Oxfam in Nigeria has said three of the richest Nigerian citizens are wealthier than 83 million others put together. This is contained in a report titled ‘Davos 2023 Inequality Report’ unveiled at a media briefing on Monday in Abuja. Ahead of the global conference of world leaders scheduled for next week in Davos Switzerland, Country Director, Oxfam in Nigeria, Vincent Ahonsi, presented the report. Represented by Deputy Programmes Director and Budget Business Development Manager of the organisation, Regina Afiemo, Ahonsi presented the report alongside Executive Director, Connected Development (CODE), Hamza Lawal; Coordinator, Climate Justice Project, Oxfam in Nigeria, Kenneth Akpan,…

Central Bank of Nigeria (CBN) says Godwin Emefiele, its governor, has resumed duty after his annual vacation abroad. Confirming the development in a statement, Osita Nwanisobi, director, corporate communications, CBN, said Emefiele resumed on Monday. The CBN boss was said to have returned to the country ahead of the bank’s monetary policy committee meeting slated for next week. “The governor resumed with renewed vigour to perform his duty ahead of the first monetary policy committee (MPC) meeting of the year scheduled for January 23 to 24, 2023,” the statement reads. “Emefiele remains committed to performing the task before him in…

Annual inflation in Nigeria dipped in December to 21.34% after 10 straight monthly increases, the statistics bureau said on Monday, ahead of a central bank meeting to set interest rates next week. The central bank meets next week Tuesday to decide on rates in Africa's largest economy. It has previously said it would continue with rate hikes started in 2022 if inflation remained elevated. National Bureau of Statistics (NBS) had attributed rising inflation, which hit 21.47% in November, to a sharp increase in demand ahead of the holiday season and a rise in production costs coupled with a weaker naira…

Nigeria’s crude oil production when put side by side its expected output of 1.88 million barrels per day in 2022, was short by a whopping 283 million barrels, amounting to roughly $24.55 billion, analysis has shown. This figure was arrived at when an estimated conservative price of $85 per barrel for which the commodity sold in the year under review, is multiplied by the 283 million barrels deficit recorded during the period. A further review indicated that while the 2022 budget projected a 1.88 million bpd, that is about 58.28 million barrels every month or an estimated 700 million barrels…