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Unemployment To Push More Nigerians Into Poverty
Many Nigerians are expected to fall into the poverty amid rising unemployment in the country, the Nigerian Economic Summit Group has said. The NESG, a private sector-led think-tank, noted in its economic report for the first quarter of 2021 that the country’s economic growth in the period under review was relatively weak. “Nigeria’s economic…
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Beans, Garri Prices Drove Annual Food Inflation
The National Bureau of Statistic has said in a new report that the prices of beans and garri drove annual food inflation in May 2021. According to the ‘Selected food prices watch for May 2021’, there was a general rise in food prices in the month under review. The report stated that the national bean…
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COVID-19: Africa Loses $190bn In GDP
The President of the African Development Bank Group, Akinwumi Adesina, has said that the African economy lost over $190 billion due to the effect of the COVID-19 pandemic. Adesina, during the AfDB’s 2021 virtual Annual Meeting, added that the pandemic has forced 30 million people into extreme poverty with an estimation of 39 people going…
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’13 Million Nigerians Risk Acute Food Insecurity’
The 2021 Global Report on Food Crises has stated that Nigeria is among six countries in Africa with the worst food crises and some 13 million Nigerians risk falling into acute food insecurity. The GRFC is prepared by 16 leading global and regional organisations belonging to the Global Network Against Food Crises. It is released…
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Nigeria’s Inflation Rate Drops
Nigeria’s inflation rate has dropped to 17.93 percent in May from 18.12% in April 2021. This is according to the ‘Consumer Price Index Report’, released by the National Bureau of Statistics. On a month-on-month basis, the headline index increased by 1.01 percent in May 2021. This is 0.04 percentage points higher than the rate recorded…
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Botswana Discovers World’s Fifth-Largest Diamond
Debswana, a diamond mining company in Botswana has unearthed a 1,098-carat stone described as the third-largest stone of gem quality and the fifth-largest diamond in the world. The stone which measures 73mm long, 52mm wide and 27mm thick is the biggest stone of gem quality to be found in the history of Debswana, a joint…
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Nigeria- China Debt Now Stands At $3.40 Billion
The Debt Management Office (DOC) has revealed the Buhari-led government has incurred a loan that totals $2.20 billion from the Chinese government since its inception in 2015. According to the statistics obtained from the DMO, Nigeria’s total debt from China as of June 30, 2015, stood at $1.38bn. However, the country’s debt portfolio from China…
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Nigeria Suffers Electricity Deficit, Clean Fuel, Others
The World Bank has said that Nigeria is among the three countries in the world with the largest electricity deficits in the world. The apex bank said during the last decade, a greater share of the global population gained access to electricity than ever before, however, the number of people without electricity in Sub-Saharan Africa…
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Nigeria To Sell Unused Power To 4 Countries
About four West African countries are in talks with Nigeria to sell unused electricity to them. The electricity would be sold through a planned $570 million Northcore Power Transmission Line. This was disclosed by the acting Managing Director of the Transmission Company of Nigeria (TCN) and Chairman, Executive Board of the West African Power Pool…
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CBN To Loan $70,000 To SME’s And Households Affected By Covid-19
The Central Bank of Nigeria (CBN), through NIRSAL Microfinance Bank, has announced the reopening of its portal for Micro Small and Medium Enterprises (SMEs) as well as households affected by COVID-19 to access up to $70,000. According to the Central Bank of Nigeria, household owners whose livelihood was affected by the Coronavirus and business owners…