Tag: Economy

DisCos Generates N398.16bn in Six months – NBS Reveals
Economy, Infrastructure, Nigeria

DisCos Generates N398.16bn in Six months – NBS Reveals

According to the National Bureau of Statistics (NBS), electricity Distribution Companies (DisCos) have generated N398.16 billion in both the first and second quarters of the year. See Also: Naira Devalues to N700/$1 as Dollar Demand Rises Comparing results from the previous year, NBS noted that revenue collection declined by 7.97% quarterly and 11.42% yearly. A document by NBS reads "Electricity Report Q1-Q2 2022.” “Revenue generation by the DISCOs stood at 204.74 billion in Q1 2022 and 188.41 billion in Q2 2022. This shows a fall on a quarter-on-quarter basis by 7.97 per cent." “On a year-on-year basis, revenue collected rose by 11.42 per cent and 1.71 per cent from 183.74 billion Q1 2021 and 185.24 billion in Q2 2022.” It revealed that in the first quarter of 2022, es...
Naira Devalues to N700/$1 as Dollar Demand Rises
Economy, Finance, News, Nigeria

Naira Devalues to N700/$1 as Dollar Demand Rises

The value of the Naira has continued to fall and has now hit N700 to $1 in the parallel market as the demand for the foreign currency persists. As of last week, Naira was valued at N630 to $1 and has maintained a value of N620 to $1 before the further devaluation. Abudul Hassan, who is a Lagos-based Bureaux De Change (BDC) operator said the devaluation of the naira to the dollar is a result of the demand for the dollar in the parallel market, so therefore the Central Bank of Nigeria (CBN) finds it difficult to meet the demand at the official market. “Everybody is moving to the parallel market and we have seen rising pressure there. With little control from the regulator, people are quoting sale price at N710/$1 but actual transactions are settled around N700/$1. We expect the...
Bakers on The Verge of a Nationwide Strike
Cost of Living, Economy, Nigeria

Bakers on The Verge of a Nationwide Strike

The Association of Master Bakers and Caterers of Nigeria threaten to stop their services across the country from henceforth. The association's reasons are the hike in the price of bakery materials, the cost of diesel, and other related issues which affect their services. The union had threatened to embark on a strike as of the 25th of June for the same reasons. Abuja’s Union Chairman of AMBCN, Ishaq Adbulrahehem, disclosed that the new development is a result of the increase in the price of bakery materials such as flour, sugar and other baking ingredients. He said: “We are withdrawing our services nationwide. We expect government’s response so that we can review whatever we are doing. The high cost of ingredients, rate at which we are buying diesel – which is N880 per litre ...
Fuel Price Hike: Lagos, Abuja Residents Suffer as Price Increases
Africa, Cost of Living, Economy, Lagos News, Nigeria, Petroleum

Fuel Price Hike: Lagos, Abuja Residents Suffer as Price Increases

Nigerians are experiencing an unofficial fuel price hike as numerous filling stations have increased their pump prices from the regulated N165. The hike in price is confirmed to be rampant in the city of Abuja and Lagos. African News Today gathered information that certain petrol stations sell their product for N220 per litre. Even amongst the hike, some stations refused to sell leading to a scarcity of petrol in some areas. In Lagos, filling stations such as Ardova and MRS filling stations located along Lekki Expressway sold at the price of N180 and N200 per litre. see also: Fuel Subsidy Is A Scam – Peter Obi Rosebol filling station located at Ipaja metered their petrol at N180 per litre and N190 per litre was sold at Mao filling station situated at Kola. A motorist...
Ronaldinho Visits Tunisia To Promote Tourism
African Development, Economy, News, Tunisia

Ronaldinho Visits Tunisia To Promote Tourism

Former Brazilian football icon, Ronaldinho is currently in the North African country of Tunisia where he is promoting the country’s tourism. The former Barcelona midfield maestro who arrived the country on Thursday, is on a mission with the Tunisian Tourism office to promote the country’s rich attractions which was a main stay of its income accounting for 10% of the GDP before the Coronavirus pandemic. With the visit and promotions, the Brazilian football legend has become the new face of the Tunisian tourism campaign. The former player toured the streets of the town of Sidi Bou Said in the eastern part of the North African country. He was accompanied by local rapper Karim Gharbi who had invited him. Read Also: Buhari says Nigerian Health Workers Culpable for Medical Tou...
Ethiopians Storm Russian Embassy To Enlist For War
Economy, Ethiopia, News, Security, Violence, Youths

Ethiopians Storm Russian Embassy To Enlist For War

Dozens of young Ethiopians continue to gather at the Russian embassy in the capital, Addis Ababa, on Tuesday following rumours of soldiers being recruited to fight in the war in Ukraine. But the embassy’s spokeswoman, Maria Chernukhina, said no recruitment was being carried out in Ethiopia. She said the crowd was showing solidarity with Russia. "We have a lot of visitors to the embassy in order to express support for Russia," she told the BBC. "Some of them are telling us they are willing to help in any way they can. But we are not a recruitment agency," Ms Chernukhina added. Read Also: Drunk Soldiers Kill 15 in DR Congo Many of the Ethiopians at the embassy were seen carrying their personal documents. A young man waiting at the entrance told the BBC that he's loo...
ASUU To FG: You Are Slave Merchants to IMF 
Economy, Education, Finance, News, Nigeria

ASUU To FG: You Are Slave Merchants to IMF 

Academic Staff Union of Universities (ASUU) has described the federal government of Nigeria and the President Muhammadu Buhari-led administration as slave merchants. The union said the federal government led by Buhari only listens and implements destructive policy recommendations of the International Monetary Fund (IMF) and World Bank against the interest of the citizens. The union maintained that the government treats lecturers like slaves because of poor policies formulated and implemented in the education sector. ASUU Chairman at the University of Ibadan, Professor Ayo Akinwole made these disclosures in a statement made available to DAILY POST in Ibadan on Sunday. The Academic Staff Union of Universities (ASUU) had last week commenced a one-month warning strike. ...
Naira slides ahead of Yuletide, exchange for 570/dollar
Economy, Finance, News, Nigeria, Trade

Naira slides ahead of Yuletide, exchange for 570/dollar

The naira continued its downward trend as the dollar was sold for N570 in the parallel market on Tuesday. Operators, who spoke to our correspondent, said the dollar was bought and sold for N567 and N570 respectively on Tuesday, compared to N550 and N555 three weeks earlier. Some Bureau de Change Operators attributed the further fall in the value of the naira to an increase in the demand for the greenback. Read Also: Power Generation Drops By 1,119.6MW, Sector’s Growth Falls By 45% The British pound sterling was also bought and sold for N740 and N745. The CBN had in July this year stopped foreign exchange sales to the licensed BDCs, leaving the operators to source for their forex on their own. Prior to the stoppage of the forex sales, the CBN was supplying $10,000 to e...
Nigeria Drops To 14 As Egypt Tops Africa’s Investment Destinations
Economy, Finance, News, Nigeria

Nigeria Drops To 14 As Egypt Tops Africa’s Investment Destinations

Nigeria has dropped from Africa’s top 10 investment destinations to 14 as Egypt remains the number one nation. This is according to a report by RMB titled, ‘Where to Invest in Africa 2021.’ According to RMB, a division of FirstRand Bank Limited, the ranking is based on countries operating environments. RMB Africa Economist, Daniel Kavishe, said the pandemic ushered a new world and a new approach to this year’s list. Kavishe said, “We created a new set of rankings that incorporated some of the unavoidable COVID-19-induced challenges, of which the operating environment score was one.” According to him, fiscal scores are important indicators of how governments respond to COVID-19. He said, “The inclusion of a fiscal score in our rankings aimed to score governments’ fiscal po...
Past Governments To Blame For Nigeria’s Economic Recession Under Buhari – Femi Adesina
Economy, Finance, News, Nigeria

Past Governments To Blame For Nigeria’s Economic Recession Under Buhari – Femi Adesina

The Special Adviser to the President on Media and Publicity, Femi Adesina, says the going of Nigerian economy into recession in 2016 was “inevitable” and past governments, not the Muhammadu Buhari-led government, should be blamed for it. Adesina stated this on Friday in a post, adding that the former governments did not have a will to save the country’s resources. He said, “At the economic front, of course, it came in 2015 when things were on a downward spiral. Nobody could have stopped that downward spiral because it was already set in motion. The recession that came in 2016 was inevitable. Nobody could have stopped it due to some actions and inactions of the government that left. The coordinating minister of the economy then even said that the government didn’t have the will to sav...