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W/Bank To Invest $150bn In Africa
The President of World Bank Group, David Malpass, said that the bank has made plans to invest $150 billion in Africa within the next five years. This investment is targeted towards promoting development on the continent. Malpass disclosed this at the Summit on Financing African Economies, held in Paris, France, saying that about $200 billion…
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INEC Fire: 12 States Affected in Two Years
Just as the 2023 General Elections draws near, there have been recurrent attacks on offices belonging to the Independent National Electoral Commission across all states in Nigeria. Reports gathered from several media outlets showed that, in the last two years, more than 15 INEC offices have been either burnt down or vandalised. Twentyten Daily observed…
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Money Supply Rises By 22.5% To N38trn
Money supply in the economy jumped by 22.5 per cent Year-on-Year to N38 trillion in the first quarter of the year. This increase is due to the demand for cash by the public to meet the rising prices of goods and services. Reflecting the rising trend in prices of goods and services, the annual inflation…
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ANALYSIS: Food Inflation Drops 7 Months After Increase
For almost two years, Nigeria had faced a gradual increase in the prices of food products. The National Bureau of Statistics reported in March 2021, that the food price Index peaked to 22.95 percent. According to the Bureau, Nigeria has maintained a two digit Inflation rate since June 2015 when the record rose to 10.04…
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‘Nigeria Needs $3trn For Infrastructure In 30 Years’
Over the next 30 years, Nigeria would need up to $3 trillion to bridge the gap on infrastructural deficit, Agusto & Co., a rating agency and research firm, has said. Putting this into perspective, the Federal Government would need to spend the entire 2021 budget of N13.58tn continuously over the next century on capital expenditure…
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NNPC: 3 Refineries Processed No Crude In January
In the latest operations report by the Nigerian National Petroleum Corporation, three Nigeria’s refineries under the management could not refine crude oil. This is coming amid concerns by the Nigeria Labour Congress over the static state of the facilities. The report said that the Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri…
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Inflation Drops By 0.05% In April After Consistent Increase
The National Bureau of Statistics has published that the inflation rate reduced by 0.05 percent in April 2021 compared to what obtained in March 2021. It said the inflation rate which stood at 18.17 percent in March reduced to 18.12 percent in April 2021. CPI measures the average change over time in prices of goods…
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Food Prices Drop After 21 Months Consecutive Increase
According to the National Bureau of Statistics, the composite food index rose to 22.72 percent in April 2021 compared to 22.95 percent recorded in March of the same year. The report contained in the NBS’s Consumer Price Index added that on month-on-month basis, the food sub-index increased by 0.99 per cent in April, down by…
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NNPC Contract: Nigeria May Lose $100m To Foreigners
There are assumptions that Nigeria will be losing over $100 million due to a recent award of coastal and bunkering of vessel service contract to a foreign firm by the Nigerian National Petroleum Corporation. The members of the Ship Owners Association of Nigeria made this disclosure in a petition to the National Assembly and the…
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Nigeria’s Investment Authority Revenue Hit 343%
The Nigeria Sovereign Investment Authority, manager of Nigeria’s sovereign wealth fund, announced its audited results for 2020 financial year, reflecting a 343 percent growth in income to N160bn. It said this was disclosed in its Audited Financial Results for 2020 Financial Year released, adding that the growth was far higher than the N36.15bn recorded in…