MAN Blame Govt. Policies for Rising Inflation
The Nigerian Manufacturers Association revealed that Nigeria’s inflation challenges are related to the fallout of economic policy under President Bola Tinubu’s administration citing the removal of fuel subsidy and the unification of the exchange rate. They urged that the Nigerian Government must commit to addressing the challenges of insecurity and should deploy fiscal reforms that […]
Shettima Discusses Revival of ALSCON with Russian Firm
Russian aluminium producer Rusal revealed that discussions with the Nigerian government are underway to potentially restart the Alscon smelter in Nigeria. The smelter had been suspended a decade ago due to financial losses. Back in 2012, Alscon managed to produce 22,000 tonnes of aluminium, which accounted for 11% of its yearly production capacity. However, in […]
FG to Partner Nasarawa State on Lithium Processing
The Federal Government is set to partner with the Nasarawa State government on a lithium processing policy that would ensure that Lithium mined in the State is processed locally instead of exporting it raw. The Executive Vice Chairman and Chief Executive Officer of the National Agency for Science and Engineering Infrastructure (NASENI), Dr. Bashir Gwandu, […]
Nigeria’s inflation rate accelerates to 21.09% in October 2022
Nigeria’s inflation rate accelerated to a new 17-year high of 21.09% in October 2022, marking a 0.32% points increase from 20.77% recorded in September. This is according to the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS). Food inflation also surged to 23.72% in the review month from 23.34% in the […]
Nigeria’s energy sector records 5-year high inflation
For the first time since 2017, Nigeria’s energy sector has recorded an all-time high inflation rate, the October 2022 Consumer Price Index (CPI) and Inflation Report of the National Bureau of Statistics (NBS) has revealed. The report noted that Nigeria’s housing water, electricity, gas, and other fuels (energy) inflation rate rose to 16.8% for October […]
Experts Predict 25% Rise on Electricity Tariffs in Nigeria
By Ibrahim Dan-Halilu Electricity prices are expected to rise due to the unification of the naira and the depreciation of the currency. The Central Bank of Nigeria recently consolidated all segments of the forex market, allowing market forces to determine the exchange rate. The unification of exchange rates may lead to an increase in electricity […]