Business

IMF Warns Nigeria, Others Of Hunger-induced Unrests

Published

3 years ago

April 29, 2022

The International Monetary Fund (IMF) has warned Nigeria and other Sub Saharan countries against hunger-related social unrests as a direct consequence of Russia’s invasion of Ukraine, which combined with inflation, rising debt poses a major threat to economic growth in the region.

The International Monetary Fund (IMF) has warned Nigeria and other African countries of the possibility hunger-related social unrests ahead, as a direct consequence of Russia’s invasion of Ukraine.

This was contained in its Sub-Saharan Africa Regional Economic Outlook released in Washington DC, United states of America, yesterday.

Africa is said to depend on Russia and Ukraine for about 50 percent of its wheat import.

The Director, African Department, Mr. Abebe Selassie who virtually briefed the press said: “Food price increases will hurt the most vulnerable and may add to social tensions, particularly in fragile and conflict-affected states. Food security is already a critical issue across the Sahel.

“Finally, this is a crisis on top of another crisis, of course, one which threatens to compound some of the region’s most pressing policy challenges, including the pandemics social and economic legacy, heightened security risks, particularly in the Sahel countries and tightening monetary policy conditions in advanced economies, in response to rising global inflation.”

Selassie, who briefed the press on the outlook noted that African policy makers faced challenges of high inflation, rising debt , as well as, hunger-related social unrests and must act fast to address them, though noting that there was little room to maneuver.

The director noted that at the start of 2022, and even a little after, in this third year of the pandemic, it looked like Sub-Sahara African countries were beginning to recover from the very difficult economic conditions they had encountered in 2020 and 2021 but that unfortunately, most countries in the region were facing a major setback.

He said: “This follows Of course, the Russian invasion of Ukraine, which has affected global commodity markets, and it represents a significant setback to the global economy and more so for most Sub Saharan African countries.

“This latest crisis will be quite consequential for most vulnerable people in the most vulnerable countries in Sub Saharan Africa. The invasion has triggered of course a global economic shock that is hitting the region at the most difficult time, one in which many countries remaining policy space has been significantly depleted.

“Most directly, several countries are highly dependent on wheat imports. With some sourcing a large proportion of the imports directly from Ukraine and Russia are going to be impacted as well. Higher fertilizer and oil prices will also increase the cost of harvesting, the cost of production and provision of goods and services and erode the living standards quite a bit in many countries.

“Surging oil and food prices are straining external and fiscal balances of many commodity importing countries, exacerbating regional inflation pressures.”

Business

Naira Appreciates At Official Market

Published

2 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

3 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

3 weeks ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.