Nigeria’s Inflation Hits 27.33% as Food Prices Soar   Nigeria’s annual inflation rate rose to 27.33 per cent in October from 26.72 per cent in the previous month, the National Bureau of Statistics (NBS) said Wednesday. The statistics office said the October 2023 headline inflation rate showed...

Price of Rice Increases 60%, Yam 45% as Transport Fare Spikes — NBS Report   The National Bureau of Statistics (NBS) yesterday, said the price of one kilogram (kg) of local rice sold loose increased year-on-year (YoY) by 60.5 percent to N757.06 in September 2023 from...

Foreign Investments in Manufacturing Hit $861m   Total inflow of foreign investments into the Nigeria’s manufacturing sector increased by 88.17 percent year-on-year (YoY) to $861.16 million in the first half of 2023 (H1’23) from $457.66 million in the corresponding period of 2022 (H1’22). This also indicates 75.47...

CBN Slashes Cash Mop by 82% to N150bn   In a bid to stimulate economic growth worsened by unprecedented rise in prices of goods and services, the Central Bank of Nigeria (CBN) reduced its cash mop up operation by 82 per cent to N150 billion in...

Nigeria Borrowed $1.21bn as 28 States Failed to Attract Foreign Investments     Nigeria relied on foreign borrowing ($1.21bn) to boost its capital importation in the first six months of 2023. This is as 28 states failed to attract any foreign investments in the time under review, according...

FG Targets 350GW of Electricity by 2043 The Federal Government plans to achieve a target of 350 gigawatts of electricity-generating capacity by 2043. The Minister of Budget and Economic Planning, Abubakar Bagudu, said this when top management staff of the Nigerian Electricity Management Service Agency visited...