KPMG, a global financial advisory service firm, has forecasted that Nigeria’s headline inflation will surge to 30% by December 2023. The country’s current headline inflation rate stands at 26.72% as of September 2023. KPMG attributes this projected spike in prices to recent reforms in the petroleum industry, including the removal of fuel subsidies and the…
The Customs duty payable on imported items at Nigeria’s seaports has surged following the Central Bank of Nigeria’s (CBN) recent adjustment of the official exchange rate used by the Nigeria Customs Service (NCS). The exchange rate was shifted from N770.88/$1 to N783.174/$1, marking a considerable increase. This modification is anticipated to raise the cost of…
The Central Bank of Nigeria (CBN) has recently issued a directive requiring its staff to disclose any close relatives employed by the bank and reveal connections to Politically Exposed Persons (PEPs) in the country. This development comes amid previous criticisms faced by the central bank for alleged recruitment practises that violated federal character laws during…
The Central Bank of Nigeria (CBN) has clarified that all banknotes, whether old or new, remain valid legal tender in the country. This announcement comes in response to reports of currency shortages and the rejection of older banknotes in some regions. The CBN made this statement on its X Platform, addressing concerns and ensuring the…
Fuel scarcity in Nigeria may persist due to several factors including non-functional refineries, instability in the naira-to-dollar exchange rate, overreliance on the importation of refined products, poor road infrastructure, dollarization of the economy, and smuggling activities. This assessment comes from Mr. Salimon Oladiti, a National Trustee of the Nigeria Union of Petroleum and Natural Gas…
The Naira’s recent strength against the US Dollar is attributed to the Central Bank of Nigeria’s (CBN) measures to increase dollar liquidity and mop up excess Naira through interest rate hikes. The President of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, explained that this approach is aimed at reducing speculation,…
Dr. Akinwumi Adesina, the President of the African Development Bank (AfDB), has announced that the Abidjan-Lagos highway corridor has attracted an investment interest of $15.5 billion. He made this announcement during the 2023 Africa Investment Forum (AIF) Market Days in Marrakech, Morocco, which revolved around the theme “Unlocking Africa’s Value Chains.” According to Adesina, the…
The Chinese Government initiative Green Agriculture West Africa Limited has provided agricultural technical training programmes for over 400 Nigerian government officials. These initiatives aim to bolster agricultural cooperation between China and Nigeria. The company, which has invested in agriculture by establishing Green Agriculture West Africa Limited in Nigeria, focuses on producing and supplying rice seeds…
The Nigerian National Petroleum Company Limited (NNPCL) is considering importing 110,000 barrels of crude oil per day from Venezuela or Saudi Arabia to fuel the upcoming Kaduna Refinery. Furthermore, the Dangote, Bua, and other refineries may also have to import approximately 1.322 million barrels of crude oil daily due to oil production challenges, existing crude…
The Federal Government of Nigeria has expressed its commitment to ensuring that there is no monopoly or concentration of power within a select group of individuals or companies in the adoption of compressed natural gas (CNG) for vehicle use in the country. This statement was made by Toyin Subair, the Senior Special Assistant to the…