Nigeria’s Inflation Soars to 33.69% in April 2024-NBS

Nigeria’s foreign trade falls 9.68% in Q3 2022,NBS reports

Business a.m. The National Bureau of Statistics (NBS) has released the latest inflation data for Nigeria, which revealed a marked increase in the headline inflation rate from 33.20 percent in March 2024 to 33.69 percent in April 2024, marking a rise of  0.49 percentage points in a single month. According to the National Bureau of […]

Fitch sees promising prospects for Nigeria’s fiscal, economic outlook

Fitch revises global GDP forecast to modest 5.3% uptick in 2021

  Long-term FX creditworthiness ‘positive’ Affirms long-term FX IDR at ‘B-’ On back of recent reforms Onome Amuge Global credit rating agency Fitch Ratings has shined a positive light on Nigeria’s long-term foreign-currency creditworthiness, upgrading its outlook to “Positive” and affirming the country’s long-term foreign-currency Issuer Default Rating (IDR) at ‘B-’, a sign that the […]

Nigeria’s mounting inflation woes hits new peak at 33.2% in March 2024

December 2023 Inflation – Inflation rises to 27-year high

Business a.m. The National Bureau of Statistics (NBS) has released the latest inflation data for Nigeria, which revealed a marked increase in the headline inflation rate from 31.70 per cent in February 2024 to 33.20 per cent in March 2024, marking a rise of 1.50 percentage points in a single month. According to the National […]

FG settles N4.83trn ways & means advances to CBN using T-Bills,bonds

The federal government has earmarked a total of N4.83 trillion out of the proceeds of Nigerian Treasury Bills (NTBs) and Bonds issued in 2024 to settle part of the N7.9 trillion Ways and Means advances received from the Central Bank of Nigeria (CBN), which is approximately N3.07 trillion short of the outstanding advances as of […]

Climate Action Africa takes the lead on sustainability with CAAF24

Onome Amuge Climate Action Africa (CAA) has announced the launch of the Climate Action Africa Forum (CAAF24), a new international platform that will convene thought leaders from around the world to share insights on how to encourage collaboration, catalyse solutions, and encourage governments, businesses, and individuals to invest in climate-friendly initiatives.  The announcement for the […]

Nigeria inflation rate reaches new peak at 31.70% in February – NBS

March 2023 Inflation - Inflation rises for the third consecutive time this year

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 

Commercial banks’ loan to government hits N26trn,says CBN

  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

NLC declares nationwide strike from Wednesday over fuel price increase

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

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) – […]