CPPE forecasts slight inflation moderation in 2025 due to Naira rebound and lower volatility. Rising global oil prices under Trump could ease inflation. High energy costs, insecurity, and global factors may keep inflation elevated. The Centre for the Promotion of Private Enterprise (CPPE) has predicted that Nigeria’s inflation may ease slightly in 2025. In a … Read more
President Bola Ahmed Tinubu has approved free nationwide train rides for Nigerians from December 20, 2024, to January 5, 2025, to alleviate transportation costs during the Christmas and New Year celebrations. This announcement was made by the Minister of Information and National Orientation, Mohammed Idris, after the Federal Executive Council meeting held in Abuja. EDITOR’S … Read more
The Minister of Power, Adebayo Adelabu, has stated that many Nigerians have stopped complaining about the high cost of petrol because they are no longer solely reliant on generators for electricity. Speaking during his keynote address at the 2024 Nigeria Energy Exhibition and Conference in Lagos, Adelabu addressed the theme, “Breaking Barriers in the New … Read more
Mr. Joe Ajaero, President of the Nigeria Labour Congress (NLC), revealed the agreement reached between organized labour and President Bola Tinubu before accepting the N70,000 minimum wage during the national wage discussions held at the Presidential Villa in Abuja. During an interview on Arise Television’s Morning Show, Ajaero explained that while negotiating for a new … Read more
President Bola Tinubu’s administration has launched a new platform allowing vehicle owners to transition from petrol to Compressed Natural Gas (CNG) under a ‘convert now and pay later’ scheme. This online portal aims to make it easier for Nigerians to convert their petrol-fueled vehicles to CNG, with the added convenience of deferring payment for conversion … Read more
The Central Bank of Nigeria (CBN) has projected that lifting petroleum from the newly launched Dangote Refinery will help reduce food prices in Nigeria in the short to medium term. CBN Governor Olayemi Cardoso shared this outlook during a press conference following the 297th meeting of the Monetary Policy Committee (MPC) in Abuja. EKO HOT … Read more
The Federal Government has initiated the free conversion of petrol-powered commercial vehicles to run on Compressed Natural Gas (CNG) in Ibadan, Oyo State, and Zaria, Kaduna State. In Ibadan, around 100 commercial vehicles were converted to CNG at three locations: Mobil filling station on the Ibadan-Lagos expressway, Automation Auto Gas in Podo Industrial Village, and … Read more
A senior official from the Independent Petroleum Marketers Association of Nigeria (IPMAN) has responded to reports that the Dangote Refinery will sell petrol to the Nigerian National Petroleum Company (NNPC) at ₦766 per litre. The official, speaking anonymously, explained that while the base price of ₦766 is set by the refinery, additional costs like transportation, … Read more
In response to the sharp rise in fuel prices and subsequent hike in transportation costs, many Nigerians have turned to bicycles, trekking, and public transport to cope with the economic strain. Residents across major cities like Ogun, Delta, Bayelsa, and Oyo shared their experiences, highlighting how the increase in petrol prices—from ₦200 to ₦600 per … Read more
The Federal Government will spend N36bn to convert 30,000 vehicles to run on CNG in the next 90 days, providing free kits to reduce transport and food costs. EKO HOT BLOG reports that the Federal Government will spend an estimated N36bn to convert 30,000 petrol or diesel-powered vehicles to run on Compressed Natural Gas (CNG) within … Read more
Nigerian Cement Prices: As of June 2024, the price of a 50kg bag varies from ₦8,500 to ₦15,000 depending on location and brand. Factors such as brand reputation, transportation costs, market dynamics, government policies, and production costs influence these fluctuations. Current prices for major cement brands in Nigeria range from ₦6,850 to ₦11,000 per 50kg … Read more
FG Agency Reveals Factors Driving Soaring Consumer Costs. Transportation expenses, taxation, and security concerns identified as key contributors to rising prices. Commission takes action, seals supermarket for breaching price and quality standards, vows to continue enforcement efforts nationwide. EKO HOT BLOG reports that the Federal Competition and Consumer Protection Commission has released findings from a comprehensive … Read more
Factors contributing to elevated cement prices in Nigeria include high production and transportation costs. Import restrictions and high demand further strain the cement market, impacting housing affordability. Current prices of major cement brands in Nigeria vary, with Dangote Cement ranging from ₦7,500 to ₦7,700 per 50kg bag. EKO HOT BLOG reports that as Nigerians anticipate a … Read more