...news, reports, issues... about Lagos
Shockingly, the food crisis may last even longer than anticipated, as its underlying drivers show no signs of abating; instead, they continue to gather momentum and exacerbate the situation. Key among these drivers are insecurity, climate change, and urbanisation. In Nigeria, Africa’s most populous nation, a dark cloud looms over the nation, threatening not just […]
Despite the persistent appreciation of Naira against international currencies, especially the dollar, prices of food items are still surging, LEADERSHIP learnt. The Naira has appreciated since the beginning of this month following the Central Bank of Nigeria (CBN)’s recent intervention in the forex market. However, the value of the local currency continued to rescind its […]
By Dele Sobowale “Yes, we will do anything for the poor man; anything but get off his back.” — Leo Tolstoy, 1828-1910. IF the first year of Tinubunomics is an indication of what is in store for the middle class and the poor people of Nigeria, then, it is time to abandon hope. Information available […]
The supply of diesel from Dangote oil refinery is expected to bring to an end the importation of the product from European refiners estimated at 2.5 billion litres annually, BusinessDay’s findings have revealed. For decades, European refiners have enjoyed a lucrative market in Nigeria as the unreliable power supply from the national grid forced companies across Africa’s fourth biggest […]
Pension savings have become an immediate lifeline for Nigerians as rising unemployment forced more people to draw on their balances for day-to-day expenses. This development has seen workers in both the public and private sectors who lost their jobs fall back on pension savings to survive current economic hardships. Data from the National Pension Commission shows that at the […]
The Federal Competition and Consumer Protection Commission (FCCPC) says it is taking steps to protect consumers regarding the continued rise in prices of goods and services, despite the recent appreciation of Naira against the dollar. The FCCPC, which described the situation as unacceptable, said it would not fold its hands while Nigerian consumers are being […]
For Adekunle William, chief executive officer of Dr Stitches Clothiers, the continuously rising energy costs are squeezing his business. High energy costs have tripled, forcing him to rely heavily on his generator, which is gulping down diesel at exorbitant prices, eating away his already thin profits. Adekunle is not alone in this challenging period. Across […]
Lagos, the most populous city in Africa has been ranked 5th among 20 wealthiest cities in the continent with 4,200 millionaires, Africa Wealth Report 2024, by Henley & Partners, shows. The industrial hub of Nigeria dropped from the fourth spot it was in 2023 with 5,400 millionaires, leading to 1,200 people now out of the millionaire radar. Top […]
The rise in the prices of garri, millet, and yam, dried fish sardines and ‘akpu uncooked fermented’ pushed food inflation to a record high of 40.01 percent in March. This was revealed in the latest Consumer Price Index report by the National Bureau of Statistics (NBS). Others are mudfish dried, palm oil, vegetable oil, beef feet, beef […]
At the backdrop of sustained rise in prices of staple food items in the market, Nigeria has recorded an unprecedented food inflation rate of 40 percent in March 2024. Economists and financial analysts explained that the development would put more pressure on the purchasing power of average Nigerian and they also predict that the trend will continue for […]
