Nigeria inflation rate reaches new peak at 31.70% in February – NBS
Post AMUGE
March 15, 2024
Business a.m. Nigeria experienced an unprecedented spike in inflation, with a new all-time high of 31.70 per cent recorded in February 2024, an indication that prices of goods and services in Nigeria have increased significantly over the past year, placing further strain on consumers,according to the National Bureau of Statistics (NBS). The NBS in its […]
Alarm bells set off as CBN goes aggressive in monetary tightening
Post AMUGEMarch 5, 2024
ONOME AMUGE As the Central Bank of Nigeria’s (CBN) recent monetary policy announcements reverberate through the financial sector, a chorus of cautionary voices from economic pundits fills the air. Analysts and experts alike are assessing the implications of these policy decisions, weighing their potential impact on the economy. The monetary policy rate, […]
NLC calls off nationwide protest, issues March 13 ultimatum to FG
Post AMUGEFebruary 28, 2024
Business a.m The Nigeria Labour Congress (NLC) has announced the suspension of its nationwide protest, citing the success of the first day of protests. The Congress has however extended its deadline to the federal government to March 13 to implement all its demands. NLC said that it had achieved almost all of its objectives for […]
CBN hikes MPR to record-high 22.75% amid rising inflation
Post AMUGEFebruary 27, 2024
Business a.m The Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR) for the ninth time in a row since May 2022, increasing it by 400 basis points to a record high of 22.75 per cent. In addition to the MPR hike, the CBN also raised the Cash Reserve Ratio (CRR) – […]
FAAC allocation rises 2.47% in January as federal govt,subnationals receive N1.149trn
Post AMUGEFebruary 23, 2024
Business a.m The Federation Account Allocation Committee (FAAC) released a total of N1,149.816 trillion among the 774 local governments, 36 state governments, and the federal government for January 2024,representing a 2.47 per cent increase from the N1,127.408 trillion distributed in December 2023. The February 2024 meeting of the Federation Accounts Allocation Committee (FAAC) was held […]
Nigeria fails to impress on customer service, survey reveals
Post AMUGEFebruary 22, 2024
Business a.m The results of the 2023 Nigeria Customer Service Index (NCSI) findings were not promising for Nigeria, as Africa’s biggest economy scored 61.8 per cent out of 100 in terms of customer service satisfaction, a low score that signifies a lot of room for improvement. The first-ever Nigeria Customer Service Index (NCSI) report was […]
Nigeria’s money supply hikes to all-time high of N93.72trn in January
Post AMUGEFebruary 22, 2024
Business a.m The latest figures from the Central Bank of Nigeria (CBN) has indicated that the country’s broad money supply has reached a historic high of N93.72 trillion as of January 2024. This represents a significant increase of N40.48 trillion, or 76 per cent, from the figure of N53.14 trillion recorded in January 2023. A […]
Allianz places Nigeria on ‘sensitive’ immediate risk, ‘highest’, medium term
Post AMUGEFebruary 20, 2024
Investors advised to “tank up before you go” PHILLIP ISAKPA IN LONDON, UK Nigeria’s economic troubles, which have continued to be highlighted by international rating organisations and exposed to the global investor community, are still being picked up and put on display, a new report has shown. The report by Allianz Trade, […]
Poor management in last 8 years cause of Nigeria’s woes — Agusto
Post AMUGEFebruary 13, 2024
Business a.m Rating agency Agusto & Co. has issued a stinging rebuke of the management of Nigeria’s economy over the past eight years, citing poor management as the root cause of many of the country’s economic woes. In its monthly newsletter for January titled, “2024: A year of reckoning, turning points and balancing acts”, Agusto […]
IMF sees slower growth for Nigeria in 2024
Post AMUGEJanuary 31, 2024
Business a.m The International Monetary Fund (IMF) has revised its forecast for Nigeria’s economic growth in 2024 downwards from 3.1 per cent to 3.0 per cent, a 0.1 per cent decline from its previous estimate. The revised forecast was published in the IMF’s latest World Economic Outlook report for 2024 and 2025. The IMF’s quarterly […]