Economy Archives - Nairametrics https://nairametrics.com/category/economy/ Destination for Business news and analysis from Africa's largest economy Fri, 14 Jun 2024 08:06:02 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.3 https://nairametrics.com/wp-content/uploads/2021/08/cropped-cropped-favicon-1.png?resize=75,75 Economy Archives - Nairametrics https://nairametrics.com/category/economy/ 32 32 201037849 G7 partners pledges $420-million-dollar investments for Africa as Nigeria positions https://nairametrics.com/2024/06/14/g7-partners-pledges-420-million-dollar-investments-for-africa-as-nigeria-positions/ https://nairametrics.com/2024/06/14/g7-partners-pledges-420-million-dollar-investments-for-africa-as-nigeria-positions/#comments Fri, 14 Jun 2024 07:56:39 +0000 https://nairametrics.com/?p=491237 Leaders of the Group of 7(G7) countries held a meeting with Italian and United States private sector representatives resulting in a $420-million-dollar investment commitment towards African countries.

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]]> https://nairametrics.com/2024/06/14/g7-partners-pledges-420-million-dollar-investments-for-africa-as-nigeria-positions/feed/ 1 491237 Nigerians face most expensive Sallah in 30 years as price of ram, tomatoes, rice skyrocket   https://nairametrics.com/2024/06/14/nigerians-face-most-expensive-sallah-in-30-years-as-price-of-ram-tomatoes-rice-skyrocket/ https://nairametrics.com/2024/06/14/nigerians-face-most-expensive-sallah-in-30-years-as-price-of-ram-tomatoes-rice-skyrocket/#respond Fri, 14 Jun 2024 07:05:05 +0000 https://nairametrics.com/?p=491232 Nigerians are bracing up for the most expensive Sallah holidays in over 30 years as prices of essential food items such as rice, tomatoes and ram hit record highs.  

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]]> https://nairametrics.com/2024/06/14/nigerians-face-most-expensive-sallah-in-30-years-as-price-of-ram-tomatoes-rice-skyrocket/feed/ 0 491232 Nigeria secures World Bank’s approval for $2.25 billion loan to boost reforms  https://nairametrics.com/2024/06/13/nigeria-gets-world-banks-approval-for-2-25-billion-loan-to-boost-reforms/ https://nairametrics.com/2024/06/13/nigeria-gets-world-banks-approval-for-2-25-billion-loan-to-boost-reforms/#comments Thu, 13 Jun 2024 21:50:41 +0000 https://nairametrics.com/?p=491220 The World Bank has announced the approval of two significant financial operations aimed at bolstering Nigeria's economic stability and supporting its vulnerable populations.  

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]]> https://nairametrics.com/2024/06/13/nigeria-gets-world-banks-approval-for-2-25-billion-loan-to-boost-reforms/feed/ 1 491220 Over 75% of Lagos revenue is internally generated – Sanwo-Olu https://nairametrics.com/2024/06/13/over-75-of-lagos-revenue-is-internally-generated-sanwo-olu/ https://nairametrics.com/2024/06/13/over-75-of-lagos-revenue-is-internally-generated-sanwo-olu/#respond Thu, 13 Jun 2024 11:34:42 +0000 https://nairametrics.com/?p=491182 The Governor of Lagos State, Babajide Sanwo-Olu, has said that more than 75% of the revenue of Lagos is internally sourced rather than depending on federal allocation like other states in Nigeria.

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]]> https://nairametrics.com/2024/06/13/over-75-of-lagos-revenue-is-internally-generated-sanwo-olu/feed/ 0 491182 Nigeria seeks $500 million loan from World Bank for “rural roads”  https://nairametrics.com/2024/06/13/nigeria-seeks-500-million-loan-from-world-bank-for-rural-roads/ https://nairametrics.com/2024/06/13/nigeria-seeks-500-million-loan-from-world-bank-for-rural-roads/#comments Thu, 13 Jun 2024 08:30:05 +0000 https://nairametrics.com/?p=491167 The Federal Government of Nigeria is pursuing a $500 million loan from the World Bank aimed at the development of rural roads and agricultural marketing. 

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]]> https://nairametrics.com/2024/06/13/nigeria-seeks-500-million-loan-from-world-bank-for-rural-roads/feed/ 2 491167 Multichoice blames economy as DStv subscribers in Nigeria decline by 18%  https://nairametrics.com/2024/06/13/multichoice-blames-economy-as-dstv-subscribers-in-nigeria-decline-by-18/ https://nairametrics.com/2024/06/13/multichoice-blames-economy-as-dstv-subscribers-in-nigeria-decline-by-18/#comments Thu, 13 Jun 2024 06:20:04 +0000 https://nairametrics.com/?p=491155 African Pay-TV operator, Multichoice Group, has blamed Nigeria's harsh economic condition as active DStv subscribers in the country declined by 18%. 

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]]> https://nairametrics.com/2024/06/13/multichoice-blames-economy-as-dstv-subscribers-in-nigeria-decline-by-18/feed/ 1 491155 Monetary policy tightening by CBN may not control Nigeria’s inflation – World Bank  https://nairametrics.com/2024/06/12/monetary-policy-tightening-by-cbn-may-not-control-nigerias-inflation-world-bank/ https://nairametrics.com/2024/06/12/monetary-policy-tightening-by-cbn-may-not-control-nigerias-inflation-world-bank/#respond Wed, 12 Jun 2024 17:27:39 +0000 https://nairametrics.com/?p=491147 The World Bank has stated that monetary policy tightening by the Central Bank of Nigeria (CBN) may not rein in inflation as anticipated by analysts.  

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]]> https://nairametrics.com/2024/06/12/monetary-policy-tightening-by-cbn-may-not-control-nigerias-inflation-world-bank/feed/ 0 491147 Sallah: Ram costs jump to N750,000, sellers lament poor sales in Badagry  https://nairametrics.com/2024/06/11/sallah-ram-costs-jump-to-n750000-sellers-lament-poor-sales-in-badagry/ https://nairametrics.com/2024/06/11/sallah-ram-costs-jump-to-n750000-sellers-lament-poor-sales-in-badagry/#respond Tue, 11 Jun 2024 19:52:30 +0000 https://nairametrics.com/?p=491099 Amidst the upcoming Eid-El-Kabir festival, ram sellers in Badagry, Lagos State, are grappling with sluggish sales as costs increase to as much as N750,000 for a large ram. 

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]]> https://nairametrics.com/2024/06/11/sallah-ram-costs-jump-to-n750000-sellers-lament-poor-sales-in-badagry/feed/ 0 491099 CIT collection in Q1 declines by 12.87% to N984.61 billion- NBS https://nairametrics.com/2024/06/11/cit-collection-in-q1-declines-by-12-87-to-n984-61-billion-nbs/ https://nairametrics.com/2024/06/11/cit-collection-in-q1-declines-by-12-87-to-n984-61-billion-nbs/#respond Tue, 11 Jun 2024 16:59:03 +0000 https://nairametrics.com/?p=491087 Company Income Tax (CIT) collection in the first three months declined by 12.87% from N1.13 trillion recorded in Q4, 2023 to N984.61 billion.

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]]> https://nairametrics.com/2024/06/11/cit-collection-in-q1-declines-by-12-87-to-n984-61-billion-nbs/feed/ 0 491087 FIRS VAT collection rises by 19.21% to N1.43 trillion in Q1- NBS https://nairametrics.com/2024/06/11/firs-vat-collection-rises-by-19-21-to-n1-43-trillion-in-q1-nbs/ https://nairametrics.com/2024/06/11/firs-vat-collection-rises-by-19-21-to-n1-43-trillion-in-q1-nbs/#respond Tue, 11 Jun 2024 13:25:57 +0000 https://nairametrics.com/?p=491076 In the first quarter of 2024, Value Added Tax (VAT) paid by Nigerians increased from N1.20 trillion in Q4, 2023 to N1.43 trillion in the first three months of 2024. This represents an increase of 19.21% when compared quarter-on-quarter.

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]]> https://nairametrics.com/2024/06/11/firs-vat-collection-rises-by-19-21-to-n1-43-trillion-in-q1-nbs/feed/ 0 491076 Nigeria’s foreign debt service costs surge by 96% to $2.19 billion by May 2024  https://nairametrics.com/2024/06/11/nigerias-foreign-debt-service-costs-surge-by-96-to-2-19-billion-by-may-2024/ https://nairametrics.com/2024/06/11/nigerias-foreign-debt-service-costs-surge-by-96-to-2-19-billion-by-may-2024/#respond Tue, 11 Jun 2024 09:38:24 +0000 https://nairametrics.com/?p=491055 Nigeria has seen a significant surge in its foreign debt servicing costs, with an increase of 96% year-on-year, according to the latest data released by the Central Bank of Nigeria (CBN). 

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]]> https://nairametrics.com/2024/06/11/nigerias-foreign-debt-service-costs-surge-by-96-to-2-19-billion-by-may-2024/feed/ 0 491055 FAAC: Shared revenue drops by 5.38% to N1.143 trillion for May 2024 https://nairametrics.com/2024/06/11/faac-shared-revenue-drops-by-5-38-to-n1-143-trillion-for-may-2024/ https://nairametrics.com/2024/06/11/faac-shared-revenue-drops-by-5-38-to-n1-143-trillion-for-may-2024/#respond Tue, 11 Jun 2024 07:16:53 +0000 https://nairametrics.com/?p=491041 The Federation Accounts Allocation Committee (FAAC) has announced the disbursement of N1.143 trillion as the total revenue for May 2024

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]]> https://nairametrics.com/2024/06/11/faac-shared-revenue-drops-by-5-38-to-n1-143-trillion-for-may-2024/feed/ 0 491041 Nigeria’s earnings from crude oil export rise by 50.2% to N15.4 trillion in Q1 2024 https://nairametrics.com/2024/06/10/nigerias-earnings-from-crude-oil-export-rise-by-50-2-to-n15-4-trillion-in-q1-2024/ https://nairametrics.com/2024/06/10/nigerias-earnings-from-crude-oil-export-rise-by-50-2-to-n15-4-trillion-in-q1-2024/#respond Mon, 10 Jun 2024 14:54:59 +0000 https://nairametrics.com/?p=491008 The value of Nigeria’s crude oil export earnings increased by 50.2% in the first quarter of 2024 to N15.4 trillion, according to data from the Nigeria Bureau of Statistics (NBS).

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]]> https://nairametrics.com/2024/06/10/nigerias-earnings-from-crude-oil-export-rise-by-50-2-to-n15-4-trillion-in-q1-2024/feed/ 0 491008 Nigeria’s money supply rebounds to historic N96.97 trillion in April 2024, defying MPC’s tightening measures https://nairametrics.com/2024/06/10/nigerias-money-supply-rebounds-to-historic-n96-97-trillion-in-april-2024-defying-mpcs-tightening-measures/ https://nairametrics.com/2024/06/10/nigerias-money-supply-rebounds-to-historic-n96-97-trillion-in-april-2024-defying-mpcs-tightening-measures/#respond Mon, 10 Jun 2024 14:21:19 +0000 https://nairametrics.com/?p=491003 Nigeria’s money supply (M3) has surged to a new peak of N96.97 trillion in April 2024, reflecting a significant recovery from previous decline recorded in March. This growth comes in the face of the Monetary Policy Committee’s (MPC) stringent measures aimed at controlling inflation.

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]]> https://nairametrics.com/2024/06/10/nigerias-money-supply-rebounds-to-historic-n96-97-trillion-in-april-2024-defying-mpcs-tightening-measures/feed/ 0 491003 States urge FG to halt foreign loan-backed grants, subsidies for rural electrification in Nigeria https://nairametrics.com/2024/06/10/states-urge-fg-to-halt-foreign-loan-backed-grants-subsidies-for-rural-electrification-in-nigeria/ https://nairametrics.com/2024/06/10/states-urge-fg-to-halt-foreign-loan-backed-grants-subsidies-for-rural-electrification-in-nigeria/#comments Mon, 10 Jun 2024 11:59:20 +0000 https://nairametrics.com/?p=490984 State governments have raised concerns over the Federal Government's use of foreign loans to fund grants and subsidies for private investors involved in rural electrification programs.

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]]> https://nairametrics.com/2024/06/10/states-urge-fg-to-halt-foreign-loan-backed-grants-subsidies-for-rural-electrification-in-nigeria/feed/ 1 490984 Nigeria’s motorcycle imports surge by 204% in Q1 2024 on weak naira, India overtakes China as top supplier   https://nairametrics.com/2024/06/10/nigerias-motorcycle-imports-surge-by-204-in-q1-2024-on-weak-naira-india-overtakes-china-as-top-supplier/ https://nairametrics.com/2024/06/10/nigerias-motorcycle-imports-surge-by-204-in-q1-2024-on-weak-naira-india-overtakes-china-as-top-supplier/#respond Mon, 10 Jun 2024 09:05:50 +0000 https://nairametrics.com/?p=490958 Data from the National Bureau of Statistics reveal Nigeria recorded N117.4 billion as import cost for motorcycles in the first quarter of 2024 

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]]> https://nairametrics.com/2024/06/10/nigerias-motorcycle-imports-surge-by-204-in-q1-2024-on-weak-naira-india-overtakes-china-as-top-supplier/feed/ 0 490958 Top ten export destinations of Nigerian goods in Q1, 2024  https://nairametrics.com/2024/06/10/top-ten-export-destinations-of-nigerian-goods-in-q1-2024/ https://nairametrics.com/2024/06/10/top-ten-export-destinations-of-nigerian-goods-in-q1-2024/#comments Mon, 10 Jun 2024 07:06:25 +0000 https://nairametrics.com/?p=490953 In the first quarter of 2024, Nigeria’s total exports increased by 51% from N12.69 trillion in the preceding quarter (Q4, 2023) to N19.16 trillion. On a year-on-year basis, total exports grew by 195% from N6.48 trillion recorded in Q1, 2023.  

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]]> https://nairametrics.com/2024/06/10/top-ten-export-destinations-of-nigerian-goods-in-q1-2024/feed/ 1 490953 Ten most traded product categories in Nigeria in Q1 2024  https://nairametrics.com/2024/06/09/ten-most-traded-product-categories-in-nigeria-in-q1-2024/ https://nairametrics.com/2024/06/09/ten-most-traded-product-categories-in-nigeria-in-q1-2024/#respond Sun, 09 Jun 2024 18:43:16 +0000 https://nairametrics.com/?p=490947 Nigeria’s foreign trade statistics report for the first quarter of 2024 reveals a significant trade surplus of N6.52 trillion.

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]]> https://nairametrics.com/2024/06/09/ten-most-traded-product-categories-in-nigeria-in-q1-2024/feed/ 0 490947 Nigeria’s food and beverage import bill rises by 30% to N1.59 trillion in Q1  https://nairametrics.com/2024/06/09/nigerias-food-and-beverage-import-bill-rises-by-30-to-n1-59-trillion-in-q1/ https://nairametrics.com/2024/06/09/nigerias-food-and-beverage-import-bill-rises-by-30-to-n1-59-trillion-in-q1/#respond Sun, 09 Jun 2024 14:23:19 +0000 https://nairametrics.com/?p=490941 Nigeria’s food and beverage import bill increased by 30% from N 1.21 trillion in the fourth quarter of 2023 to N1.59 trillion in the first three months of 2024.  

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]]> https://nairametrics.com/2024/06/09/nigerias-food-and-beverage-import-bill-rises-by-30-to-n1-59-trillion-in-q1/feed/ 0 490941 Nigeria incurs N2.6 trillion on fuel imports in first quarter of 2024 up 46%  https://nairametrics.com/2024/06/09/nigeria-incurs-n2-6-trillion-on-fuel-imports-in-first-quarter-of-2024-up-46/ https://nairametrics.com/2024/06/09/nigeria-incurs-n2-6-trillion-on-fuel-imports-in-first-quarter-of-2024-up-46/#respond Sun, 09 Jun 2024 08:35:43 +0000 https://nairametrics.com/?p=490914 Nigeria’s expenditure on motor spirit (also known as fuel) soared to N2.6 trillion in the first quarter of 2024, representing a 46% increase from the fourth quarter of 2023. 

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]]> https://nairametrics.com/2024/06/09/nigeria-incurs-n2-6-trillion-on-fuel-imports-in-first-quarter-of-2024-up-46/feed/ 0 490914