Category: Economy

The Arewa Consultative Forum (ACF) has issued a strong condemnation of the repeated and unprovoked attacks on drivers of haulage trucks in the South East of Nigeria. In a statement, the ACF expressed grave concern over these attacks, which have been ongoing for several years and have resulted in the tragic loss of lives, destruction…

In a groundbreaking effort to enhance food safety across Africa, a prominent food safety expert with the National Agency for Food and Drug Administration and Control (NAFDAC), Mr. Jerry Kahu, has emerged as a key figure in advancing analytical methods for food contaminant testing. Kahu’s leadership was particularly highlighted during the recent Africa Food Safety…

The Nigeria Customs Service (NCS) has announced a record-breaking revenue generation of ₦6.1 trillion for the year 2024, marking a 90.4% increase compared to ₦3.2 trillion collected in 2023. Bashir Adeniyi, the Comptroller General of the NCS, revealed the achievement during a press conference held in Abuja on January 14, 2025. He emphasized that the…

Economists have emphasised the need for fiscal discipline and import substitution to address Nigeria’s surging inflation, which climbed to 34.6% in November, according to the National Bureau of Statistics (NBS). Professor Bright Eregha of Pan-Atlantic University highlighted that increased allocations from the Federal Accounts Allocation Committee have expanded the money supply. He warned that unless…

With Christmas just around the corner, the atmosphere at decoration and gift stores in Ibadan is far from festive. Basic Christmas decorations have become unaffordable luxuries, as both sellers and buyers voice concerns over rising prices and reduced purchasing power. At Dugbe Market, Miss Grace Aletile, a seller, explained that low patronage has forced her…

From Lateef Taiwo The Central Bank of Nigeria declared in Abuja Wednesday that the $42.01billion external reserves of the country, can finance importation of goods and services for more than nine months . This is as the apex bank , assured Nigerians of better economic fortunes in 2025 . The Governor of the apex bank…

The Bayelsa State Government has approved a new N80,000 minimum wage for local government staff following pressure from the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC). This decision, announced by acting Governor Lawrence Ewhrudjakpo, aims to address concerns from labor unions and ensure fair compensation for workers. During a meeting at the Government…

From Lateef Taiwo with Correspondent Reports Gov. Peter Mbah of Enugu State, on Tuesday, presented a proposed record-breaking N971 billion budget estimate bill for the 2025 Fiscal Year to the Enugu State House of Assembly. Presenting the budget estimate bill entitled: “Budget of Exponential Growth and Inclusive Prosperity”, Mbah said the proposed estimates comprised N837.9…

The price of cooking gas in Nigeria has seen a slight decrease, offering some relief to households struggling with high living costs. A recent market survey revealed that the average price of 1kg of cooking gas is now ₦1,350, though prices can vary based on location and cylinder size. While the reduction is welcomed by…

Kingsley Moghalu, former Deputy Governor of the Central Bank of Nigeria (CBN), has expressed optimism about Nigeria’s future but emphasized that hope alone cannot resolve the country’s ongoing economic hardship. He stressed that the country must focus on improving state capacity for effective governance in order to tackle its challenges. Moghalu urged Nigerians to be…