Nigerians consumed the lowest amount of petrol in August amidst skyrocketing prices of the product. Analysis of the factsheets released by the Nigerian Midstream showed that the average consumption of 41.6 million litres of petrol consumed in August was 31 percent reduction from the 60.2 million litres consumed in January, reports Daily Trust....
•Power failure A power engineer, Dr. Emeka Charles Kalu, has lamented the continued deterioration of the supÂply of electricity, rating the perÂformance of the sub-sector of the nation’s economy at 3 to 10. Kalu, the President of ECK Foundation and Director-General, Global Initiatives for Good GoverÂnance (GIGG), one of the experts who spoke t...
Shoprite Nigeria is planning to open standalone neighbourhood stores as part of efforts to revive its operations, following financial difficulties that forced the retailer to restructure its business. Adekunle Adebiyi, the Executive Director, Investments at MBO Capital Management Limited, an investor in Shoprite Nigeria, disclosed this during ...
•Poultry farming Poultry industry stakeholders in Nigeria have called for urgent government intervention to tackle rising production costs, high feed prices, inadequate access to finance, shortages of day-old chicks, disease outbreaks, and insecurity threatening the sector’s sustainability. The call was made in Abeokuta, the state capital, ahe...
The Central Bank of Nigeria (CBN) has granted approval-in-principle to JPMorgan to establish a merchant bank in Nigeria, to be known as JPMorgan Merchant Bank Nigeria Limited. The proposed bank marks a development in Nigeria’s financial sector, reflecting international interest in the country’s financial markets and long-term economic prospect...
•Foodstuff The National Economic Council (NEC) chaired by Vice President Kashim Shettima has endorsed a 90-day economic action plan proposed by the Federal Ministry of Finance to tackle the fallout of President Bola Ahmed Tinubu’s economic reforms. The plan NEC said will focus “on reducing the cost of living, improving food affordability, attr...
The Nigerian manufacturing sector is a critical part of the economy and contributes hugely to the Gross Domestic Product (GDP of the country. The state of the manufacturing sector is usually used to measure the health of the general economy because it determines the level of development of the economy. However, analysts and stakeholders say [&...
•Obasanjo and Tinubu Former President Olusegun Obasanjo has criticised President Bola Tinubu’s economic reforms, arguing that the sharp devaluation of the naira has impoverished Nigerians and contributed to the country’s position as the world’s poverty capital. Obasanjo made the remarks yesterday during a keynote interview at the ongoing Finan...
•Tinubu and nozzle President Bola Tinubu has ruled out a return to fuel subsidy, saying his administration’s decision to remove it is irreversible. Tinubu, who drew a comparison between the policy and the biblical account of Moses leading the Israelites out of Egypt, said those advocating a return to subsidy were asking the country to [&hellip...
•Atiku and Tinubu Former Vice President Atiku Abubakar has accused President Bola Tinubu of being insensitive to Nigerians’ economic hardship, declaring that the president’s comparison of fuel subsidy removal to asking Moses to return to Egypt exposes his disconnect from the suffering of citizens. Atiku, the African Democratic Congress (ADC) p...
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