Nigeria inflation rises to 34.6% in November

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

Onome Amuge Nigeria’s headline inflation accelerated to 34.60 percent in November 2024, representing 0.72 percentage points increase over the 33.88 percent inflation recorded in October, according to the National Bureau of Statistics (NBS). The NBS also reported a year-on-year increase in Nigeria’s headline inflation rate, with the November 2024 rate at 34.60 percent 6.40 percentage […]

Economic hardships persist as questions cloud Nigeria’s GDP growth report

World GDP drops as inflation rises in Q2 2022 - Fitch

Accuracy of data in doubt- NACCIMA Economic growth not inclusive- Uwaleke Onome Amuge The latest gross domestic product (GDP) report from the National Bureau of Statistics (NBS), declaring a 3.46 per cent growth rate for Nigeria’s economy in the third quarter of 2024, has set the stage for a fiery debate, with critics finding such […]

Nigeria’s GDP expands 3.46% in Q3’24  on services sector strength

World Happiness Report: The Art of finding your own UBUNTU

Onome Amuge Nigeria’s gross domestic product’s (GDP) growth rate in real terms recorded a 3.46 percent increase in the third quarter (Q3) of 2024 compared to the same period last year, marking an improvement of 0.92 percentage points over the 2.54 percent growth recorded in Q3 2023, according to data released by the National Bureau […]

Nigeria’s unemployment rate drops to 4.3% in Q2’24

Business a.m. Nigeria’s unemployment rate dipped from 5.3 percent in the first quarter of 2024 to 4.3 percent in the second quarter of  the year, according to the latest report from the National Bureau of Statistics (NBS) released on Monday. The “Nigeria Labour Force Survey Q2 2024” showed that while urban regions continued to battle […]

Analysts warn of financial fallout as Senate approves Tinubu’s $2.2bn loan

Nigeria’s debt-to-GDP ratio of over 50% harbinger of distress- LCCI CSOs task FG on fiscal discipline, self-reliance   Onome Amuge President Bola Tinubu Nigeria’s national debt burden is about to bear an even heavier load as the country’s National Assembly recently gave its stamp of approval to President Bola Tinubu’s loan request for $2.209 billion ( […]

Inflation storm rages on in Nigeria as October rate hits 33.88%

Costs of food, transport, others increase as inflation spikes by 12.13% YoY

Manufacturing sector suffers as inflation mows down profits  Nigerian households lament Onome Amuge The Nigerian economy has been in a perpetual state of turbulence, with new economic troubles surfacing every week. One such persistent problem is inflation, which continues to rise and constrict the financial breathing room of every Nigerian citizen. Nigeria’s economy staggered under […]

Nigeria loses N13trn to forex subsidy — World Bank

Commodity prices to fall in 2023 amid slow global growth,says World Bank

Business a.m. The federal government incurred a significant loss of N13.2trn in foregone revenue as a direct consequence of the implementation of its foreign exchange subsidy policy between 2021 and 2023, the World Bank has stated. It said the government lost N2trn in 2021, N6.2trn in 2022, and N5trn in 2023. The amount forgone in […]

Nigeria’s inflation rebound stokes concerns of worsening economic woes

World GDP drops as inflation rises in Q2 2022 - Fitch

Onome Amuge The battle against soaring inflation seems to be far from won in Nigeria, with analysts warning of even darker days ahead as the country struggles to emerge from its economic crisis. Amidst this mounting crisis, President Bola Tinubu’s pledge of “renewed hope” seems to offer little but empty promises, leaving citizens disillusioned and […]

Food, transport costs fuel 32.7% inflation in Nigeria for September – NBS

 Joy Agwunobi The National Bureau of Statistics (NBS) has reported that Nigeria’s inflation rate rose to 32.7 per cent in September 2024, marking its first increase in three months following a period of decline earlier in the year. The latest Consumer Price Index (CPI) data shows a month-on-month increase of 0.55 per cent, in contrast […]

Nigeria’s food inflation top 5 globally as insecurity, climate change hit hard 

Commodity prices to fall in 2023 amid slow global growth,says World Bank

Onome Amuge The World Bank has identified Nigeria as one of the top ten countries most severely impacted by food inflation, placing the nation fifth globally and third in Africa, behind Malawi and Liberia. In the World Bank’s September report, Haiti takes the unfortunate distinction of being the country with the highest food inflation rate […]