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Economy Insight

Read the latest news on the economy in Nigeria.

In the next one year, Nigerians will not be able to afford new cars and houses. This is according to the Central Bank of Nigeria (CBN). Revealing why Nigerians are reluctant to make new purchases of houses and cars, the apex bank, in its Consumer Expectations Survey for third quarter...
The World Bank has projected that Nigeria's inflation would increase in 2022, such that it may become the highest in the world. Should inflation increase as projected by World Bank, Nigerians would pay more for foods and other commodities this year. With increasing food prices and that of other commodities diminishing...
The Federal Government (FG) is looking forward to increasing its crude oil extraction capacity. Calling on marginal oil fields to help increase and grow the country’s reserves, the Department of Petroleum Resources (DPR) disclosed that out of the 7,000 oil reserves that have been discovered in the country, only...
The only solution to the instability of Naira is the funding of Bureaux De Change (BDC). Muhammadu Sanusi II, the dethroned Emir of Kano, and former Governor of the Central Bank of Nigeria (CBN), made the above statement. While lecturing on the United States of Naira: What plan for unification, during...
N-power is an empowerment scheme that President Muhammadu Buhari floated to cushion the effect of the unemployment rate on members of the public. To the delight of the beneficiaries, under the N-power scheme, the federal government has floated another N-knowledge. According to Hajiya Sadiya Umar Farouq, the Minister of Humanitarian Affairs,...
Despite Nigeria’s N31 trillion debt, Zainab Ahmed, the Minister of Finance, Budget, and National Planning has disclosed the Federal Government's (FG) plan to secure an additional N6 trillion loan by December 2021. The minister recounted that the total public debt stock of the country, which comprises foreign and local debts...
Rice farmers under the auspices of the Rice Farmers Association of Nigeria (RIFAN) have moved to address the high prices of rice in the country. RIFAN disclosed that the unveiling of the one million bags of rice paddy piled up as pyramids in Abuja would see to the crash of...
In the past few months, many Nigerians have been faced with the harsh reality of paying more to buy food commodities, especially farm produce harvested within the country. Amongst them was one Akinola Abdulkareem, who wrote on Twitter: “Food is now overtly expensive, no one is talking. As middle...
Banks and other financial institutions in the country, have been able to recover N50.32 million from debtors, within a period of nine days. Following the implementation of Global Standing Instruction (GSI), which enables banks to go after debtors' accounts in other banks to retrieve their loan, the non-performing loans have...
Dollar to naira, on Monday, November 8, 2021, opened at N414.01 at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade. According to the data at the FMDQ Security Exchange where forex is traded officially, dollar to naira exchange rate stood at N414.01/$1 today. This means that the Nigerian currency gained...