The average retail price of Premium Motor Spirit (petrol) in Nigeria has been steadily climbing since the removal of the fuel subsidy in 2023, affecting virtually all sectors of the economy. According to the latest report from the National Bureau of Statistics (NBS), the nation’s average petrol price was N769.62 in May 2024, a 9.75% increase from N701.24 in April 2024. On a year-on-year basis, the retail price soared by an astonishing 223.21%, up from N238.11 per litre in May 2023. Here are the top 10 states in Nigeria where petrol prices were the highest in May 2024, as per…
Author: Temitope N.
Medical and health workers in Oyo State are set to commence a seven-day warning strike starting Monday, to press for their demands. The President of the state chapter of the Medical and Health Workers’ Union of Nigeria (MHWUN), Mr. John Fabunmi, confirmed this development to newsmen in Ibadan on Sunday. The warning strike will involve members of the union across all health institutions in the state, including those in ministries, departments, and local government councils. The warning strike Fabunmi explained that the industrial action has become necessary due to the state government’s persistent neglect of their grievances. Fabunmi outlined the…
Nigerian fintech giant, Flutterwave, has slashed its workforce by 24, representing 3% of its total employees. The company announced this on Monday describing the exercise as part of a strategic restructuring focused on its core enterprise payments and remittance businesses. This brings closer to home the wave of tech layoffs by global tech giants that started last year and continued into the first quarter of 2024. Announcing the downsizing, Flutterwave’s CEO, Olugbenga Agboola said the company made a data-backed decision to recommit resources to its core business; enterprise payments and has also committed to doing more with its growing remittance segment;…
The National Agency for Food and Drug Administration and Control (NAFDAC) has issued a stern warning to the public regarding the illicit distribution and sale of falsified Ginny Non-Dairy Creamer products in Nigeria. These products, primarily popular in the northern regions of the country, have been flagged for serious regulatory violations and pose significant risks to consumers. Non-dairy creamer, often used as a milk substitute in various beverages and food preparations, has become a target for counterfeiters looking to exploit its high demand. The falsified versions of Ginny Non-Dairy Creamer have been found to deviate substantially from regulatory standards, including…
The prices of major staple food items such as tomato, beans, garri, and potatoes rose by over 30% in May, according to the National Bureau of Statistics (NBS) food price watch for the month. The continuous rise in prices of goods and services appears unrelenting as the effect of the economic crunch makes life harder for millions of Nigerians who spend a large part of their income on food. The economy has been reeling from the effects of subsidy removal, exchange rate unification, and higher interest rates amidst a growing fiscal deficit. According to the report, the average price of…
Nigeria’s leisure industry is taking a hit as the soaring prices of food gulp more of Nigerians’ income, leaving less for pleasure. This is according to recent findings based on a survey conducted across three states and the Federal Capital Territory among business owners and customers over the course of two weeks. At Regional Hotel, considered a centre of pleasure in the Isashi District on the outskirts of Lagos, customers would struggle to get a seat on a Friday night and into the weekend six months ago. Today, the entertainment field and ballroom are half empty during the weekend. A…
Consulting firm, PwC, has projected a marginal decline in Nigeria’s inflation to 29.5% by the end of this year. The company made the projection in its latest economic outlook report on Nigeria released on Monday. According to the company, the decline would be achieved as a result of the ongoing reforms and policy actions of the government. As of May, data from the National Bureau of Statistics (NBS) shows Nigeria’s inflation rate surged to 33.95% in May 2024, up from 33.69% in April 2024. “PwC projects a marginal decline in inflation to 29.5% by year-end, balancing the effects of reforms, policy…
Pixar’s “Inside Out 2” has rapidly become the top movie of 2024, amassing approximately $725 million worldwide in just ten days. The film grossed an impressive $295 million in its opening weekend. The movie has consistently overperformed, setting weekday records and driving projections to a global total of over $600 million by the end of its second weekend. The pivotal moment came with Friday’s domestic earnings of $30 million, signaling a potential billion-dollar trajectory. On the Nigerian box office scene, “Inside Out 2” has grossed N24.2 million ($16,000) in the last ten days as of June 20, 2024. It ranks…
The Dominican Republic is expected to face a shortage of 10,000 to 20,000 nurses by 2030. This was discussed during a recent press conference held in the country by Principal Nursing Officer Terrilia Ravaliere who called for more individuals to pursue a career in nursing to enhance the quality of healthcare in Dominica The island nation is therefore calling for more individuals to pursue a career in the profession to mitigate the shortage indicating opportunities for foreign nurses. What they said Addressing the current shortage, Ravaliere emphasized, “We must increase the number of nurses to improve the overall quality of nursing to…
Retail Supermarkets Nig Limited operators of Shoprite Mall announced that it will cease operations at its Wuse, Abuja branch on June 30, 2024. The company disclosed this in a circular signed by Chief Executive Officer Dr. Folakemi Fadahunsi on behalf of the retail supermarket, which was obtained. It attributed the reason for the decision to the current business climate in the country and the process was a thorough evaluation of the store’s financial performance. Additionally, vendors were informed that their services would no longer be required at the location and it will review its financial records in the next 60…
The Chinese government has promised to increase agricultural product imports from Nigeria going forward. This was disclosed in a joint statement The two sides seized the moment to review the positive achievements in the development of China-Nigeria relations over the past 50 years since the establishment of diplomatic relations. Strengthening Cooperation According to the joint statement published on China’s foreign affairs website on Saturday, the two countries agreed to strengthen cooperation in infrastructure, electricity, telecommunications, finance, agriculture, industry, mining, free trade zones and other fields. The Chinese side assured of improving agriculture imports from Nigeria among other things. “China is willing…
Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has emphasized the necessity of maintaining higher interest rates to address the persistent inflation issues plaguing the Nigerian economy. The governor made this comment in his statement in the recently released ‘Personal Statement’ of the Monetary Policy Committee (MPC) members at the MPC meeting held between May 20 and 21, 2024. The personal statements help show the decision-making of committee members responsible for monetary policy in the country. It also highlights their voting patterns. Cardoso stated that tighter monetary policy accompanied by higher interest rates was at their disposal to…
Moody’s Ratings has projected a significant increase in Nigeria’s interest spending, estimating a rise of 1% of the Gross Domestic Product (GDP) in 2024. This forecast comes as tighter monetary conditions elevate government interest rates for local currency borrowing, which remains the primary funding source due to a constrained external funding environment. According to Moody’s latest outlook for Nigeria, this surge in interest rates, from an average of 12.8% in 2023 to 19.7% in the first five months of 2024, will drive interest spending to consume 36% of government revenue. It stated: “Tighter monetary conditions are pushing government interest rates for local…
Global ratings agency, Moody’s has stated that Nigeria’s interest spending on debt might consume up to 36% of the federal government’s revenue in 2024. The firm stated this in its review of the Nigerian economy, where it maintained the country’s credit outlook as positive, citing the sustenance of reforms instituted in 2023. According to the firm, the hawkish monetary policy stance of the CBN has pushed interest rates for local borrowing by the federal government from an average of 12.8% in 2023 to around 19% in the first five months of 2024. It explained that the interest payment would increase by…
Nollywood biopic “Funmilayo Ransom Kuti” has concluded its five-week exclusive run in Nigerian cinemas, grossing a total of N156.6 million. It is confirmed that the movie is no longer available in theatres. Now, the film has premiered on Prime Video as of Saturday, June 21, 2024, and it has continued to receive laudable comments and reviews, especially for Kehinde Bankole’s performance as the lead actress. Bankole’s portrayal of Funmilayo Ransome-Kuti has been widely acclaimed, she also won the Best Actress award at the recently concluded Africa Magic Viewers’ Choice Awards for her role in “Adire.” Her performance in “Funmilayo Ransom…
Nollywood’s latest, Muri and Ko has made N50 million across cinemas in 7 days of its opening week. This performance highlights the movie’s widespread popularity and robust reception. The film, directed by award-winning filmmaker, Biodun Stephen, premiered on June 12, 2024. Adding to the film is its soundtrack, particularly the three-minute debut single “Muri Picka” by Nollywood actor, Kunle Remi – released on Spotify on June 21, 2024. Kunle Remi is one of Nigeria’s highest-grossing male actors of 2023 thanks to his roles in Netflix projects such as Anikulapo, Praise Party, The Kujus Again, Love and Lust and Other Things, Malaika and Something Like…
The Supreme Court of the United States has ruled that U.S. citizens lack the right to challenge visa denials in court of their non-citizen spouses. The ruling emphasizes that extending such rights to individuals outside the United States would be illogical according to the Supreme Court. In a 6-3 decision issued on Friday, the Court reaffirmed the extensive authority granted to Congress to establish immigration restrictions and the executive branch’s responsibility to implement those directives in determining admissibility. The justices previously determined that migrants do not have a constitutional right to contest these decisions. Justice Amy Coney Barrett, writing for the majority, said…
Leading Nigerian law firm Templars has announced its role in advising Tolaram, a Singaporean conglomerate, on acquiring a 58.02% stake in Guinness Nigeria PLC from Diageo. The deal, signed on June 11, 2024, includes long-term licensing and royalty agreements for the Guinness brand and Diageo’s ready-to-drink and mainstream spirits in Nigeria. The transaction highlights Templars’ prominence in handling significant corporate deals. Templars has previously advised Tolaram, especially on the financing of the Lekki Deep Sea Port. Tolaram, which operates 30 manufacturing facilities in Africa, primarily in Nigeria, aims to enhance Guinness’ growth in the Nigerian market. The acquisition could exceed…
The Nigeria Labour Congress (NLC) has opposed the call by some politicians for decentralizing minimum wage negotiations allowing states to have different minimum wages. In an interview with the News Agency of Nigeria (NAN) on Sunday in Ibadan, the Secretary of NLC in Oyo State, Mr. Adebayo Aribatise, stated that decentralizing minimum wage negotiations would disadvantage workers in some states. Explaining the broader implications of a centralized minimum wage, Fayemi noted that only a small percentage of the population benefits directly from minimum wage negotiations. However, Aribatise strongly opposed decentralizing minimum wage negotiations, stating that it is not ideal for…
Bitcoin the primary crypto asset dropped by 3.5% on Friday morning to $64,700 as volatility shook the asset following a humungous sell-off of Bitcoin assets by the German government. Bitcoin in the last hour has dropped by nearly 1.2% continuing an underwhelming trend that has witnessed the asset drop by over 9% in the last two weeks. Industry experts believe the drop in Bitcoin prices was triggered by the massive sell-off of seized Bitcoin assets by the German authorities. German authorities resumed selling off massive portions of Bitcoin assets from a large cache of Bitcoin seized from Movie2k.to a large movie piracy…