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REPORT: 7 States Contributed to $1.4bn Capital Importation in Q3
With a 12.86 percent increase, when compared to the second quarter of 2020, the total value of importation into Nigeria in the third quarter stood at $1,461.49m as only seven states contributed to this increase. The National Bureau of Statistics published that the largest amount of capital importation received was through other investment, accounting for…
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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…
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The Fall and Fall of the Nigerian Naira
According to the Central Bank of Nigeria (CBN), Nigeria’s currency, the Naira, fell by nearly a fifth of its value on the official exchange rate window, in the five months between March and August of this year from 305 to the U.S. dollar to 379 on August 21, for a roughly 24.3% decline. Nigeria’s currency,…
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Nigeria’s Spiking Food Inflation Continues Unabated
The prices of food items have increased by approximately 30 per cent in different parts of Nigeria over the last one year according to the Nigeria Bureau of Statistics, (NBS). The price of 1kg of onion rose from N202 to N270.59 showing a 33.38 percent increase. The average prices of local rice and imported rice…
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Economy: Dependence Of Niger Republic and Nigeria
The border between Nigeria and the Republic of Niger is the longest among Nigeria’s neighboring countries. Both countries have a strong historical background, share a common language and religion across neighboring towns, and have been trading partners for decades. The Republic of Niger and Nigeria have always had strong historical and social ties as they share…
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The Nigerian Refineries Accountability
In April, NNPC had to shut down all its four refineries to secure funding for their refurbishment. This means that these refineries had not processed almost any crude oil in months. Three refineries in Nigeria cost the country N148 billion in expenses but produced less than 40,000 metric tonnes of crude oil produced only by…