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Since 2009, Nigeria has been laying new railway tracks. These are operated by the state-owned Nigerian Railway Corporation. This has apparently generated a surplus since 2019, despite the covid epidemic. Principal ports are at Lagos (Apapa and Tin Can Island), Port Harcourt (Onne), and Calabar. A deep seaport in Lekki, 50 km east of Lagos, is ...
The latest government statistics released Thursday showed the inflation rate in January rose to 29.9%, its highest since 1996, mainly driven by food and non-alcoholic beverages. ... Nigeria’s ...
Inflation is now a services problem, with the cost of rent, insurance, pet care, and many other things rising by more than incomes.
During the mid and late 1980's, Nigeria experienced a prolonged and severe economic downturn. Nigeria suffered a rapid plummet of its foreign reserves from $10 billion in early 1980s to approximately $1 billion in the mid 1980s due to overvalued currency, inflated imports, and international decline of oil prices. [4]
Gas-price inflation went from 60% in June, when pump prices hit $5 per gallon for the first time, to 17.5% in October. Household energy costs have improved slightly, from a 21.9% inflation rate in ...
The Central Bank of Nigeria claimed that they attempted to control the annual inflation rate below 10%. In 2011, the CBN increased key interest rate six times, rising from 6.25% to 12%. On 31 January 2012, the CBN decided to maintain the key interest rate at 12%, in order to reduce the impact of inflation due to a reduction in fuel subsidies. [14]
The benchmark 10-year yield reached its highest level since August 2019, topping the closely watched level of 2% as investors priced in the likelihood of higher interest rates from the Fed this year.
Cost-push inflation can also result from a rise in expected inflation, which in turn the workers will demand higher wages, thus causing inflation. [2] One example of cost-push inflation is the oil crisis of the 1970s, which some economists see as a major cause of the inflation experienced in the Western world in that decade. It is argued that ...