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A recent report from the Nigeria Inter-Bank Settlement System (NIBSS) reveal that Nigerians transacted over N20 trillion instant payment transactions in May 2021. Transactions in May 2021 were 0.15% higher than in April 2021. Instant payment transactions in May 2021 also showed a spending recovery from the month of April. The volume of transactions increased…
The emergence of the COVID-19 pandemic has been disastrous for all economies around the world including Nigeria. The downturn in the Nigerian economy precedes the epidemic, however, as GDP per head has been on the descent since 2015. Presently, everything is now very expensive. Inflation is as high as 18%, while food is at 23%….
President Muhammadu Buhari on Thursday, June 10 2021 launched the Lagos-Ibadan railway project’s commercial operations at the Mobolaji Johnson Railway Station in Ebute Metta, Lagos, The President hailed the achievement as “another landmark in this administration’s drive to revitalize the railway system and establish it as a preferred mode of transportation for both passengers and…
A few days ago, news broke out that the Nigerian National Petroleum Corporation (NNPC) has moved to acquire 20 per cent stake in the 650,000 barrels per day from Dangote Refinery in Lagos. The corporation in a follow-up statement signed by its Group General Manager Group Public Affairs Division, Dr Kennie Obateru explained that the…
The first half of President Buhari’s second term ended last week 29 May 2021. Government officials and economic analysts have been using various platforms to evaluate the country’s economic performance while proffering solutions on ways the economy can make better progress. It is remarkable to note that despite the threatening impact of COVID-19 and other…
Recently, Nigeria’s number one multinational oil giant, Shell revealed its intention to withdraw from Nigeria’s onshore oil sector. Analysts believe this can compound the economic challenges of Nigeria’s mono-product economy. Making this known Shell’s CEO, Van Beurden, said his organisation was in talks with the Nigerian government to work out how to drop its onshore…
The legalisation of industrial hemp and medical cannabis for economic and medical benefits is gradually coming close to reality in Nigeria. Recently, the Chairman, House of Representatives Committee on Media and Public Affairs, Hon. Benjamin Okezie Kalu stated in a press conference in Akure, Ondo State that the House of Representatives is set to legalise…
In February 2021, the Central Bank of Nigeria reported a huge drop in the country’s diaspora remittances. The figure was $13.65bn lower when compared to the 2019 remittances of $5.72billion which, in turn, was lower than the 2018 remittances figure of $11.23 billion. Ripples and Metrics examined the International Payments Data and observed that Diaspora…
It was quite cheering when information from the National Bureau of Statistics last week revealed that Nigeria’s inflation rate reduced by 0.05 per cent in April compared to what obtained in March. The bureau said while inflation rate stood at 18.17 per cent in March, it reduced to 18.12 per cent in April. It might…
The Nigeria Labour Congress (NLC) on 16 May 2021 plunged Kaduna State into total darkness as workers protest the current hardliner posture of the state government on labour issues. Schools, banks, and other critical institutions in the state were directed to shut down. Air and rail transport services were also suspended. Over 15 different unions…
