Tag: Nigerian Economy

Why we urgently need a Commodities Price Regulatory Agency to stem Nigeria’s galloping inflation

Aminu Imam

By Aminu Imam Never has there been a time more than ever before in our nation’s economic history when there is an urgent need for the introduction, or rather re-introduction, of a price control mechanism like the Price Control Board by past governments decades ago. A simple general sampling of some major market prices across the various markets in the country of recent reveals that the price of commodities, from essential to non-essential, have been extremely irregular and unpredictable. The scenario is such that various categories of retailers, i.e. food…

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Economy: Food prices skyrocket amidst rising transport fare

Aminu Imam

…Analysts project worse food price pressures for 2022 The prices of food rose Year-on-Year (YoY) amidst rising transport fare in September. Analysis of the National Bureau of Statistics, (NBS), selected food price watch data for September 2021 showed that the prices of rice, egg, garri, and tomatoes rose during the period. Similarly, the NBS Transport fare watch data revealed that the prices of transport fare paid for the bus, air, water and motorcycle journeys rose sharply YoY in September, 2021. Analysis of food prices data showed that the average price…

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“EnterpriseNGR game-changer to transform Nigeria’s economy” – Osinbajo

Aminu Imam

Nigeria’s Vice-President, Yemi Osinbajo has reiterated President Muhammadu Buhari’s commitment to work with the Financial and Professional Service Sector (FSP) for economic growth and development, describing a new initiative, EnterpriseNGR as a game-changer to transform Nigeria’s economy. Osinbajo, who stated this during the virtual formal launch of EnterpriseNGR on Thursday in Lagos, said, “There is no doubt that it is a game-changer when the informed Nigerian professionals and business community speak with one voice on issues of domestic or international business policy”.  “EnterpriseNGR is more ambitious and has a wider…

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State of the economy: “Calling Nigeria ‘Giant of Africa’ is deceptive”, – Sanusi Lamido Sanusi

Aminu Imam

…Says country’s future lies in a knowledge-based economy The former Emir of Kano and ex-governor of the Central Bank of Nigeria, (CBN), Sanusi Lamido Sanusi, has said that Nigeria should stop deceiving itself with the appellation ‘Giant of Africa’, adding that the country is way behind many other African countries in developmental indices. Sanusi, who disclosed at the closing ceremony of the Kaduna Investment Summit, tagged: ‘KadInvest 6.0’, also asserted that with the rate at which a neighbouring country like Ghana was attracting industries, “Ghanaian President has become the leading President in…

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“Nigeria in far worse economic mess”, Former Kano Emir, Sanusi, warns

Aminu Imam

…Says it fails to implement right policies The immediate-past Emir of Kano, Sanusi Lamido Sanusi, says Nigeria is in a far worse economic mess today because it failed to implement the right policies. The former governor of the Central Bank of Nigeria, (CBN), who stated this in an interview said that instead the country has, like one in a hole, kept digging and digging into a deeper hole. Sanusi also said Nigeria’s economy would, by 2023 have been dragged back 40 years to the low point it was in 1980,…

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Nigeria’s GDP growth stunted by insecurity — Finance Minister 

Aminu Imam

Finance Minister, Zainab Ahmed, has said that Nigeria’s impressive economic growth would have been better if the country had been more secure. Mrs. Ahmed said save for the country’s spate of insecurity that has affected growth in agriculture, the gross domestic product was bound to grow higher than 5.01% recorded in the second quarter, as announced last week by the National Bureau of Statistics, (NBS).  The quarterly economic growth was the strongest in years. The minister explained that insecurity and other factors slowed growth in the agriculture sector, thereby denying…

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Just In: Nigeria GDP records significant growth – NBS

Aminu Imam

Nigeria’s Gross Domestic Product (GDP) grew by 5.01% (year-on-year) in real terms in the second quarter of 2021, the National Bureau of Statistics, (NBS), has said. The NBS disclosed this in the latest report on the nation’s GDP entitled: Nigerian Gross Domestic Product Report (Q2 2021) released on Thursday. It explained that the increase in the GDP index marked three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020. “Year to date, real GDP grew 2.70% in 2021 compared to -2.18%…

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Eid-el-Kabir: Harsh economy taking tolls on large number of Nigerians — TUC

Aminu Imam

The Trade Union Congress, (TUC), yesterday said that the harsh economy in the country was taking tolls on a large number of Nigerians.  The TUC has also felicitated with the Muslim faithful and Nigerians on the occasion of the Sallah celebration.  The TUC in a Sallah message issued by its President and Secretary-General, Quadri Olaleye and Musa-Lawal Ozigi, respectively, said out of frustration many, especially the youths were doing untoward things just to make ends meet. The labour, in the message, said, “We call on the leadership of the country…

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‘Surging oil prices will create problems for Nigeria’ – Mele Kyari

Aminu Imam

The Group Managing Director of the Nigerian National Petroleum Corporation, (NNPC), Mele Kyari, has stated that rising crude oil prices will cause problems for resource-dependent countries such as Nigeria. Brent Crude, the international benchmark of crude oil on Friday traded above $72 per barrel while US West Texas Intermediate (WTI) crude futures sold above $70 per barrel. In 2021, oil prices have continued to surge, sustained by coronavirus vaccine rollout and supply cuts from the Organisation of Petroleum Exporting Countries (OPEC). Kyari on Thursday at the virtual Citizens Energy Congress,…

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“Food imports banned, gunmen also banning farmers amidst prices inflation, how can the Nigerian poor survive?” – Mr. LA

Aminu Imam

A former senatorial candidate for the Kaduna-Central constituency, Hon. Lawal Adamu Usman, popularly known as Mr. LA, has called on the Federal Government to immediately open the nation’s borders to make life easier for the poor. According to the promising politician, “There is no way for people to be going hungry and its leaders are thinking and wishing for any progress. He further queried: “The borders were closed to prevent the importation of weapons, now has it stopped the illegal importation of arms? According to him, “Only improvements to the…

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