Nigerian economy to contract by 3.5% – McKinsey

Businessam StaffApril 3, 2020

Nigerian economy to contract by 3.5% – McKinsey

By Omobayo Azeez Doom has been spelled on the Nigerian economy, which according to McKinsey & Company, could contract as much as 3.5 percent in 2020 even if the country  manages to curb the spread of coronavirus (COVID-19). According to the New-York based global consulting firm, this translates to a decline of almost 6 per […]

Inflation hits 12.20% YoY in February; 0.07% higher than January rate

March 18, 2020

Inflation hits 12.20% YoY in February; 0.07% higher than January rate

By Omobayo Azeez The consumer price index, (CPI), which measures inflation, increased by 12.20 per cent on a year-on-year (YoY) basis in February 2020. This, according to the latest report by the National Bureau of Statistics, is 0.07 per cent points higher than the rate recorded in January 2020 at 12.13 per cent. The rise […]

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

February 19, 2020

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

By Omobayo Azeez Latest report by the National Bureau of Statistics (NBS) has shown that Nigerians expended higher money on food items, transportation and other goods and services in January. According to the report, the consumer price index (CPI) which measures inflation in Nigeria increased by 12.13 per cent year-on-year (YoY) in January 2020. The […]

Otunuga highlights naira’s fighting chance amidst hiked CRR, other issues

Adesola AfolabiJanuary 28, 2020

  The impact of local and major global events on Nigeria’s economy is not particularly favourable this week. This is according to Lukman Otunuga, FXTM’s senior research analyst. Otunuga, in a commentary made available to business a.m Monday, said he sees the naira- Nigeria’s currency- struggling amidst several issues arising in the course of the […]

Subdued spending, unemploymemt caused by the continued inflation – FBNQuest

January 1, 2020

NITDA kicks as LIRS publishes private data of Lagos taxpayers

As inflation goes on the uptick in Nigeria after a fall, analysts have said the rising inflation trend will lead to subdued spending, , rising unemployment  and falling living standards, analysts at FBNQuest in a note titled’Inflationary pressure, impacting wallets, pointed out that food onflation had been the primary driver for acceleration of headline inflation […]

Inflation may rise in coming months – LCCI

December 6, 2019

Inflation may rise in coming months, LCCI warns

The Lagos Chamber of Commerce and Industry has warned that the nation’s inflationary trend may move higher in the coming months from the current 11.64 per cent as the nation continues to shut its borders to its West African neighbours. The National Bureau of Statistics at the end of October 2019 had announced that the […]

Nigeria has not flouted ECOWAS pact over border closure – DTBE

November 4, 2019

Nigeria has not violated the free movement of people guaranteed under the Economic Community of West African States (ECOWAS) Treaty over its decision to close land borders to reduce crime, especially smuggling. This was part of the resolutions of the Daily Trust Board of Economists’ emergency meeting in Abuja contained in a communiqué signed by […]

Nigeria to keep borders closed until January, 2020

November 3, 2019

Nigeria to keep borders closed until January, 2020

The continued lack of activities around the Nigeria borders has resulted in serious economic concerns for the citizens of the country. Imported commodities have surged in values. As well, business owners are finding it hard to bring about profitable trading. The price instability has led some citizens to call for the reopening of the closed […]

AfDB identifies 14 sites for agro-industrial processing zones in Nigeria

Businessam StaffAugust 6, 2019

The African Development Bank (AfDB) African Development Bank (AfDB) says it has identified 14 sites for the proposed special agro-industrial processing zones (SAPZs) in Nigeria. Banji Oyelaran-Oyeyinka, special adviser on Industrialisation to AfDB’s president, Akinwumi Adesina disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja on Tuesday. He said that […]