The Federal Reserve received mixed news in the latest data on U.S. inflation as it mulls another rate hike. Consumer prices rose 8.3% in August from a year earlier, data released on Sept. 13, 2022, shows. While this pace is down from the 8.5% annual gain experienced in July, it’s still higher than what some […]
‘We’ve seen the squeeze.’ Johann Rupert warns inflation is hitting even wealthy shoppers
The chairperson of Richemont, the Swiss owner of Cartier and watchmakers, including IWC and Vacheron Constantin, said inflation is starting to hit luxury demand in Europe. Persistent higher prices are prompting even well-heeled European consumers to scale back buying, according to Johann Rupert, the leader and controlling shareholder of the luxury conglomerate. “We’ve seen the […]
four priorities president-elect Bola Tinubu must deliver on
Bola Tinubu, the winner of Nigeria’s keenly contested presidential election, will have a daunting task fixing a near comatose economy. His administration will encounter monumental economic, security and political challenges. They will be greeted by a distraught populace bedevilled by rising poverty, inflation, unemployment and unprecedented levels of insecurity. The high poverty and unemployment rates […]
Nigeria will have to dig deep to overcome entrenched patterns of poverty
India has just recently overtaken Nigeria as the country with the largest number of people living in extreme poverty. It’s estimated that almost half of Nigeria’s population of about 200 million lives below the threshold of US$1.90 (792 Naira) daily. Nigeria accounts for about 14% of the world’s poor. The African continent as a whole […]
Ukraine’s economy went from Soviet chaos to oligarch domination to vital global trader of wheat and neon – and now Russian devastation
Ukraine’s economy continues to operate despite the battering the country is getting from the Russian military. Many factories and businesses still function. Other industries like those in information technology have barely missed a beat, with workers continuing to work from areas out of the direct line of fire. But Ukraine has been largely transformed into […]
A beginner’s guide to petroleum pricing in Ghana
Reliable and affordable energy is basic to any country’s ability to grow and equitably share the economic gains. The consumption of crude oil and gas, and derivative petroleum products such as petrol, diesel and kerosene, features strongly in the global energy geopolitics debate. In Ghana, as in many other countries, the price of fuel — […]
Five reasons why many African countries choose to be ‘neutral’
In early March the United Nation’s General Assembly voted on a resolution demanding Russia immediately stop its military operations in Ukraine. Out of 193 member states, 141 voted in support of the resolution, five voted against, 35 abstained and 12 didn’t vote at all. Of the 54 African member states, Eritrea voted against the resolution, […]
Nigerian workers struggle as cost of living outstrips incomes
Food inflation in Nigeria increased by 15% during the 11 months from April 2021 to March 2022, adding pressure on the cost of living for salary earners whose incomes have not risen for close to three years. The alarming situation is that the 30,000 Naira (US$72) minimum wage is insufficient to meet the value of […]
A gloomy May Day awaits Nigerian workers
Imagine you live alone and walk into a local food market in Lagos, the Nigerian commercial capital, to buy a week’s worth of basic food items. In less than 15 minutes, you would find that you’ve spent at least 10,000 Naira (or US$24 at the official exchange rate of US$1 = 416 Naira). This may […]
Why import restrictions aren’t enough to help Nigeria industrialise
Nigeria has a strong ambition to industrialise. It has relied heavily on the restriction of imports of certain goods targeted for domestic production. But for Nigeria’s industrialisation drive to succeed, it needs a broader array of industrial policy tools than simply import restrictions. These tools should include addressing binding constraints in different sectors to raise […]