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The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said that the huge purchase of foodstuffs by the government as palliatives is contributing to the galloping food inflation in the country. He stated this in his contributions during the March Monetary Policy Committee, which was published on the website of the CBN. The MPC increased the benchmark interest rate to 24.75 per cent, from 22.75 per cent. The […]
Members of the organised private sector have stated that harsh economic policies from the government have exacerbated country’s unemployment rate. In separate chat with The PUNCH, they warned that if the poor economic policies are not quickly addressed, more businesses would fold up and it would worsen the country’s unemployment. The President of the Nigeria Employers’ Consultative Association, Adewale-Smatt Oyerinde, warned that the repercussions of inadequate economic policies and a hostile […]
The International Monetary Fund has said stalled per-capita growth, poverty and high food insecurity have exacerbated the ongoing cost-of-living crisis in Nigeria. The report came amid rising inflation, exchange crisis, weak economic growth and business shutdowns. The global lender said this in a new report titled ‘IMF Executive Board Concludes Post Financing Assessment with Nigeria.’ According to the report, low revenue collection has hampered the provision of services and public […]
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