Inflation drops to 15.99% in October







The National Bureau of Statistics (NBS) yesterday said inflation rate reduced to 15.99 per cent in October 2021. Its Consumer Price Index October 2021 report’s data indicated a consecutive seven months clash in inflation rate. The report said: “The consumer price index (CPI), which measures inflation increased by 15.99 per cent (year-on-year) in October 2021...









eNaira may reduce deposits in commercial banks, IMF warns CBN







The International Monetary Fund has said the eNaira wallet may function as a deposit at the Central Bank of Nigeria and consequently reduce demand for deposits in commercial banks. The comment came barely four weeks after the President, Major General Muhammadu Buhari, and top officials of the central bank launched the eNaira at the State House, Abuja. As a result, the Washington-based fund on Tuesday warned the CBN to manage the various risks associated...







Digital economy: Stakeholders harp on need to harmonise ICT sub-sector







The various sub-sectors of the entire value chain of Nigeria’s ICT industry, including the telecoms, software, hardware, infrastructure, Value Added Services (VAS), fin-tech, innovation and technology startups, among others are witnessing various degrees of growth with the rapid evolution digital technologies...









Excise duty on drinks to squeeze manufacturing sector contribution to GDP – MAN







The implementation of the planned excise duty collection on carbonated beverages will shrink the manufacturing sector’s contribution to the GDP, which currently stands at 35 percent, the Manufacturers Association of Nigeria (MAN), has predicted...