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Wednesday, 21 February 2024 02:59

Nigeria, Ghana to have slowest economic growth in West Africa 2024 - AfDB

The economies of Ghana and Nigeria are poised to see the slowest economic growth in 2024 when compared to their peers in the West African region. Overall, the West African region is expected to grow by 0.8% to 4.0% this year and 4.4% in 2025 according to the AfDB macro-economic performance outlook for 2024. African Development bank stated that aside Nigeria and Ghana, every other country in the sub-region is estimated to grow by at least 4% in 2024 with embattled Niger leading the pack at 11.2% followed by Senegal and Ivory Coast at 8.2% and 6.8% respectively. It stated,…

Tuesday, 20 February 2024 04:53

Naira crashes further at both official and parallel markets

The parallel section of the foreign exchange market recorded a new all-time low on Monday after the naira depreciated to N1,730 per dollar. The naira fell by 8.13 percent from N1,600/$ recorded on February 16, 2024. Currency traders at the street market quoted the buying price of the dollar at N1,700 and the selling price at N1,730 — leaving a profit margin of N30. “Customers are demanding for the dollars so much and it is affecting the market,” a black market trader known as Aliyu said. At the official window, the naira depreciated by 2.65 percent to N1,537.96/$ on February…

Tuesday, 20 February 2024 04:52

This is renewed ‘shege’, not renewed hope, protesters cry out in Oyo against hardship

Residents of Ibadan, the Oyo state capital, protested the economic hardship pervading the country. The protesters assembled and took off from Mokola axis on Monday morning. They wielded placards with inscriptions like: “End food hike and inflation”, “insecurity not our birthright”, “Mr President, this is not the hope, this is shege”. Videos making the rounds on social media showed a truck conveying some of the leaders of the protest. The Oyo state police command had warned that it would not tolerate a breakdown of law and order during protests. “The Oyo State Police Command wishes to inform members of the…

Monday, 19 February 2024 04:50

Tinubu’s economic policies responsible for current unprecedented hardship - Catholic Bishops

Catholic Bishops Conference of Nigeria (CBCN) has said the reform agenda of President Bola Tinubu has added to the plight of the citizens and worsening their conditions. President of the CBCN, Lucius Iwejuru Ugorji, said this at the formal opening of the 2024 First Plenary Assembly of the CBCN at the Catholic Secretariat of Nigeria (CSN) Resource Centre, Abuja, on Sunday. The programme had as its theme, ‘Synod on Synodality: Areas of Concern for the Church in Nigeria’. Ugorji said with the end of the fuel subsidy regime and the unification of the foreign exchange market, there has been a…

Monday, 19 February 2024 04:49

Niger, currently under military rule, posts fastest growing economy in Africa - AfDB

African Development Bank Group announced in its latest Macroeconomic Performance and Outlook (MEO) report that Africa will host eleven of the world’s 20 fastest-growing economies in 2024. The continent’s real gross domestic product (GDP) growth is projected to average 3.8% in 2024 and 4.2% in 2025, surpassing the projected global averages of 2.9% and 3.2%, respectively. Africa is poised to maintain its position as the second-fastest-growing region after Asia. The 11 fastest growing economies and their projected growth rate for 2024 are; Niger – 11.2% Senegal – 8.2% Libya – 7.9% Rwanda – 7.2% Cote d’Ivoire – 6.8% Ethiopia –…

Saturday, 17 February 2024 04:50

NLC announces dates for nationwide protest over widespread hunger

Nigeria Labour Congress (NLC) has declared a two-day nationwide mass protest over the economic hardship being faced by Nigerians. The two-day warning protest would be held on February 27 and 28. Benson Ukpa, NLC national head of information, confirmed the development. He said the decision was reached during an emergency session of the NLC held in Abuja on Friday. On February 8, the NLC and Trade Union Congress of Nigeria (TUC) gave a 14-day ultimatum to the federal government over the rising cost of living in the country. In a joint statement, the unions said the government failed to honour…

Saturday, 17 February 2024 04:48

Three West African states form union after exit from ECOWAS

Ministers of Mali, Burkina Faso and Niger have adopted a treaty to create a union of states aimed at fostering economic and political integration in the Sahel region of West Africa. The military-ruled countries last month announced their exit from the Economic Community of West African States, the 48-year-old regional bloc they helped to found. They criticize Ecowas for failing to assist them in their fight against a sprawling Islamist insurgency that threatens their existence. “Our decision to withdraw is irreversible,” Kassoum Coulibaly, defense minister of Burkina Faso, said during a meeting of ministers in the capital of Ouagadougou late…

Friday, 16 February 2024 04:39

Nigeria’s inflation rate soars further on continuous increase of food prices

The consumer price index (CPI), which measures the rate of change in prices of goods and services, rose to 29.9 percent in January 2024 — up from 28.92 percent in the previous month. National Bureau of Statistics (NBS) disclosed this in its CPI report for January, released on Thursday. According to the bureau, food inflation also surged to 35.4 percent in the month under review. The bureau said the January 2024 headline inflation rate showed an increase of “0.98% points when compared to the December 2023 headline inflation rate”. “On a year-on-year basis, the headline inflation rate was 8.08% points…

Friday, 16 February 2024 04:38

FG sets up modalities committee for creation of state police

Mohammed Idris, minister of information, says the federal government may adopt state police to check the rising insecurity in the country. Idris spoke on Thursday, after a meeting between President Bola Tinubu and the state governors, at the presidential villa in Abuja. Addressing the press alongside Caleb Mutfwang, governor of Plateau; Uba Sani, governor of Kaduna; and Sheriff Oborevwori, Delta governor; Idris said the president and governors have agreed on working out modalities for the concept. The minister added that a series of meetings would take place to determine the workability of a decentralised police force. He also said a…

Friday, 16 February 2024 04:36

CBN stops FX cash for BTA/PTA

Central Bank of Nigeria (CBN) will no longer allow cash for Business Travel Allowance (BTA) and Personal Travel Allowance (PTA). All such allowances are to be issued in cards, the bank has announced. It said that the new measure was part of efforts towards making such that only genuine travellers obtained BTA and PTA, going forward. Vanguard

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Friday, 16 February 2024 04:35

Customs adjusts FX rate for duties calculation for 6th time in 2 weeks

Nigeria Customs Service (NCS) has adjusted the foreign exchange rate for its tariffs and duties to N1,515 to a dollar. The new rates were reflected on the single window trade portal of the federal government. According to information on the portal, the NCS exchange rate has gone up by 59.15 percent or N563.15 to N1,515.09/$, as of Thursday — from the N951.94/$ it started February with. On February 2, 2024, Customs had adjusted the exchange rate for calculating import duties from N951.941/$ to N1,356.883/$ — on February 3, it was raised to N1, 413.62/$. Also, on February 10, 2024, the…

Thursday, 15 February 2024 04:56

Nigerians ‘are very agitated, people are hungry, they are angry’ - Sultan

Muhammad Abubakar, the Sultan of Sokoto, has lamented the economic hardship in the country, saying Nigerians are frustrated and hungry. The traditional ruler spoke at the 6th executive committee meeting of the northern traditonal rulers council (NTRC) which held in Kaduna state on Wednesday. He said insecurity and poverty are the major issues causing trouble for the people of the north. “To make matters worse, we are faced with rising levels of poverty of most of our people; a lack of normal sources of livelihood for the common man to have even a good meal a day,” he said. “But…

Thursday, 15 February 2024 04:54

Nigerians react as IMF confirms return of petrol subsidy

Mixed reactions have trailed the confirmation by the International Monetary Fund (IMF) that the federal government has resumed payment of subsidies on the premium motor spirit (PMS), otherwise known as petrol through the backdoor. Recall that during his inauguration on May 29, 2023, President Bola Tinubu announced an end to petrol subsidy, triggering a hike in the prices of goods and services in the country. A few weeks later, the Central Bank of Nigeria (CBN) collapsed the different exchange rate regimes into one, with the value of the naira to the dollar weakening. As of Monday, dollar was N1,499/$1 at…

Thursday, 15 February 2024 04:52

Youths troop out in fresh #EndSARS protest in Delta

Youths in Ughelli, Delta state trooped yesterday to protest against alleged brutality and extortion by the Nigerian police. In now viral videos, the protesters were seen with different placards, including one with the inscription, ENDSARS NOW. They called on the leadership of the Nigeria Police Force to weigh into the matter. An X user, who shared the videos said police brutality in the state had been on the rise. “Heavy protests are ongoing in Ughelli against police brutality which has become rampant!!,” the user wrote. Quoting the post, spokesperson of the Delta Police Command, Bright Edafe, explained that the protest…

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