Special Reports

Wednesday, 02 October 2024 04:52

NewsScroll analysis: From 22.4% when Tinubu took over, inflation rose to 32.15% in August 2024. Here’s why prices of goods and services are likely to continue to rise

The sustained rise in the prices of goods and services in Nigeria is driven by a complex interplay of domestic economic challenges, monetary policy decisions, and external factors. The trends identified by manufacturers, agricultural experts, and economic analysts reveal that inflationary pressures are likely to persist, affecting both the productive and service sectors. This analysis will explore the various underlying causes and how they are expected to shape price trends in Nigeria. 1. Monetary Policy and Rising Interest Rates The continuous increase in the Monetary Policy Rate (MPR) by the Central Bank of Nigeria (CBN), now at 27.25%, has had…

Tuesday, 01 October 2024 04:50

NewsScroll analysis: From N187/litre when Tinubu took over, it’s now N1,000/litre. Here’s why petrol prices aren’t likely to come down anytime soon

The surge in petrol prices in Nigeria, rising from N187 per litre when President Bola Tinubu took office last year to N1,000 per litre, reflects a complex blend of both domestic and international economic factors. The reasons why petrol prices are unlikely to decline soon, as outlined in the analysis below, offer a significant understanding of the issue. Key Reasons Why Petrol Prices Will Remain High: 1. Dollar Denominated Crude Sales and Depreciating Naira The sale of crude oil, the primary feedstock for refineries, is priced in U.S. dollars. While the federal government has proposed selling crude to local refineries…

Monday, 30 September 2024 04:34

NewsScroll analysis: From N465/$ when Tinubu took over, it’s now N1,700/$. Here’s why the Naira isn’t likely to appreciate anytime soon

Since President Bola Tinubu's inauguration on May 29, 2023, the Nigerian Naira has experienced a sharp and persistent decline in value. At the time of Tinubu's assumption of office, the official exchange rate stood around N465/$. However, after the decision to float the Naira and unify Nigeria’s multiple exchange rates, the currency has depreciated dramatically, losing over 70% of its value. As of recent, the Naira traded at about N1,700/$ in the parallel market, marking a massive devaluation that has exacerbated Nigeria's inflationary pressures and living costs. Several factors have contributed to this devaluation, with the following issues making it…

Tuesday, 24 September 2024 04:53

Between Dangote and NNPCL, who do Nigerians believe?

Charles Adewole Though NNPCL is not a saint, the conflict between the national oil company and Dangote Refinery is a typical Aliko Dangote strategy for muscling out competition Aliko Dangote, Africa’s richest man until August 2024, and Nigerian National Petroleum Corporation Limited, NNPCL, Nigeria’s state oil company, have many things in common. Both are business partners; both are avid monopolists; both leverage on government patronage to muscle out competition and both are passionately Nigerian, among other shared characteristics. Dangote is Nigeria’s top business icon. From an initial seed money of N500,000 loan from his uncle, he started business with in…

Saturday, 14 September 2024 04:43

‘Businesses and citizens under massive pressure from rising costs, inflation, and a struggling economy’ - NESG

The Nigerian Economic Summit Group (NESG) has said the economic situation in Nigeria presently is scary. The private sector-led think tank group said the country needs to take bold and decisive steps to address the challenges. Chairman of the NESG, Niyi Yusuf, at a pre-summit news conference in Abuja on Friday, noted that one of Nigeria’s pressing concerns now is translating economic growth into improved lives and livelihoods for all its citizens. Recalling the numbers from the country’s second-quarter 2024 gross domestic product (GDP), Yusuf, who was represented by Ufot Udeme, said that in Q2-2024 Nigeria’s economy recorded a fast…

Sunday, 08 September 2024 04:34

Nigerians lament as latest petrol price hike worsens living conditions

Families and operators of businesses in the country have continued to decry the recent hike in petrol prices as they grapple with the escalating cost of living amid widespread discontent in the country. The 50 percent increase in petrol price has rippled through the economy, driving up prices of essential goods and services, and exacerbating financial hardships for many. The price hike, which came into effect last week, has seen petrol prices soar to record highs of between N850/litre and N1,400 per litre depending on the area, adding to the already mounting pressure on household budgets. Owing to the hardship…

Saturday, 07 September 2024 04:58

Dangote’s petrol is colourless like water. Does this indicate quality? The Cable helps us with an answer

On Tuesday, Aliko Dangote showed off the new colourless petrol from his refinery — a stark contrast to the colour which Nigerians are used to, which is typically yellowish or reddish-pink. This made people question the quality of petrol in Nigeria. “You might think it looks different, but this is the real thing,” Dangote said,while pointing at the bottle. “You will now have good petrol and your car engines will last longer. You won’t have engine problems like we used to. It won’t happen at all. “The quality here is as good as anywhere in the world. We will make…

Sunday, 01 September 2024 04:55

‘A building has collapsed in Lagos once every two weeks on average so far this year’. Here’s why Lagos buildings keep falling

A building has collapsed in Nigeria’s megacity, Lagos, once every two weeks on average so far this year. Whereas the commercial cost can be calculated, a figure can never be put on the value of the lives lost underneath the rubble. The gaps among the buildings, replaced by piles of debris, represent a failure of governance as well as giving rise to allegations of contractors trying to cut corners to save money. There are regulations, there are maintenance schedules, there are inspectors – but the system does not work. Those responsible are never held to account, and so nothing ever…

Friday, 30 August 2024 04:57

Nigeria’s divorce rate highest in Africa - Report

Divorce.com, a United States website which offers resources and support for navigating divorce, has included Nigeria on its list of countries with high divorce rates. According to data published on their website in July, Nigeria ranked eleventh out of twenty-six countries with the highest divorce rate. The results were obtained after sampling respondents from these countries and compiling statistics from 16 primary sources, ensuring a comprehensive and reliable research process. The report also revealed a significant trend. Women in sub-Saharan Africa, especially Nigeria, are taking the initiative in divorce more often than men, a reflection of changing gender dynamics. According…

Thursday, 29 August 2024 04:53

Nigerians plan to borrow to meet personal needs for next 3 months as economy worsens, CBN survey finds

Nigerians are bracing for tough months ahead, with many planning to rely on borrowing and depleting their savings to manage their financial obligations amid a challenging economic landscape. This is according to the Central Bank of Nigeria’s (CBN) July 2024 Household Expectations Survey, which highlights growing consumer pessimism about the nation’s economic trajectory. The survey, which involved 1,665 households from across Nigeria, reveals a stark decline in consumer confidence, with the overall confidence index for the next three months standing at a negative 9.1 points. This figure reflects a significant level of anxiety among consumers who anticipate a continued decline…

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Sunday, 25 August 2024 04:04

Teaching hospitals meant to support lives are themselves on ‘life support’. Here’s how it is with the health institutions nationwide

Established as referral health facilities, with adequate and qualified health professionals, most teaching hospitals in Nigeria have fallen short of the expectations of those that are in need of healthcare services. The teaching hospitals are burdened by unreliable and high costs of electricity supply to power diagnostic equipment. Medical equipment in most of the facilities are either obsolete, malfunctioning or lack maintenance where they exist. The hospitals are poorly funded, resulting in health workers leaving the country in search of alternative means of living. Their patients groan in pain; and in most cases, the doctors and nurses watch helplessly. In…

Saturday, 24 August 2024 04:51

Security agencies overwhelmed as abductors reign supreme nationwide

From schoolchildren to VIPs, no one is safe from the pervasive menace of kidnapping ravaging the entire length and breadth of the country. Despite efforts from security agencies, gunmen still loom large on the horizon, as Nigerians live in constant fear of the unknown. Kidnapping has become one of the most pressing security concerns in Nigeria. The criminal enterprise touches every corner of the country. Abduction for ransom was rare until the emergence of Niger Delta militants in the early 2000s. The militants engaged in various forms of criminal activities under the pretence of resisting environmental degradation and absence of…

Thursday, 22 August 2024 04:39

‘A revolution is building’: Can young people force change across Africa?

Africa has the youngest population of any continent, and recent protests in Kenya, Nigeria and Uganda suggest growing youth disillusionment. Will they be able to turn discontent into action? The youth-led protests that have broken out in several African countries over the past weeks should, say observers, serve as warnings that a disillusioned generation blame the elders of the ruling political classes for missed economic opportunities. From mid-June to early August, young people in Kenya hit the streets protesting against what they described as runaway corruption and high taxes levied by President William Ruto’s regime. In Uganda, what was shaping…

Tuesday, 20 August 2024 04:44

News analysis: How much do minimum wage workers in London spend on transport vis-a-vis their counterparts in Abuja? These are the numbers

This comparison reveals a stark contrast between the situations of minimum wage workers in London and Abuja, particularly in terms of transportation costs and their impact on workers' lives and the broader economy. Let's break it down: 1. Economic Context: - London, UK: - Monthly Minimum Wage: £1,830.40. - Living Conditions: London is one of the most expensive cities globally, with high costs for housing, transportation, and other essentials. The minimum wage in London is higher compared to other regions in the UK due to the elevated cost of living, but this wage is still considered low relative to the…

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