Korede Abdullah in Lagos Nigeria’s food inflation rate has surged to 39.93% in November, up from 39.16% in October, driven by increases in prices of staple foods like yam, rice, and maize grains, according to the latest report released yesterday by the National Bureau of Statistics (NBS). The country’s headline inflation rate also rose to…
Nigeria’s inflation rate climbed to 34.60% in November 2024, up from 33.88% in October, reflecting a 0.72 percentage point increase, according to the latest Consumer Price Index report by the National Bureau of Statistics (NBS). The report highlights a significant year-on-year rise, with the November 2024 inflation rate standing 6.40 percentage points higher than the…
Nigeria’s oil industry has marked a major milestone with the unveiling of a $315 million Floating Production, Storage, and Offloading (FPSO) vessel aimed at enhancing the country’s crude oil output. The vessel, named ENEM FPSO, was launched at Drydocks World Dubai Shipyard and is set to increase Nigeria’s daily oil production from 17,000 to 30,000…
Katsina State has made significant strides in technological innovation by establishing a state-of-the-art Geographical Information Service Agency (KATGIS). Governor Malam Dikko Umaru Radda has revealed that this agency is the most cost-effective in the entire country. During a recent ceremony, Governor Radda emphasized that KATGIS is equipped with advanced technology, including QR-code certification, which surpasses…
The Central Bank of Nigeria (CBN) has clarified the validity of the old N1000, N500 Series, N200 notes, cautioning that it observed the misinformation regarding the validity of the old ₦1000, ₦500, and ₦200 banknotes currently in circulation. The apex bank said in a circular on Friday night that, “In line with the Bank’s previous…
Korede Abdullah in Lagos Nigeria’s Central Bank (CBN) has imposed a ₦150 million fine on deposit money banks and financial institutions caught selling newly minted banknotes to currency hawkers. The details of the fine, contained in a Friday circular, come as Nigeria grapples with a prolonged cash shortage that has left customers struggling to access…
Yobe State Governor, Mai Mala Buni, has approved the establishment of a new Ministry of Livestock Development. This strategic move aims to bolster the state’s agricultural sector and enhance livestock production. A statement from the Governor’s office revealed that the Secretary to the State Government, Head of Service, and Commissioner for Agriculture have been tasked…
Is it low key Christmas? The signs appear to indicate low mood feeling around the country. Ordinarily, this time in December the Christmas festivities is felt as preparations towards celebrations are upbeat. It is an annual sparkle and, naturally light up the atmosphere. The 2024 celebrations may be special for different reasons. Umar Dalhat Muaz…
The World Bank Board is set to approve a $500 million loan to Nigeria today, 13 December, 2024 aimed at enhancing rural access and agricultural marketing across the country. The loan will fund the Rural Access and Agricultural Marketing Project—Scale Up (RAAMP-SU), designed to improve rural infrastructure and promote social cohesion. The loan aims to…
The festive season in Nigeria, traditionally marked by family gatherings and elaborate celebrations, is being overshadowed by economic hardship, forcing many citizens to alter their Christmas plans. Low key Christmas indicated by rising transportation costs, skyrocketing food prices. Coupled with stagnant incomes, the holiday spirit is dampening, as revealed in interviews conducted by Juliet Jacob,…
