In a bid to make rice more affordable for Nigerians, sachets of rice have been reintroduced into the market, following the surge in prices of the staple food. A 50kg bag of local rice now costs between N78,000 to N90,000 in the country, depending on the location and brand. These values are higher than the…
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a new agreement with Dangote Petroleum Refinery that could reduce petrol prices nationwide. IPMAN’s National President, Abubakar Garima, revealed the agreement during a press briefing in Abuja, following a meeting of the association’s National Working Committee. Under the new arrangement, IPMAN will now source PMS…
A data review for the second quarter debt portfolio of the country released by the National Bureau of Statistics (NBS) has shown that the debt owed by every Nigerian on the average stood at N619,501. According to the data published by the Debt Management Office, Nigeria’s public debt stood at N134.297 trillion as of the…
The cost of building materials in Nigeria has risen sharply, exacerbating the country’s already dire housing crisis and threatening to undermine the government’s efforts to provide affordable homes for citizens. As of October 2024, the price of cement, a key construction material, has surged from N4,000 to N8,800 per bag, marking a 100% increase in…
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that President Bola Tinubu’s economic policies have now reached the result-delivery stage. The minister made this known on Thursday evening at an interactive session with the Senate Committee on Finance at the National Assembly Complex, Abuja. He further expressed appreciation for…
The average price of imported high-quality loose rice has risen by 144.77 per cent over the past year, according to a report by the National Bureau of Statistics (NBS). The selected food prices report published by the Bureau said the average price for a 50kg bag of imported rice has jumped from N49,103 in September…
President Bola Tinubu on Monday announced that Nigeria’s debt service-to-revenue ratio has decreased from approximately 97 per cent when he assumed office 17 months ago to 65 per cent currently. Tinubu stated that his administration has managed to keep the country afloat despite inheriting an economy on the brink of bankruptcy. The President stated while…
Minister of Finance and Coordinating Minister of the Economy, Wale Edun has disclosed a new government policy that would permit Nigerians who are keeping dollars outside the banking system to bring those funds into the financial system. Edun, said such individuals have a nine-month grace period to comply with the directive without attracting legal liability…
In recent years, Nigeria has witnessed an increasing trend of multinational and local companies shutting down or relocating their operations due to economic challenges, currency volatility and rising operational costs. The latest company to announce its departure from Nigeria is South African grocery retailer Pick n Pay, which confirmed on Monday that it will exit…
Nigeria’s fuel supply is set to increase as the Federal Government, through the Nigerian Midstream and Downstream Petroleum Authority (NMDPRA) has granted licenses to nine modular refineries, seven construction licenses, and four operational licenses. The development was announced by Farouk Ahmed, CEO of NMDPRA, at the 2024 Oil Trading & Logistics Africa Downstream Energy Week…