Category: Economy
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Fuel subsidy removal: Lagosians lament price of petrol
Long queues resurfaced at some fuel stations in Lagos metropolis on Monday, with motorists in panic buying across the state.
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Nigeria’s GDP growth slows by 2.31% in Q1 2023
Nigeria’s Gross Domestic Product (GDP) growth slowed by 2.31 per cent in the first quarter of 2023 on a year-on-year basis.
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Traders, consumers lament as Nigeria’s inflation rate hits 22.22%
The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 22.22 per cent on a year-on-year basis in April 2023.
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Naira begins new week on negative note
The Naira depreciated against the dollar on Monday, exchanging for N464 at the investors’ and exporters’ window. The rate represented a decrease of 0.36 per cent when compared to the
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How low revenue contributes to Nigeria’s rising debt burden, straining economy
Nigeria, Africa’s largest economy, is grappling with a mounting debt burden, and experts point to low revenue generation as a significant factor exacerbating the country’s financial challenges. The combination of dwindling revenue sources, inconsistent tax collection, and overreliance on oil exports has strained the nation’s economy, contributing to its rising debt levels. According to recent…
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FG denies seeking another $800m World Bank loan
The federal government has said that it was not seeking another $800 million loan from the World Bank to cushion the impact of the impending removal of petroleum subsidy.
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Tougher days ahead as IMF warns of decline in foreign loans to Nigeria
The International Monetary Fund (IMF) has warned that a significant reduction in foreign lending to Nigeria and other African countries is imminent as the global economy continues to suffer further shocks and contractions. IMF Deputy Department Head Wenjie Chen, made the announcement during a keynote speech at the International Monetary Fund’s Regional Economic Review held…
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Food prices continue to rise in March- NBS
The National Bureau of Statistics (NBS), said that prices of food items such as yam, beans and beef witnessed increases in March.
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Cashless policy: CBN begs Nigerians to embrace e-naira transactions
The Central Bank of Nigeria (CBN) on Thursday called on Nigerians to embrace the nation’s digital payment channel (eNaira) to enhance its cashless policy.
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What we are doing to reduce the cost of rice – Agric Minister
The federal government is making efforts to reduce the cost of rice, the Minister of Agriculture and Rural Development, Mohammed Abubakar has said.