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Nigeria’s Reserves Drop To $39.5bn
Nigeria’s foreign reserves stood at $38.483bn by May 31, 2022, declining by five per cent from $40.521bn reported by end of December 2021. According to an analysis from the Central Bank of Nigeria’s by the end of April 2022, Nigeria’s foreign reserves stood at $39.579 billion, having declined by 2.3 per cent since December 2021.…
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568 Million Africans Live Without Access To Electricity
According to the World Health Organisation, in its 2022 Energy Progress report, 568 million Africans are living without access to electricity and clean energy. WHO said the impact of the COVID-19 pandemic is adversely affecting the progress of universal energy access, designed to attain the Sustainable Development Goal of ensuring access to affordable, reliable, sustainable…
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Subsidy Hits 45% Of Fuel Import Bill In Q1
The National Bureau of Statistics has disclosed that Nigeria spent N1.51 trillion on the imports of premium motor spirit, also known as petrol, in the first quarter of 2022. This was 25.54 percent of the total imports for this quarter, and an increase of 17.05 percent when compared to the N1.29tn spent on importing fuel…
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Nigerians’ Spending On Utility Bills Soars By 387%
The amount Nigerians spent on electronic bills grew by 387.19 per cent from N189.50bn in the first four months of 2019 to N923.24bn in the corresponding period of 2022. This indicates an increase in the use of e-channels by Nigerians on bills such as power and other utilities. According to the Nigeria Inter-Bank Settlement System,…
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45 Countries Face High Risk Of Food Crisis
A study by Boston Consulting Group, a global management consulting firm, has shown that about 45 countries around the world are severely exposed to the Ukraine war-induced food crisis. BCG, in a report titled, ‘The war in Ukraine and the rush to feed the world’, said it explored in detail the multiple direct and indirect…
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Nigeria’s Internet Population Grows By 108.39%
According to data from the Nigerian Communications Commission, Nigerians with access to fast Internet have grown by 108.39 per cent in four years. The commission’s portal revealed that broadband penetration increased from 38.72 million (20.28 percent) in March 2018 to 80.68 million (42.27 percent) in March 2022. According to the ‘Nigerian National Broadband Plan (2020…
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63 Million Technology Devices Sold In Nigeria Annually
According to data from Original Equipment Manufacturers, about 63 million technology devices are sold in Nigeria every year. The estimates suggest that device owners change their devices every six to 18 months. This was disclosed in the National Communications Commission’s, ‘Deployment of a Device Management System: Project Information Memorandum.’ The commission said, “Data from OEMs…
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Debt Servicing May Gulp 100% Of FG’s Revenue By 2026
The International Monetary Fund has warned that debt servicing may gulp 100 percent of the Federal Government’s revenue by 2026. The IMF predictions are hinged on if the government fails to implement adequate measures to improve revenue generation. The IMF’s Resident Representative for Nigeria, Ari Aisen, disclosed this while presenting the Sub-Saharan Africa Regional Economic…
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In Two Months, CBN Defends Naira With $3.36bn
Figures obtained from the Central Bank of Nigeria’s January monthly report on ‘Foreign Exchange Market Developments’ showed that $1.71bn and $1.65bn were injected in December 2021 and January 2022 respectively. This is part of efforts to ensure the stability of the naira. In total CBN injected $3.36bn into the foreign exchange market in two months.…
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Prices Of Transport Fare Increased In April 2022
Figures form the National Bureau of Statistics has shown that the prices of transport fare within the country increased in April 2022. NBS said this in its Transport Fare Watch for April 2022 report which covers the following categories: bus journey within the city per drop constant route; bus journey intercity, state route, charge per…