Former President of Nigeria, Chief Olusegun Obasanjo, has urged the Federal Government to ban the importation of Chinese adire and also revive the textile industry in order to protect the local production of adire at a time when raw materials used in the production of adire, such as clothes, can no longer be locally sourced.

The National Bureau of Statistics, NBS, said the headline inflation rate rose year-on-year by 26.72 per cent in September 2023.

To survive and indeed thrive in the face of skyrocketing inflation, there are strategies that individuals and small businesses can deploy.

“There should be a stiff penalty in dealing with the issue. If people earn dollars legitimately, let them spend it the way they want. However, it has become a means of corruption and criminality”

Inventory of unsold finished products in the manufacturing sector shot up significantly by 45.4 percent, Year-on-Year (YoY), in the first half of 2023 (H1’23) to N271.96 billion from N187.08 billion in the corresponding period of 2022 (H1’22) on account of escalating inflationary pressures.

The naira yesterday depreciated to N1005 per dollar in the parallel market from N995 per dollar on Tuesday.

Two sets of people are always present in a typical  Nigerian party, known in local Yoruba parlance as owambe.

A leading civic organisation, BudgIT has lamented that President Muhammadu Buhari’s government of eight years had plunged Nigeria into high debt, increasing inflation and low growth.

The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 22.04 per cent on a year-on-year basis in March 2023. This is according to the NBS Consumer Price Index (CPI) and Inflation Report for March 2023 released in Abuja on Monday. According to the report, the figure is 0.13 per cent points […]

By Peter Egwuatu  The sustained rise in inflation and interest rate has triggered significant rise in pension funds investments in Federal Government securities to N9.6 trillion in 2022, about 9.9 percent higher than N8.7 trillion recorded in 2021. Analysts said the rise will continue in 2023 given the continued rise in both inflation and interest rate. […]

Against the backdrop of sustained cash crises in the economy, Nigeria’s February 2023 inflation rate recorded a decline on Month-on-Month, MoM, while showing a marginal rise to 21.91 per cent Year-on-Year, YoY.

By Elizabeth Adegbesan After a brief cool off in December, Nigeria’s inflation pressure has re-surged with January figure rising 0.47 percentage  point to 21.82 percent from 21.34 percent in December 2022. The National Bureau of Statistics, NBS,    disclosed this yesterday in its Consumer Price Index, CPI, report for January 2023 saying that food inflation index […]

•Interest rates trending higher •Customers are now resisting loans —Bankers   By Babajide Komolafe For the first time in three years, banks reduced consumer loans by 17 per cent (N400 billion), in one month, following a decline in money supply triggered by the inflation-fighting measures of the Central Bank of Nigeria, CBN.   Consumer loans are lendings by banks  […]

Hedging against inflation amidst economic uncertainty

US inflation jumped at its fastest pace in nearly 40 years last month, a 7% spike from a year earlier that is increasing household expenses, eating into wage gains and heaping pressure on President Joe Biden and the Federal Reserve to address what has become the biggest threat to the U.S. economy. Prices have risen sharply […]