Think tank urges FG to scrap domestic crude allocation to stabilise naira, shore up FX reserves
Post AMUGE
January 16, 2024
Onome Amuge In an effort to find workable solutions to pressing national challenges, Agora Policy, a Nigerian think tank committed to finding practical solutions to urgent national challenges, has urged the federal government to cancel the domestic crude allocation (DCA) policy, which it argues has been a drain on the economy and has done little […]
Nigeria’s inflation rises in 12th consecutive month to 28.92% in December
Post AMUGEJanuary 15, 2024
Business a.m Nigeria’s inflation rate rose for the twelfth consecutive month , with the headline inflation rate rising to 28.92 per cent in December 2023 from 28.20 per cent in November 2023,according to the latest consumer price index (CPI) report published by the Nigerian Bureau of Statistics (NBS). Looking at the movement, the December […]
ATM usage plunges to 40% amid naira scarcity – KPMG
Post AMUGEJanuary 9, 2024
Business a.m A new report by KPMG has found that the scarcity of cash in circulation has led to a significant decline in the weekly usage of Automated Teller Machines (ATMs). According to the report, “In Pursuit of Value,” which surveyed customers of Nigerian and Ghanaian banks, ATM usage dropped significantly during the year 2023. […]
Nigeria shuts 18 foreign varsity campuses over fake degree scandal
Post AMUGEJanuary 3, 2024
The Federal Government of Nigeria has banned 18 foreign universities from operating in the country after allegations that they were being used by Nigerians to acquire fraudulent university certificates. The affected institutions include five from the United States, six from the United Kingdom, and three from Ghana. The National Universities Commission (NUC) explained that the […]
Nigeria suspends validation of degrees from Benin,Togo universities over fake results
Post AMUGEJanuary 2, 2024
Business a.m The federal government of Nigeria has suspended the evaluation and accreditation of degree certificates from the neighbouring countries of Benin and Togo,in light of recent concerns about the integrity of academic credentials issued by these countries. The statement highlighted the various ways in which individuals have been attempting to fraudulently obtain academic degrees […]
After tumultuous 2023 analysts see mixed 2024 Nigeria outlook
Onome AmugeJanuary 2, 2024
The year 2023 was not a kind one for the Nigerian economy. Turbulence across various sectors, ranging from energy to agriculture, has derailed the country’s economic projections and benchmarks. Economic indicators have been erratic, with inflation rising and the value of the local currency, the naira, plummeting. The cost of living has spiralled out of […]
Report details contributions of FPS sector to Nigeria’s economic growth
Post AMUGEJanuary 2, 2024
EnterpriseNGR says banking, insurance, capital markets, others facilitated growth in 2022 PHILLIP ISAKPA IN MANCHESTER, UK A new report by EnterpriseNGR, a professional policy and advocacy group, has produced data showing that the resilience demonstrated by the financial and professional services (FPS) sector of the Nigerian economy, which allowed the sector to experience growth across […]
Nigeria to spend N1.2trn more in fiscal 2024 with N28.7trn budget
Post AMUGEJanuary 2, 2024
Federal MDAs needed make-up funding Ministry of Defence @ N1.31trn; Ministry of Police Affairs @ N869.12bn; Ministry of Education @ N857.13bn top allocation list Business a.m Nigerian lawmakers meeting as two chambers of the National Assembly approved the 2024 federal Appropriation Bill ahead of the close of the calendar year 2023, choosing to increase the […]
World Bank warns of worsening insecurity and economic hardship in 7 Nigerian states
Post AMUGEDecember 28, 2023
Persistent insecurity, armed conflict, and deteriorating livelihoods in the Nigerian states of Borno, Kaduna, Katsina, Sokoto, Yobe, and Zamfara, as well as the far north of Adamawa State, are likely to continue until May 2024. This is as poor macroeconomic conditions are hampering access to agricultural inputs in Nigeria, which is expected to negatively impact […]
NBS reports 4.2% increase in unemployment rate in Nigeria
Post AMUGEDecember 21, 2023
Business a.m Nigeria’s unemployment rate rose to 4.2 per cent in Q2 2023 from the 4.1 per cent recorded in Q1 2023, quarterly Labour Force Survey (LFS) for Q2 2023 published by the National Bureau of Statistics (NBS). According to the NBS, the unemployment rate is the percentage of the labour force that is actively […]