in the face of a cost of living crisis. An analysis of the CBN’s most recent monthly economic report, […]

Nigeria’s total public debt rose to N121.67 trillion or about $91.46 billion, increasing by N24.33 trillion or 24.99 percent in the first quarter ended March 31, 2024, according to the Debt Management Office (DMO). According to the DMO, domestic debt stood at N65.65 trillion or $46.29 billion while external debt was N56.02 trillion or $42.12 […]

May CPI pile more misery on household  Millions more hit multidimensional poverty hole ONOME AMUGE IN LAGOS, NIGERIA Nigeria’s economy witnessed a rapid escalation in inflation rates soon after President Bola Ahmed Tinubu’s administration removed fuel subsidies and liberalised foreign exchange in 2023. This move had far-reaching implications on energy costs, leading to a domino […]

Business a.m. The Organised Labour, comprising the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC), have agreed to suspend their nationwide strike for a period of five days. This move follows an intense six-hour meeting with representatives of the federal government in Abuja on Tuesday. where both sides discussed the contentious issue of the […]