LAGOS JULY 8TH (NEWSRANGERS)-At the once-bustling Utako Motor Park — an interstate motor hub connecting Nigeria’s capital Abuja to its 36 states – transporter Jume Hanwa took a rare daytime nap in the trunk of his empty vehicle. It was Eid al-Adha, a Muslim holiday typically celebrated with travel and family reunions, but no traveler…
LAGOS MAY 21ST (NEWSRANGERS)-When he steps down next week President Muhammadu Buhari will be leaving Nigerians less secure, poorer and more in debt than when he came to office in 2015. The former military ruler became president after winning a momentous election which saw the defeat of underperforming incumbent Goodluck Jonathan. Riding a wave of…
LAGOS NOVEMBER 15TH (NEWSRANGERS)-Nigerians have complained that despite the naira’s gains in the past week, the costs of goods and services remain high. Recall that the naira miraculously recovered to N680/$ after reaching an all-time low of N900/$. Black market traders attributed the sudden improvement to eased demand and increased inflows of FX in…
LAGOS OCTOBER 18TH (NEWSRANGERS)-The Nigeria Liquefied and Natural Gas company has declared force majeure because of widespread flooding that has disrupted supply, a spokesman for the company said on Monday. Force majeure is a common clause in contracts which essentially frees both parties from liability or obligation when an extraordinary event or circumstance beyond the…
LAGOS OCTOBER 16TH (NEWSRANGERS)-The Presidential Candidate of the Labour Party, Mr Peter Obi, has pointed out that the high level of insecurity and the apparent neglect of the agricultural sector, among other factors, are responsible for the prevalent soaring food inflation experienced in the country. Obi, who made it known in a Message to mark…
LAGOS SEPTEMBER 27TH (NEWSRANGERS)-Nigeria’s central bank on Tuesday hiked its main lending rate by 150 basis points to 15.50%, its highest level yet and more than forecast, forging ahead with efforts to rein in inflation and ease pressure on the currency. A Reuters poll of economists had predicted a much smaller 50 basis point hike….
LAGOS AUGUST 16TH (NEWSRANGERS)-The rise in food and airline ticket prices in Nigeria over the past year continues to show up in the data. In July, Nigerians paid 19.64% more for goods and services than they did in the same month last year, according to the latest inflation report (pdf) from the National Bureau of…
LAGOS JULY 16TH (NEWSRANGERS)-To cushion the impact of inflation, the government of Ghana has increased workers’ salaries by 15 per cent. The salary increase that is tagged “Cost of Living Allowance (COLA),” is the major highlight of the agreement the Ghanaian government signed with the workers, in exchange for a stable workforce in the economically-troubled…
