Inflation, corruption, and banditry killing Nigeria’s economy

September 21, 2022 OlawaleFeranmi 0

Globally, this is not the best of times for any economy, particularly Nigeria. The battle against COVID-19 pandemic had barely settled and economies began to struggle to shake off the impact when Russia invaded Ukraine, disrupting world composure. Since February 2022 the world supply chain has been disrupted and prices of goods and services have risen astronomically. Nigeria’s situation is Read More

Jitters over NBS report amid worsening inflation

September 16, 2022 Blueprint 0

As Nigeria’s inflation rate for the month of August hit 20.52 per cent, many are afraid that their purchasing power might just be further eroded; BENJAMIN UMUTEME writes. Since the beginning of 2022, Nigerians have been crying about the steady increase in the prices of goods and services. They felt that with the government revenues dwindling coupled with the unavailability Read More

Inflation rides to 20.52% on back of supply disruption, import, production cost

Inflation rate surged by almost 100 basis points (bps) to 20.52 per cent in August 2022, according to the report of the National Bureau of Statistics (NBS) released on Thursday. The NBS attributed the increase in the annual inflation rate to three factors. Disruption in the supply of food products, increase in import cost due to the persistent currency depreciation Read More

Oil tumbles on inflation woes, Iraq exports

August 31, 2022 Blueprint 0

Oil prices fell Tuesday on fears that an inflation-induced weakening of global economies would soften fuel demand, and as Iraqi crude exports have been unaffected by clashes. Brent crude futures for October settlement fell $2.45, or 2.33%, to $102.64 a barrel by 1022 GMT, after climbing 4.1% on Monday, the biggest increase in more than a month. The October contract Read More

Halt the hyper inflation

August 30, 2022 Blueprint 0

The National Bureau of Statistics (NBS), a fortnight ago, released a mind boggling report to the effect that Nigeria’s inflation rate rose to 19.64 percent in July, the highest since September 2005. This is quite worrisome as it requires the urgent intervention of the nation’s economic managers, including the Central Bank of Nigeria (CBN) and the National Economic Council (NEC), Read More

Why CBN is losing the battle against inflation

August 29, 2022 Chinedu George Nnawetanma 0

Inflation seems to be the buzzword in Nigeria these days. It comes as no surprise, though, given the near-unprecedented rise in the prices of goods and services in the country in recent times. July 2022’s inflation rate – the highest in the country since 2005 – stood at 19.64%, up from 15.60% in January 2022, according to the National Bureau Read More

Halt the hyper inflation

August 28, 2022 Blueprint 0

The National Bureau of Statistics (NBS), a fortnight ago, released a mind boggling report to the effect that Nigeria’s inflation rate rose to 19.64 percent in July, the highest since September 2005. This is quite worrisome as it requires the urgent intervention of the nation’s economic managers, including the Central Bank of Nigeria (CBN) and the National Economic Council (NEC), Read More

CBN and the imperative of taming inflation

August 24, 2022 Nasir Nasir Dambatta 0

“Americans are fed up practically everywhere they spend money. Gas prices sit near record highs, food costs are surging, and housing is getting more expensive by the month. Lawmakers — particularly Republicans — have lambasted the Federal Reserve for allowing inflation to hit 41-year highs, arguing the central bank should’ve started raising interest rates much earlier” – BUSINESS INSIDER* The Read More

Nigeria’s cunningly dangerous inflation rate

August 22, 2022 Jerry Uwah 0

Nigeria’s inflation rate is gradually slipping out of control. For a country with the world’s highest number of people in abject poverty, an inflation rate sailing perilously close to 20 per cent is something of grave concern to everyone, especially as Nigeria has no social security system. Headline inflation rate of 19.6 per cent and food inflation at 22 per Read More

Inflation rate to reduce soon, monthly inflation easing – Rewane

August 18, 2022 Blessing Anaro, Lagos 0

Bismarck Rewane, Chief operating Officer (COO) of Financial Derivatives Company (FDC) Limited and member the country’s Economical Advisory Council is optimistic that inflation rate which rose to a 17-year high may soon head southward again on the back of some favourable factors. According to a publication by the FDC, Rewane appear to be sure that, when Gross Domestic Product (GDP) Read More

Inflation, corruption, and banditry killing the economy

August 3, 2022 Olawale Feranmi 0

Globally, this is not the best of times for any economy, particularly Nigeria. The battle against COVID-19 pandemic had barely settled and economies began to struggle to shake off the impact when Russia invaded Ukraine, disrupting world composure. Since February 2022 the world supply chain has been disrupted and prices of goods and services have risen astronomically. Nigeria’s situation is Read More

2022: Rising inflation rate to continue in second half – Uwaleke

July 26, 2022 Amaka Ifeakandu, Lagos 0

A Financial economist has projected that the rising inflation rate experiencing in the nation’s economy will continue in that direction in the second half of this year. Professor of capital market at the Nasarawa State University Keffi, Professor Uche Uwaleke who made this statement at the Finance Correspondent Association of Nigeria monthly capacity building programme said that high inflation rate Read More

Nigerians groan as inflation rate worsens

July 22, 2022 Blueprint 0

The latest report by the National Bureau of Statistics (NBS) showed a rise in inflation figures translating to increasing prices of goods and services for Nigerians whose standard of living continues to diminish; BENJAMIN UMUTEME writes. In its Consumer Price Index (CPI) for June 2021, the National Bureau of Statistics (NBS) said inflation rate increased to 18.60 percent on a Read More

Nigerian businesses stressed by high inflatio, ICSAN warns

July 4, 2022 Segun Odunewu, Lagos 0

The Institute of Chartered Secretaries and Administrators, (ICSAN) has tasked the federal government to do more in encouraging small businesses in Nigeria, noting that the high cost of doing business in the country is too high. Speaking on the high cost of doing business, President of ICSAN, Gbenga Owokalade, urged the Federal Government to take necessary measures through the Central Read More

Global central bank chiefs say better cage inflation than grow economy

July 1, 2022 Blessing Anaro, Lagos 0

Bringing down high inflation around the world will be painful and could even crash growth but must be done quickly to prevent rapid price growth from becoming entrenched, the world’s top central bank chiefs said on Wednesday. Inflation is breaking multi-decade highs around the world as soaring energy prices, post-pandemic supply chain bottlenecks and in some cases red-hot labour markets Read More

FX volatility, other factors’ll push inflation higher – Yusuf

June 28, 2022 Segun Odunewu, Lagos 0

The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, CPPE, Dr. Muda Yusuf has warned that the rising cost of diesel and foreign exchange volatility will drive Nigeria’s inflation higher in 2022. Nigeria’s May 2022 inflation figures, according to the National Bureau of Statistics, rose to 17.71 per cent, while food inflation is currently 19.5 per Read More

Low oil output, 17.7% inflation, insecurity worsens misery of Nigerians -ICiR

June 20, 2022 Blessing Anaro, Lagos 0

The International Centre for Investigative Reporting (ICiR) said Nigerians’ growing misery is continuing unabated, as the country plunges deeper into debilitating conditions of lower oil output, rising inflation and insecurity. A 2021 research on misery index undertaken by Steve Hanke, a professor of Applied Economics at Johns Hopkins University, Maryland, United States, which focused on four salient parameters of inflation, Read More

How Russia-Ukraine war is driving inflation

May 13, 2022 Blueprint 0

With an economy that is import-dependent, analysts say Nigeria is at the mercy of external factors that will always push the economy on edge; BENJAMIN UMUTEME reports. Regarded as the biggest economy in Sub Saharan Africa, Nigeria has over the years struggled with its exchange rate especially with the country having to depend largely on imported goods both as raw Read More

Inflation to accelerate on cost pressures – Rewane

April 11, 2022 Blessing Anaro, Lagos 0

Ahead of the National Bureau of Statistics (NBS)release of its Consumer Price Index (CPI) report for March this week, Bismarck Rewane, Chief Operating Officer of Financial Derivatives Company (FDC) Limited says inflation will accelerate on the back of cost pressure. “Based on our time series analysis and survey of major markets in Lagos Metropolis, officialheadline inflation is projected to rise Read More