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Nigeria’s inflation overshoots World Bank projection by 20%

Herconomy
Jul 18, 2022
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“Are we heading into a downward time in the economy?” With the recent rise in Nigeria’s inflation, we can bet this question has been on the mind of every Nigerian.

As of today Nigeria’s inflation rate is at 18.6% this is 20% above the projections of world bank, this mostly likely means another increase in the price of food items.

How can we survive this period without starving?

Join us this Thursday with, Lanre Smith, the founder and CEO of WorldBay Tech. Lanre is also an expert in the food and agriculture sector, and will be giving us some insight on the necessary steps to take in the face of rising cost of food.

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More evacuations as Mediterranean wildfires spread

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Business Matters

Nigeria’s inflation overshoots World Bank projection by 20%

DESPITE raising its Monetary Policy Rate (interest rate), Nigeria’s inflation rate is now 20 per cent above the World Bank’s projection of 15.5 per cent. Read more…

Airtel pushes SWOOTs capitalization up by N316.86 billion w-o-w

The combined market capitalization of stocks worth over one trillion (SWOOTs) appreciated by 1.58% to close at N20.74 trillion from N20.41 trillion the previous week, reflecting a gain of N316.86 billion. Stocks included in this classification are AIRTELAFRICA, BUA CEMENT, DANGOTE CEMENT, NESTLE and MTNN Plc. Read more…

Crypto Venture Capital investments drop by $3.2 billion in first half of 2022

Venture capital (VC) investments in crypto companies are down 26% in the first half of the year, compared to the first half of 2021. Investments in crypto companies totalled $9.3 billion in the first six months of 2022, down from the record $12.5 billion in the first half of 2021, according to data provided by Crunchbase. Read more…

Senate orders NIMASA DG’s arrest over $9.305bn loss

THE Senate through its Panel on Public Accounts has ordered the arrest of the Director-General of the Nigerian Maritime and Safety Agency, Dr Bashir Jamoh, for allegedly paying $5mn to a legal firm as a professional fee for the recovery of a $9.3bn loss. Read more…

Crude oil price hits over $100 again

The price of crude oil climbed above the $100 mark on Sunday hitting $101.16/barrel after trading around $98/barrel since Tuesday, as oil marketers in Nigeria maintained an increased pump price for Premium Motor Spirit, popularly called petrol, higher than the approved rate. Read more…

Metro

Ada Ameh is dead

The death of the actress was confirmed by the president of the Actors Guild of Nigeria, Emeka Rollas. Read more…

Quote of the Day

“If you set goals and go after them with all the determination you can muster, your gifts will take you places that will amaze you.”
—Les Brown

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