Tag Archives: inflation

Nigeria’s telecommunications sector has received a significant boost with a remarkable 125.23% surge in Foreign Direct Investment (FDI) during the first half of 2024. Data from the National Bureau of Statistics (NBS) disclosed that the sector attracted $304 million in FDI in six months, marking a substantial increase compared to …

MTN Nigeria (MTNN), a dominant player in Nigeria’s mobile network industry, has reported a massive loss of ₦392.7 billion for the first quarter (Q1) of 2024. This staggering loss is a direct consequence of two major economic challenges: rising inflation and a weakening Nigerian Naira (₦). The company also reported …

By Elvis Eromosele I was in Ikotun market weekend shopping for groceries with Madam. While it was coated in romantic garbs, i.e. ‘continuation of valentine’, the aim was surreptitiously to see where one’s money was entering in these times. A lady buying tomatoes just ahead of us, priced (haggled) up and …

By Elvis Eromosele In Nigeria today, the monster of inflation is rearing its head with unrelenting intensity. Prices are spiralling out of control, and the average business owner and individual are grappling with the harsh reality of inflation’s bite. While this economic challenge is not unique to Nigeria, its impact …

Banks have begun to increase interest rates on deposits in line with the sustained hike in the Monetary Policy Rate, MPR, by the Central Bank of Nigeria, CBN. At its last Monetary Policy Committee, MPC, meeting previous week, CBN raised MPR by another 25 basis points the sixth consecutive raise …

The underlying drivers of historically-high global inflation could persist until 2025, the International Monetary Fund’s chief economist told AFP on Tuesday. Prices around the world have surged since the rapid reopening of the global economy after the Covid-19 pandemic. Inflation was further fueled by Russia’s invasion of Ukraine last year, …

Nigeria’s inflation rate has risen above prediction to a record 21.91 percent in February. This signals a possible hike in monetary rates when the Monetary Policy Meeting of the Central Bank of Nigeria (CBN) meets next week. A report by the National Bureau of Statistics (NBS) yesterday showed that inflation …

…As inflation stays high The future of the world economy looks much worse than it did just months ago, and most countries will have a hard time avoiding downturns (recession) in the near future, according to a new report from the World Bank. The global economy entered 2022 with a …

…Exceeds IMF’s 2022 Projection Against the International Monetary Fund (IMF) projection for 2022, the Consumer Price Index has risen to 16.82 per cent in April from 15.92 per cent in March, latest figures from the National Bureau of Statistics have revealed. The NBS disclosed this in its ‘Consumer Price Index …

The National Bureau of Statistics has said that Nigerian residents spent N108.47tn on household consumption in 2021 in nominal terms. The figure is higher than the N97.72tn recorded in 2020, showing an increase of 11 per cent amid double-digit inflation. The NBS disclosed this in its recent Expenditure and Income …