Business

IMF Warns Nigeria, Others Of Hunger-induced Unrests

Published

4 years ago

April 29, 2022

Editor

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

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

22 hours ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

6 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.