Petrol holds Nigerian economy hostage as crisis disarms officials
Post AMUGE
September 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 […]
Limits of the sacrosanct sovereign national asset (2)
Post AMUGESeptember 10, 2024
BUSINESS A.M EDITORIAL Last week, the ninth summit and 2024 edition of Forum on China–Africa Cooperation (FOCAC) was held in Beijing. It was another gathering of African political leaders attended by all African countries except one – that is Eswatini (formerly known as Swaziland). The reason for Eswatini’s lack of interest in FOCAC is based […]
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 […]
Analysts unravelling cracks in Tinubu’s $1trn economy dream
Post AMUGESeptember 2, 2024
ONOME AMUGE IN LAGOS, NIGERIA Nigeria has long been a proverbial playground for extravagant policy announcements that have, more often than not, floundered in their quest for success. This striking pattern of “flavour-of-the-month” policymaking has resulted in a misguided emphasis on ambitious goals, to the detriment of human development. So it was with a familiar […]
Limits of the sacrosanct sovereign national asset (1)
Post AMUGESeptember 2, 2024
BUSINESS A.M EDITORIAL How far any sovereign national assets can be treated as sacrosanct or how immune they are to violation by external entities has been questioned, tested and faulted in Nigeria in recent times. The arguments on whether or not sovereign national assets can be seized in exchange for default on debt repayment, breach […]
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 […]
FG grants 50% electricity subsidy to ease financial burden on public hospitals
Post AMUGEAugust 29, 2024
Joy Agwunobi The federal government has approved a 50 percent electricity subsidy for public hospitals across Nigeria, providing much-needed relief amid rising energy costs. Tunji Alausa, the minister of State for Health and Social Welfare, disclosed the decision during a visit to the National Neo-Psychiatric Hospital in Barnawa, where he noted that the move is […]
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 […]