Economy

Western multinationals fleeing Nigeria are being replaced by Asian and Turkish firms

As US and Europe-based multinationals exit Nigeria, Asian and local companies are stepping in to fill the void. Last week, London-based Diageo Plc sold its controlling stake in Guinness Nigeria Plc to Singapore’s Tolaram Group Inc. The Fouani Group, a local firm, operates a diaper and sanitary pad plant in a complex where Cincinnati-based Procter & […]

Cost of Living: Households reduce consumption expenditure

At the backdrop of the escalating cost of living crises, the National Bureau of Statistics, NBS, has released the long awaited ‘Gross Domestic Product (GDP) Report by Expenditure and Income Approach’, the first since second half of 2023, H2’23, showing negative shift in household consumption expenditure. The report covering third quarter and fourth quarter 2023, indicated that Nigerian households […]

Nigerian democracy @ 25: Exciting but frustrating journey

As Nigeria marks 25 years of uninterrupted democracy since the 1999 transition from military rule, the nation reflects on an inspiring yet challenging journey. The Nigerian democratic experience stands out in a continent where some countries have been plagued by military coups or extended dictatorships. Nigeria has seen a series of elections since 1999 leading […]

Smuggled Nigerian petrol floods W’African markets, sells N1,700/litre

The Federal Government, on Monday, raised the alarm over the renewed smuggling of Premium Motor Spirit, popularly called petrol, following the massive hike in the pump price of the commodity in neighbouring countries. It stated that while the average price of petrol in Nigeria was about N701/litre, the average cost of the product in neighbouring […]

Rising transportation cost causing commodity price inflation — Experts

Experts have blamed the rising cost of commodities in the market on the high cost of transporting goods from one point to another in Nigeria. The country depends largely on land transport for haulage services, thereby being greatly affected by the removal of fuel subsidies. Speaking to the Nigerian Tribune, Paul Kyan, a transporter who […]

After countless denials, FG admits to N5.4trn oil subsidy in 2024

In a surprising turn of events, the federal government has finally admitted Africa’s biggest oil-producing country will be spending up to N5.4 trillion on oil subsidies in 2024. This comes after months of repeated denials by government officials who insisted there were no subsidies. The revelation came during a presentation by Wala Edun, the minister […]

Petrol: Landing cost rises 46.8 per cent to N1,026.71 — Investigation

There are indications that the landing cost of Premium Motor Spirit, PMS, otherwise known as petrol rose year-on-year, YoY, by 46.8 per cent to N1,026.71 per litre in May 2024, from N545.83 per litre, recorded in the corresponding period of 2023. The landing cost excludes other additional costs which include deport-related charges, transportation logistics and marketers’ […]

Locally-used cars boom as volatile naira curbs imports 

Nigerians are turning to locally-used vehicles as soaring prices make imported cars unaffordable in a country grappling with the worst cost-of-living crisis in decades. Multiple car dealers told BusinessDay that demand for locally-used cars has surged because the naira devaluation has made importation more expensive. The naira has weakened by as much as 639 percent […]

FG apologises to Nigerians over economic pains, hardships

The Federal Government has apologised to Nigerians for the pain and economic hardship being experienced in the country, noting, however, that the policies of the President Bola Ahmed Tinubu-led government are on track despite the currency crisis and inflation, which have frustrated economic growth. Minister of Budget and Economic Planning, Atiku Bagudu, on Wednesday at […]

Scroll to top
08057107982