Browsing: Muhammadu Buhari

There is still plenty to accomplish. Even after a year, the PIA is still in a transitional period, with committees deliberating its practical implications. One seasoned Nigerian expert questioned how much the NNPC would change due to its transition into a limited liability corporation. Still, post-PIA data suggests that Nigeria’s oil and gas industry may be moving in the right direction.…

Rising costs have remained a critical issue in the aftermath of the outbreak. Data from the World Bank/NBS Nigeria – COVID-19 National Longitudinal Phone Survey 2020 reveals that food prices rose rapidly following the pandemic. In March and April, basic food commodity prices increased by 17.2 per cent and 18.37 per cent, respectively. According to the National Bureau of Statistics (NBS), the rise remains the highest in two years.

Recent findings based on comprehensive and long-term monthly food price data have revealed considerable price rises for all chosen food categories during the pandemic. Imported rice and wheat costs, for example, have climbed by 41% and 21%, respectively.

Wheat prices surged by 21% nationally, with considerable increases in price dispersion across markets when the epidemic began, and prices continue to grow.

Wheat is the main component of bread and other products such as noodles, pasta, semolina, and other Nigerian pantry staples. …

Ramaphosa added that Africa is now taking concrete steps to write its own economic success story and the Intra-African Trade Fair is part of that story.
With Africa opening up new fields of opportunity, Ramaphosa said that seeing more of ‘made in Africa labels’ is critical if the continent is to change the distorted trade relationship that exists between African countries and the rest of the world.
He emphasised that the situation where Africa keeps exporting raw materials while importing finished goods from those materials is no longer tenable. By promoting trade in Africa, he said, “we strengthen our own industrial base and produce goods for ourselves and for each other”.…