MTN Nigeria Communications (MTNN) Plc has reported a loss after tax of N392.7 billion for the first quarter (Q1) of 2024. The company experienced significant financial strain due to a continued depreciation of the naira, reporting a net foreign exchange loss of N656.3 billion in Q1, 2024, contributing to a record-high forex loss of N1.396 trillion since 2023. In response …

The Federal Government has outlined its strategic plan to counter the challenges posed by excess liquidity in the financial system, curb inflation and stabilise the economy. The disclosure was made by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during a press briefing at the ongoing Spring Meetings of the International Monetary Fund (IMF) and …

The International Monetary Fund (IMF) has projected a 23 per cent inflation rate for Nigeria in 2025 and a further drop to 18 per cent in 2026. In its Global Economic Outlook released yesterday at the ongoing IMF/World Bank Spring Meetings in Washington D.C, Division Chief, IMF Research Department, Daniel Leigh, said Nigeria is moving in the right direction with economic reforms …

The cut in diesel price by the Dangote Refinery will reduce inflation, President of Dangote Group, Alhaji Aliko Dangote, said yesterday. He believes with the cost of diesel dropping to N1,200 from N1,650, the inflation rate will further drop. In February, the headline inflation rate increased to 31.70 per cent relative to the January 2024 rate, which was 29.90 per …

The World Bank, yesterday, said that Nigeria’s inflation rate will remain high at 24.8 per cent year-on-year (YoY), in 2024. The World Bank’s projection, however, is lower than February 2024 inflation, which stood at 31.7 per cent. The World Bank also reaffirmed its projection of 3.3 per cent economic growth for the country in 2024 and reduced its projection for …

Consumer prices remain stubbornly elevated in Nigeria, as the February Consumer Price Index (CPI) reading otherwise known as inflation, released yesterday by the National Bureau of Statistics (NBS) indicated that headline inflation scaled by 1.8 percentage points (ppts) to 31.7%, the highest level since April 1996. The inflation rate, which was a negative surprise to analysts, outpaced the Bloomberg consensus …

The haemorrhaging economic condition in Nigeria is impacting negatively on various sectors including the real estate market and its supply chains. This impact is in more ways defining the economy of the sector in the first quarter of 2024 as more renters groan under the weight of price increases in the real estate market forcing individuals, households and businesses to …

Nigeria’s headline inflation maintained its upward trajectory in a worrisome dimension as the inflation rate hit 28.92 per cent in December 2023 relative to the November 2023 headline inflation rate which was 28.20 per cent, largely driven by the soaring prices of basic food items and the impact of cost of energy on transportation. This is as the director general …

The National Bureau of Statistics (NBS) yesterday said Nigeria’s headline inflation rate increased to 28.2 per cent in November showing a 0.87 per cent points increase over the 27.33 per cent recorded in October. The NBS noted that the November 2023 rate was 6.73 per cent higher than what was recorded in November 2022. The bureau stated this in its …

Companies in Nigeria continued to be negatively impacted by strong inflationary pressures in November, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. The headline figure derived from the …