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Daily Business News Brief | Thursday, June 2nd, 2022.


Rising inflation, others threaten Buhari’s poverty reduction scheme –World Bank economists – Thisday

World Bank economists, Jonathan Lain and Jakob Engel, have said that rising inflation, persistent population growth, the COVID-19 pandemic, and the war in Ukraine are threatening Nigeria’s poverty reduction aspiration.  These economists said this in a post published on the bank’s blog on Tuesday………………read more

CBN retains 5% interest rate for power sector, others – Thisday

Sequel to its development finance initiative, the Central Bank of Nigeria has agreed to leave interest rates at five per cent per annum for critical sectors and manufacturing industries until March 2023.  The decision followed the resolution of the Monetary Policy Committee to increase benchmark interest rate to 13 per cent from 11.5 per cent. Rate increases of this nature often lead to increases in lending rates across the various sectors of the economy.  The CBN said, “The MPC is of the view that rates on the development finance initiatives of the Bank should remain at five percent till March 2023.”…………..read more

CITN partners govts, others on tax compliance – Punch

The Chartered Institute of Taxation of Nigeria has said it is engaging partnership with the government and other professional bodies to boost tax compliance and development in the country. The president, CITN, Mr Adesina Adedayo, said this during the institute’s 30th annual general meeting in Lagos, which was widely attended physically and virtually by its members…………..read more

Consumer goods imports rise by 109.25% amid dollar shortage – Punch

Nigeria spent N1.22tn on consumer goods imports in 2021, according to the Foreign Trade Statistics of the National Bureau of Statistics.  This was a 109.25 per cent increase from the N584.41bn spent on importing consumer goods in 2018.  The consumer goods imported into the country are categorised into durable, semi-durable and non-durable…………..read more

Nigeria, others face high risk of food crisis – Report – Daily Independent

Nigeria and 44 other countries around the world are severely exposed to the Ukraine war-induced food crisis, a study by Boston Consulting Group, a global management consulting firm, has shown.  BCG, in a report titled, ‘The war in Ukraine and the rush to feed the world’, said it explored in detail, the multiple direct and indirect impacts of the turmoil in Ukraine on global food systems…………….read more


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