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Economy

Economy

Nigeria’s Imports Rise By N12.11tn Despite Forex Shortage

Nigeria’s Imports Rise By N12.11tn Despite Forex Shortage

Between 2016 and 2021 Nigeria’s import bill rose from N8.73tn to of N20.84tn, according to the Central Bank of Nigeria and the National Bureau of Statistics data. This implies that within the five-year period, imports into the country rose by...
Russia-Ukraine war: Soaring shipping costs may worsen inflation in Nigeria, others, IMF warns

Russia-Ukraine war: Soaring shipping costs may worsen inflation in Nigeria, others, IMF warns

THE International Monetary Fund has said rising shipping costs as a result of the ongoing war between Russia and Ukraine may worsen inflation in Nigeria, and other nations in the world. The Washington-based lender disclosed this in a report titled,...
Diesel Price: Truckers Running At Deficit, Needs Special Consideration – COMTUA

Diesel Price: Truckers Running At Deficit, Needs Special Consideration – COMTUA

The Council of Maritime Transport Unions and Associations (COMTUA) on Tuesday said that increase in price of diesel has made truckers to run at a loss. The President of COMTUA, Mr Yinka Aroyewun, said in Lagos that the increase in...
Ukraine Could Lose $6 Billion in Grain Exports with Ports Blocked

Ukraine Could Lose $6 Billion in Grain Exports with Ports Blocked

Ukraine faces a possible grain revenue loss of $6 billion as the blockade of its ports by Russian forces prevents it from selling millions of tonnes of wheat and corn that had been earmarked for export by June, a...
Report: Climate Change Could Cost Shipping $25B Per Year

Report: Climate Change Could Cost Shipping $25B Per Year

Climate change has the potential to cause $25 billion in losses for shipping every year if no tangible actions are taken to cut emissions, a new report by RTI International and the Environmental Defense Fund (EDF) suggests. The report suggests...

Russian Invasion of Ukraine Has Far-Reaching Supply Chain Consequences

The current global economic order is founded on credit and globalization, and Russia’s miscalculation in starting a war with Ukraine is having ripple effects in distant continents. Vital food supply chains for faraway nations have been disrupted, with destabilizing consequences....
Nigeria’s inflation rate hits three-month high at 15.70%

Nigeria’s inflation rate hits three-month high at 15.70%

The consumer price index, which measures the rate of increase in the price of goods and services, rose to 15.70 percent in February 2022, amid soaring fuel prices and scarcity. With the development, it means that the headline inflation rate...

Lekki seaport’ll contribute $360bn to Nigeria’s GDP – FG

The Lekki Deep Seaport in Lagos Free Trade Zone is going add about $360bn to Nigeria’s Gross Domestic Product within 45 years, the Federal Government announced on Sunday. The Minister of Transportation, Rotimi Amaechi, who announced this after inspecting the...

Minister Estimates Nigeria’s Free Trade Zone Cumulative Investments At $20bn

Minister for Industry, Trade and Investment, Otunba Niyi Adebayo, has estimated cumulative investments in the 30 years of operations of the free zone scheme in Nigeria at $20 billion. The minister made the disclosure at the official commissioning of the...

UK Unveils $5.2 Billion National Shipbuilding Strategy

The United Kingdom plans to pump $5.2 billion into its domestic shipbuilding industry over the next three years in order to revamp the sector's competitiveness and create new jobs. UK Prime Minister Boris Johnson said the government has lined up...

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Seplat Eyes Top Spot Among Nigeria E&Ps

Seplat Petroleum Development agreed to buy Eland Oil & Gas, adding resources in Nigeria as it seeks to become the country’s biggest independent exploration...

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