The headline inflation rate in Nigeria experienced a slight increase, reaching 34.80% in December 2024, as reported by the National Bureau of Statistics.This marks a marginal rise of 0.20% from November 2024’s rate of 34.60%, primarily driven by the increased demand for goods and services during the festive season.In December 2024, the headline inflation rate of 34.80% was 5.87% higher than the rate recorded in December 2023, which stood at 28.92%.This year-on-year increase indicates a significant rise in the cost of living compared to the same month in the previous year.On a month-on-month basis, the headline inflation rate in December…
Author: Oladi Samuel
Read More
The Nigerian Communications Commission (NCC) has granted approval to Mobile Network Operators comprising MTN, Airtel, Globacom, and 9mobile, to disconnect the Unstructured Supplementary Service Data (USSD) codes of nine commercial banks from their networks.This follows years of complaints by the telecom operators over the non-payment of debt owed by the banks for the USSD service, for which the banks continue to charge their customers.According to a notice issued on Wednesday by the NCC, the banks to be disconnected include First City Monument Bank (FCMB), Zenith Bank, Sterling Bank, Jaiz Bank, UBA, Polaris Bank, Unity Bank, Fidelity Bank, and Wema Bank.If…
Nigeria has moved into second place in Africa’s 2024 Hotel Development Rankings, with 7,622 rooms across 50 hotels, driven by key developments from global hotel chains like Hilton, Radisson, Marriott International, and Leva Hotels, with Lagos leading the way with five new hotel deals.Egypt retains the top spot with 26,241 rooms, while Morocco follows closely with 7,169 rooms.Other countries at the top include Ethiopia (5,128 rooms), Cape Verde (5,056 rooms), and Tunisia (4,121 rooms). Kenya, South Africa, Algeria, and Ghana complete the top 10 countries by room numbers.The 2024 Africa Hotel Chain Development Pipelines Report reveals an 8% increase in…
President Bola Ahmed Tinubu has appealed to global investors to partner with Nigeria in funding its green energy initiatives and sustainable development projects.Speaking on the second day of the 2025 Abu Dhabi Sustainability Week (ADSW), Tinubu highlighted Nigeria’s pioneering role in green project financing and reaffirmed his administration’s commitment to fostering an enabling environment for businesses.“Nigeria became the first country in Africa to initiate funding of green projects through Sovereign Green Bond proceeds, the third issuance of which is in progress. We urge investors to partner with us in this regard. Our administration remains committed to providing an enabling environment…
Renowned banker and Managing Director of Parallex Bank Limited, Dr Olufemi Bakre has been awarded an Honorary Doctorate Degree by the prestigious City University of Paris, France. This distinguished honour which was conferred recently, was held at the iconic Palace of Westminster Abbey, House of Lords, London, as part of the Global Sustainable Education and Leadership Conference.The conference, themed “Fostering Sustainable Education for Global Transformation,” took place at the University of Greenwich, London. Jointly organised by the African Scholars Care Initiative (ASCI) and the University of Greenwich, the event brought together global thought leaders, academics, and policymakers to explore innovative…
Canada has updated the unemployment rates for its Census Metropolitan Areas (CMAs), which will affect the eligibility for the Temporary Foreign Worker Program (TFWP).These changes, announced in January, 2025, will impact the processing of Labour Market Impact Assessment (LMIA) applications under the low-wage stream.Employers and foreign workers must be aware of these new thresholds, as the unemployment rate in a region plays a key role in whether an LMIA application can be processed.According to Immigration News Canada (INC), the changes to the TFWP affect LMIA processing. Since September 26th, 2024, LMIA applications have been paused in regions where the unemployment…
A non-governmental Organization, the Environmental Defenders Network (EDN), has called on relevant authorities to address an oil leak from a wellhead located at the New Calpur River in Asari Toru, Rivers State.The leak, which occurred in early January reportedly resulted in a fire outbreak that spread across Bukuma and Buguma communities and destroyed properties.The Executive Director, Chima Williams, made the call in a statement by EDEN’s Media Manager, Miss Elvira Jordan, in Yenagoa on Tuesday.According to the statement, Williams condemned authorities in the state for allowing the oil leakage to continue for a long period.He said it is an indication…
The Lagos State Manager for the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dr. Olubunmi Kole-Dawodu, has revealed that over 50 million informal businesses operate in Lagos.Speaking at the Stakeholder’s Forum on Economic Data Performance, organized by the Lagos Bureau of Statistics (LBS) at the Lagos Chamber of Commerce and Industry (LCCI), he highlighted the sector’s vital role in driving the local economy.These businesses, ranging from street vendors to unregistered workshops, significantly contribute to employment, revenue, and income distribution but remain largely excluded from official economic data, distorting the true size of the state’s GDP. The disclosure was…
The Nigerian All-Share Index (ASI) ended the trading session on January 14 on a downward trend, shedding 1,745.16 points to close at 103,622.09. This marks a 1.66% decline from the previous day’s 105,451.06, pushing the index back into the 103,000 range. Trading activity saw a slight increase, with total trading volume rising by 0.46% to 508 million shares, up from 505 million shares in the prior session. Market capitalization declined significantly, falling to N63.1 trillion from N64.2 trillion, just above the N63 trillion threshold. On the gainers’ chart, NNFM and LIVESTOCK posted notable gains of 10.00% and 9.91%, respectively. However, the day’s laggards were led…
President Bola Ahmed Tinubu joined world leaders and sustainability advocates in Abu Dhabi for the opening of the 2025 Abu Dhabi Sustainability Week (ADSW), Nigeria’s state-owned television station, the Nigeria Television Authority (NTA), confirmed on Tuesday. The annual event, holding at Abu Dhabi, the capital city of the United Arab Emirates, serves as a global platform for fostering dialogue and collaboration on sustainable development and energy transition. In a post on the Presidency’s X handle, President Tinubu took part in the 2025 Abu Dhabi Sustainability Week Opening Ceremony and Sustainability Prize Award Ceremony on Tuesday. Background Ahead of the Abu Dhabi Sustainability Week,…