The Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month moratorium to traders and market stakeholders involved in exploitative pricing, urging them to reduce the prices of goods. This announcement was made by the newly appointed Executive Vice Chairman of the FCCPC, Mr. Tunji Bello, during a one-day stakeholders engagement on exploitative pricing Read More…
Nigerian inflation continued its upward trajectory for the tenth consecutive month in October, intensifying expectations for the new central bank governor to consider interest rate hikes in the upcoming monetary policy committee meeting—the first since his appointment. “Consumer inflation soared to 27.33% year on year in October, marking an 18-year peak, escalating the challenge for Read More…
The National Bureau of Statistics (NBS) has issued a concerning report, revealing that the average retail price of a litre of petrol in Nigeria skyrocketed from N191.65 in September 2022 to a staggering N626.21 in September 2023. This dramatic increase, amounting to a colossal 226.75 per cent surge, was brought to light in the NBS’s Read More…
The National Bureau of Statistics (NBS) has revealed a striking surge in Nigeria’s headline inflation rate, which has vaulted to 24.08% in July 2023. This alarming revelation was underscored by the NBS Consumer Price Index (CPI) and Inflation Report for July, disclosed in Abuja on Tuesday. The report spotlights the primary catalysts of this escalation: Read More…
As a result of reports that Myanmar, the third-largest producer of the soldering metal in the world, may suspend production, tin prices shot up on Monday, creating an opportunity for increased Nigerian tin supply. The price of three-month tin on the London Metal Exchange increased by 11% to a two-month high of $27,705 a tonne Read More…
Nigeria exported a total of 214 products in 2022, according to the Nigerian Export Promotion Council (NEPC). This was stated at the Commerce and Industry Correspondents Association of Nigeria (CICAN) conference on Wednesday in Abuja by the Executive Director of NEPC/CEO, Dr. Ezra Yakusak. The role of the non-oil sector towards economic diversification and GDP Read More…
A NAN FEATURE Market leaders in Lagos State have cautioned traders’ associations not to impose uniform prices on their goods or engage in other unfair practices. On Monday, several market leaders issued the warning in separate interviews with the News Agency of Nigeria (NAN) in Lagos. They were reacting to concerns that traders’ associations unfairly Read More…
The Nigerian Ports Authority (NPA) on Wednesday said that 21 ships arrived at Lagos ports and were discharging petroleum products, bulk wheat, general cargo, frozen fish, container, bulk gypsum and others. The authority said 16 other ships were expected to arrive at the ports between Aug. 24 and Sept. 2. It listed the expected items Read More…
The All Farmers Association of Nigeria (AFAN), has warned that a rise in food prices is imminent. The farmers told Nigerians to prepare for doubled food prices from August. The prices of staple menu like beans, rice and garri may jump by as high as 50 per cent from next month, they warned. According to Read More…
13 ships laden with petroleum products and others are waiting to berth at the ports in Lagos, the Nigerian Ports Authority (NPA) said on Thursday. NPA in its ”Daily Shipping Position” listed the products in the ships as: general cargo, bulk wheat, petrol, bulk urea, bulk sugar and bulk gypsum. It said that another 20 Read More…
