January Inflation Surged By 0.98% - NBS

The National Bureau of Statistics, NBS, in its latest report, disclosed that Nigeria’s inflation rate for January 2024 has surged, moving from 28.92% recorded in December to 29.90%. The data also indicated that on a month-on-month basis, the headline inflation rate for January 2024 ascended to 2.64%, outpacing the 2.29% observed in the preceding month by 0.35% points.

Nigeria Experiencing Worsening Economic Crisis - IMF

The International Monetary Fund (IMF) has said held-up per-capita growth, poverty, and high food insecurity have worsened the ongoing cost-of-living crisis in Nigeria. The above was contained in a recent publication titled "Review of Nigeria's Post-Financing Assessment by the IMF Executive Board." According to the report, low revenue collection has hampered the provision of services and public investment. It noted that headline inflation reached 27 percent year-on-year in October (food inflation 32 per cent), reflecting the effects of fuel subsidy removal, exchange rate depreciation, and poor agricultural production in the country. The report read in part, "Nigeria faces a difficult external environment and wide-ranging domestic challenges. External financing (market and official) is scarce, and global food prices have surged, reflecting the repercussions of conflict and geo-economic fragmentation.

CAC: Content Creators Must Register

The Corporate Affairs Commission (CAC) has stated that social media content creators across different platforms should register their businesses with the Commission which is in line with the Company and Allied Matters Act 2020. This development was made known on Tuesday by the Registrar General, CAC, Hussaini Magaji, when he was paid courtesy visit by the Managing Director, Opay, Dauda Gotring.

CBN Directs IMTOs To Pay In Naira

According to recent developments, international transfers through International Money Transfers Operators (IMTOs) would be paid out in Naira which is in line with the recent circular issued by the Central Bank of Nigeria (CBN) aimed at solving the Forex (Fx) crisis facing the country. IMTOs are government-approved companies that receive cash to transmit to persons resident in any country. Some of the IMTOs affected include Western Union, MoneyGram, Ria, Sebdwave and other IMTOs approved by the CBN.

Bakers To Embark On Nationwide Strike

The Association of Master Bakers and Caterers of Nigeria (AMBCON) has announced a nationwide strike, effective 27th February 2024. As stated by the association, the decision is due to the failure of the government to implement the 2020 agreement it entered with the association. On Tuesday, 13th of February 2024, the president, Alhaji Mansur Umar, in a statement disclosed that the association will embark on total withdrawal of all services from 27th February 2024. He also appealed to governments of various levels to suspend all forms of taxation on the bakery industry for now, while also developing the cultivation and processing of wheat and sugar cane in Nigeria.

PH Refinery Begin Operations As Shell Supplies Crude Oil

The Port Harcourt Refinery is set to start operations following the supply of 475,000 barrels of crude oil by Shell Petroleum Development Company Limited after the recent rehabilitation and testing to ensure readiness for sustainable operations.

IMF Urges FG to Increase Electricity Tariffs

The International Monetary Fund (IMF) has urged the Federal Government of Nigeria to phase out fuel and electricity subsidies; Noting that this removal will restore the macroeconomic stability of the Nation. According to the institution in its latest press release titled “IMF Executive Board Concludes Post Financing Assessment with Nigeria,” praised the present Tinubu administration for the initiatives taken to better position the country's economy, which include the elimination of fuel subsidies and the unification of the exchange rate.

EFCC Launches Task Force To Combat Dollarization Of Economy

The Economic and Financial Crimes Commission (EFCC) has announced the launching of a task force in a statement released on Wednesday and titled, “EFCC Raises Special Task Force Against Dollarization of Economy and Mutilation of Currency”, which stated that the Special Task Force has been raised in all its Zonal Commands. The statement reads in part, “The Task Force, inaugurated by the Executive Chairman of the Commission, Ola Olukoyede, was raised to protect the economy from abuses, leakages and distortions exposing it to instability and disruption.

Agbede Appointed Acting CEO Of Access Holdings

Access Holdings Plc has announced the appointment of Bolaji Agbede as the Acting Group Chief Executive Officer (CEO), following the unexpected death of the former CEO, Herbert Wigwe in a helicopter crash on Friday in America, where his wife, son and other passengers were also killed. This development was made known on Monday in a statement issued by Access Holdings Plc.

President Tinubu Inaugurates 3,112 Housing-units In Abuja

President Bola Tinubu has pledged his willingness to commit to the country's economic prosperity and development. Mr President who said this on Thursday during the inauguration of 3,112 housing-unit Renewed Hope City in Karsana Abuja urged Nigerians not to look back but forward because they have a country that truly cares about them. He said his administration is setting a goalpost that it intends to win because it understands how to propel the engine of growth, stability, and the economic resurgence of Nigeria. "That's all I need to remind you, standing before you as the president of the Federal Republic of Nigeria, I pledge to Nigeria, my country to be faithful and committed to the economic development and prosperity of every one of you. We are given a little trust, but we build on that trust to assure you today, tomorrow, and the day after of prosperity that we can create it.