Economy Archives - Pen Agency News

Nigeria’s Inflation Rate Rises to 34.80% in December

Festive Spending Fuels Marginal Increase, Says NBS The National Bureau of Statistics (NBS) has announced a slight uptick in Nigeria’s inflation rate, which climbed to 34.80% in December 2024. This marks a...

Nigeria’s GDP Calculations: NBS Plans to Include Illegal Activities

Nigeria Adopts Broader Metrics for GDP Rebasing The National Bureau of Statistics (NBS) has announced plans to include illegal activities like drug peddling and prostitution in the calculation of Nigeria’s Gross Domestic...

Rising Food Prices Defy Minister’s Promise

Six months after Nigeria’s Minister of Agriculture, Abubakar Kyari, vowed to reduce food prices within 180 days, the country is facing an alarming rise in food inflation. Despite his announcement in July...

Budget Allocation for Presidential Fleet Sparks Outrage

Lavish Spending on Fleet Maintenance Amid Rising Poverty The Federal Government’s allocation of ₦55 billion for the maintenance of the presidential fleet in the 2025 budget has ignited widespread criticism, with many...

Mali Advances Agricultural Growth with Rice Plains Project

Government Approves New Agricultural Initiative The Malian government has launched a significant initiative aimed at transforming agriculture in the Timbuktu region. During a recent meeting, the Council of Ministers adopted key documents...

Wale Edun Lauds Tinubu on His Economic Reforms

Wale Edun’s Perspective on Tinubu’s Economic Diplomacy Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, recently lauded President Bola Tinubu’s approach to economic diplomacy. According to Edun, the...

Benue Tailors Lament Low Patronage Ever on a Festive Period

Economic Struggles Impacting Tailoring Businesses in Benue Tailors in Benue State have expressed deep concerns over the unusually low patronage ahead of the 2024 Christmas and New Year celebrations. In interviews conducted...

Mali Gains Majority Stake in Agricultural Development Bank

Mali Takes Control of Key Agricultural Bank The Malian government has acquired a majority stake in the National Agricultural Development Bank (BNDA) to enhance sovereignty. By purchasing shares from DEG and Cooperative...

Net Forex Inflows in Nigeria Decline to $14.46bn in Q3 2024

Net Forex Inflows Dip in Q3 The Central Bank of Nigeria (CBN) has reported a 2.97% decline in net foreign exchange inflows for the third quarter of 2024, dropping to $14.46 billion...

Abuja Stampede: Woes of Economic Struggles and Public Ignorance

A Tragic Incident Amid Economic Hardship On Saturday, December 21, 2024, a deadly stampede occurred at the Holy Trinity Catholic Church in Maitama, Abuja, leaving at least 10 people dead and several...

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Category: Economy