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ANALYSIS: COVID-19 Impact Hit Hard On Food Prices
As Nigeria gradually heals up from the impact of the COVID-19 pandemic on its economy, Nigerians are still finding it difficult to adjust to the skyrocketing prices of food stuff despite key indicators showing a slight relief on the country’s economy. Twentyten gathered that averagely, the prices of every ‘regularly consumed’ food product had doubled…
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38 Million Nigerian Adults Financially Excluded
A survey has reported that 36 percent of Nigerian adults, or 38 million adults, remained completely financially excluded at the end of 2020. According to a new report by Enhancing Financial Innovation & Access, titled ‘New data from EFInA’, said financial inclusion grew, adding that there was a need for more action. Part of the…
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ANALYSIS: Nigeria’s Insecurity Threatens Agricultural Growth
Nigeria’s agricultural sector might begin to plunge in its growth owing to recurrent insecurity challenges emanating from different parts of the country. The impact of these insecurity challenges, just like the COVID-19 pandemic, are beginning to deny farmers and traders access to grow crops and make sales respectively. The Nigerian Economic Summit Group has said…
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Nigeria’s Inflation Rises To 17.33% In February 2021
Nigeria’s inflation rate has risen to 17.33 percent in February 2021, from 16.47 percent recorded in January 2021. This, according to the latest inflation report published by the National Bureau of Statistics, represents the highest inflation rate recorded in four years. The last time the country recorded an inflation rate this high was in February…
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COVID-19: 58 Percent Of Households Reduced Their Feeding
A survey by the National Bureau of Statistics has shown that 58 percent of households in the country reduced their food consumption during the pandemic. It revealed that between June to December 2020, household reduced their feeding in order to cope with shocks caused by COVID’19. According to the Bureau, this and other strategies adopted…
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Food Inflation Rocks Nigeria’s Economy
Following a report published by the National Bureau of Statistics, the prices of food rose by 1.3 percent in December 2020, The closely watched index rose sharply by 19.56% in December compared to 18.3% recorded in the previous month. According to the report, “On a month-on-month basis, the food sub-index increased by 2.05% in December…
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Nigerians Spend More to Eat than Live
More than 82 million Nigerians, who live on less than $1 a day, are finding it difficult to eat a basic three square meal as the food inflation in November hits 18.30 percent in November 2020 compared to 17.38 percent in October 2020. The latest data by the National Bureau of Statistics recorded that the…
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Pandemic, Recession and Inflation
Many countries including Nigeria are currently in recession. The year 2020 has been characterized by the coronavirus (COVID-19) pandemic. Its impact has continued to have a severe impact on businesses, households, and economies globally and one of its consequences is inflation. Though inflation affects all of us; but most importantly high inflation could be hostile…