Category: Economy

Survey

By Rukayat Moisemhe

Lagos, June 12, 2024 (NAN)As the 2024 Eid Kabir celebrations approach, the prices of perishable and non-perishable food items have soared in major markets in Lagos by over 300 per cent, the News Agency of Nigeria (NAN) reports

A survey conducted by NAN in major markets (Mile 12, Oyingbo, Surulere and Ajah) on Tuesday and Wednesday showed that prices of all food items jumped by almost 400 per cent in some cases within the space of one year.

A 50 kilogramme (kg) basket of tomato, which was sold for N35,000 in 2023 has risen to N100,000 at mile 12 and as high as N120,000 in high brow areas of Lekki and Ajah.

The price of a 50kg bag of Scotch Bonnet popularly known as “rodo” or “atarodo” pepper jumped by over 600 per cent, selling for N120,000 against the previous N18,000.

Similarly, a 50kg basket of bell pepper also called “tatashe” rose to N95,000 from N21,000 while the same quantity of red chilli pepper also known as “bawa or shombo” rose to N110,000 from N22,000 in 2023.

The survey also showed that a 100kg basket of onions is now selling for N70,000, up from N25,000 in the period under review.

NAN also reports the price of a 50 kg bag of local rice which sold for N48,000 last year, currently goes for N65,000 while the same quantity of imported Rice pegged at N55,000 in 2023 is being sold between N80,000 and N90,000 depending on purchasing power.

Also, prices of animals used to celebrate the festival such as rams, cows and goats have soared astronomically.

A medium-sized ram ranged from N350,000 to as high as N700,000, a cow ranged from N800,000 to N1,000,000 and a goat from N75,000 to N120,000 depending on bargaining strength.

Eggs and chickens have also jumped as a crate of egg which was N1,800 in 2023 was now N4,500 as at Tuesday and chicken of N8,000 now goes for N12,000 of old layers and N15, 000 for broilers.

Mr Femi Odusanya, Spokesperson for Mile 12 International Market, Lagos, attributed the increasing prices in food commodities to high levels of insecurity for farmers.

According to him, farmers are no more farming because of banditry, kidnapping and wanton killing on farmlands across the country.

Odusanya added that the high cost of transportation also contributed greatly to the inflation currently being experienced on food items.

He said that the government at all levels would need to subsidise the entire agricultural value chain and provide adequate security to encourage more people to go into farming.

“The state government’s contributions to agriculture are abysmal and there should henceforth be competition in the area of comparative advantages at the state level.

“We have arable lands in all the states but the governors must do much more in the area of agriculture and reduce reliance on the largesse from the Federation Account Allocation Committee (FAAC).

“You can count on your fingers the number of large-scale mechanised farmers we have in the country as it is in the developed climes.

“Furthermore, to make agriculture attractive, we need to take the issue of value addition seriously by supporting local processing,” he said.

Meanwhile, a cross-section of Nigerians have continued to bemoan the country’s current inflationary pressures and are seeking interventions from governments at all levels to mitigate its impacts on ordinary citizens.

Dr Fatai Akomolafe, a nutritionist, stated that pockets of malnutrition incidences were beginning to crop up in different parts of the country.

Akomolafe noted that when citizens were not able to afford a basic meal consisting of critical nutrients, different forms of sicknesses and diseases were bound to attack the body.

“Ordinary egg, which is supposed to be one of the cheapest sources of protein, is now almost N200. You cannot even imagine the price of soya beans, beans and other sources of proteins such as beef and chicken.

“When vegetables, proteins, and carbohydrates become luxury for the common man, then sickness becomes the norm and with the japa syndrome the country is currently facing, we do not have enough doctors to address sicknesses that plague people as a result of malnutrition.

“The time for local, state and Federal governments to find means of getting critical food components to the needy is now to reduce the mortality staring us in the face,” he said.

Mrs Charity Ephraims, a businesswoman, stressed that the number of begging Nigerians on and off the streets had increased in the last one year.

“Whether on suit or in rags, people begging to eat, begging to be transported, begging to buy drugs, have increased. One is even afraid to pick calls these days, particularly from home, because the needs are overwhelming.

“It has also become very fearful to go to the market these days because the price you met last Saturday is definitely different from what one would see this coming Saturday.

“I wonder how those with high blood pressure are coping. May we not have incidences of people collapsing in markets once they hear the price of an item.

“We beg government to do whatever can be done to reduce the price of food as it is only a person who has eaten that is strong enough to be productive and contribute their quota to the nation’s Gross Domestic Product (GDP), she said.

Alhaji Bala Tanko, a pepper trader, revealed that even as a seller, he could not afford to consume what he was selling at the price it was currently being sold at.

He urged the government to deploy more security surveillance to farm areas, particularly in the middle belt and the north, to match the forces of bandits and encourage farmers to return to feeding the nation.

Tanko also appealed for subsidised transportation systems and reduced levies to aid transportation of food components across the country until prices become reasonably lowered.(NAN)(www.nannews.ng)

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Edited by Olawunmi Ashafa

AfDB unveils programme to manage debt crises in Africa

Debt

By Lucy Ogalue

Abuja, June 12, 2024 (NAN): The African Development Bank (AfDB) Group has inaugurated a series of training programmes to support 22 Transitional or fragile African states in managing their debt more effectively.

This is contained in a statement issued by the bank on Wednesday in Abuja.

The bank said the Public Finance Management Academy for Africa (PFMA), organised the maiden edition of the PFMA Spotlight on Public Debt Management in Transition States.

The News Agency of Nigeria (NAN) reports that PFMA, an AfDB’s African Development Institute, organised the two-day policy dialogue on sustainable debt management tailored to the needs of Africa’s 22 most vulnerable countries.

The programme will help countries build their institutional capacity to better manage debt and achieve the financial resilience needed for development.

The series brings together heads of debt management offices, treasurers and accountants general, heads of revenue authorities, and representatives of central banks.

It also brings together supreme audit institutions, anti-corruption agencies, civil society organisations, academia, the private sector, lawmakers, and other relevant stakeholders in transition states.

Ethiopia’s Minister of State for Finance and Economic Cooperation, Semereta Sewasew, said there had been positive strides in debt management on the continent.

Sewasew, however, said debt challenges and vulnerabilities persisted, especially in most transition countries on the continent.

“These countries face various political, economic, security and environmental challenges.

“I am pleased that the AfDB has designed this training programme to help develop and strengthen the capacity of these countries.

“To manage their debt more prudently, to make their debt more productive, and restore resilience, stability, and growth to their economies, “she said.

Sewasew said the Government of Ethiopia had made substantial progress in improving the country’s economy, particularly in addressing debt challenges and commended the AfDB as a steadfast partner in this process.

“Our government will continue to work with the bank and support its programmes not only for Ethiopia but for the entire continent, especially in improving debt management, transparency, and sustainability,” Sewasew said.

Meanwhile, the AfDB’s Deputy Director-General for East Africa and Director-General designate for Nigeria, Abdul Kamara, said the training was part of the implementation of the Bank’s Special Project.

According to Kamara, the theme of the project is “Strengthening the Capacity of Transition States for Effective Management and Mitigation of Debt Distress Risks.’’

“The project is being implemented from April 2023 to March 2026 for 22 African transition countries under the Bank’s Transition Support Facility.

“We believe that we can do even more for our countries.

“We expect that at the end of these two days, participants will have, among other things, an understanding of best-practice solutions tailored to their particular debt management circumstances, “he said.

Similarly, the Director of the African Development Institute, Eric Ogunleye, said: “African transition countries should not be mere loan takers; they are disadvantaged.

“Hence, they need to be empowered to contract, negotiate and use loans to improve the quality of life of their citizens.”(NAN)(www.nannews.ng)

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Edited by Benson Iziama/Sadiya Hamza

Vehicles

By Lucy Ogalue

Abuja, June 12, 2024(NAN): The National Automotive Design and Development Council (NADDC), has urged Nigerian to patronise made-in-Nigeria vehicles, saying they are affordable.

The Director-General of NADDC, Joseph Osanipin, told the News Agency of Nigeria (NAN) that patronising locally manufactured or assembled vehicles would bolster the country’s automotive industry and the economy.

NAN reports that the country has relied heavily on imported vehicles to meet its transportation needs for decades, and this dependence comes at a significant cost, both economically and strategically.

Importing vehicles drains foreign exchange reserves, exacerbates trade imbalances, and leaves Nigeria vulnerable to global market fluctuations.

Moreover, it stifles the growth of the domestic automotive industry, depriving the country of opportunities for job creation, technology transfer, and industrial diversification.

Recognising this challenge, the Federal Government through the NADDC, said it was intensifying its campaign to encourage the use of locally manufactured vehicles in the country.

According to the NADDC boss, vehicles assembled in Nigeria are new vehicles, and in terms of price, they can compete with new vehicles coming from outside the country.

“For instance, for utility vehicles like pickup van, if you look at the price, some pickup vehicles assembled in Nigeria are about 60 per cent of those coming from outside.

“Some are 70 per cent, some are 80 per cent based on the type of the pickup van, so in terms of price, they can compete with new vehicles,’’ he said.

Osanipin said that if given the necessary support, patronising made-in-Nigeria vehicles would boost the auto sector and, thus, significantly contribute to Nigeria’s Gross Domestic Product (GDP).

He said the patronage would stimulate local production, increase demand, encourage investment in the sector, and lead to more factories, improved technologies, and better living standards for many Nigerians.

The director-general acknowledged the challenges currently faced by local manufacturers, such as high production costs and competition from imported vehicles.

Osanipin reiterated the administration’s commitment to addressing and providing a conducive environment to encourage vehicle assembly and manufacturing in the country.

He said the Federal Government had established a Credit Scheme to boost the country’s automotive sector by ensuring the affordability and availability of locally assembled vehicles.

“So the credit scheme will not be for those who want to bring their vehicle from abroad, no, but if it is for locally manufactured.

“I am hopeful that the credit, which would be given at a favourable rate, will bolster growth, ensure the sector thrived, and contribute significantly to the economy,’’ he said.

Meanwhile, some consumers have decried the high cost of made-in-Nigeria vehicles and are appealing to the government to subsidise their cost for the benefit of common Nigerians.

Mr Chinedu Eze, an Abuja-based entrepreneur, said: “I thought buying a made-in-Nigeria vehicle would be more affordable, but the prices are almost as high as imported ones.

“I think a key factor contributing to the high prices is the cost of production. Local manufacturers face numerous challenges.

“This includes high import duties on raw materials and automotive parts, inadequate infrastructure, and fluctuating exchange rates.

“These issues not only drive up production costs but also translate into higher retail prices for consumers, thus, the need to address the issues.”

A civil servant, Amaka Okoro said: “producing vehicles locally is supposed to stimulate the economy and create jobs, but if the vehicles are too expensive for the average Nigerian, then it defeats the purpose.

“We want to support local industries, but it is hard when the cost is beyond our reach.”

A consumer, Mr John Amedu, also urged for government intervention, support and increased investment in infrastructure, such as subsidies for manufacturers and tax incentives.

“I understand the need to support our local manufacturers, but there must be a balance. The government should consider policies to make these vehicles more affordable for the average Nigerian,’’ Amedu said.

“There is hope that with better policies and a more favourable economic environment, the cost of made-in-Nigeria vehicles can eventually be brought down to a level that is accessible for the majority of Nigerians.

“For now, many Nigerianscontinue to look for more affordable alternatives, often turning to the second-hand market or imported used cars,’’ Amedu said. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

Democracy
By Martha Agas
Abuja, June 12, 2024 (NAN)
The Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi, has commended Nigerians for their enduring support to democratic principles as the country marks 25 years of Democracy.

Adeniyi hailed Nigerians in his special message to celebrate the country’s Democracy Day, which was posted on the official Twitter handle of the NCS on Wednesday.

“Today, we celebrate the power of the people and the enduring strength of democratic principles.

“Let us honour the sacrifices made by those who fought for our freedom.

“As we continue to stay compliant and steer clear from smuggling and other forms of trade misconduct, let us renew our commitment to ensuring that every voice is heard and every individual is treated with dignity and respect,” he said.

According to him, Nigerians united can build a more just and inclusive society.

He wished Nigerians a Happy Democracy Day on behalf of the officers and men of the NCS. (NAN)(www.nannews.ng)
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Edited by Ese E. Eniola Williams

Democracy
By Okeoghene Akubuike
Abuja, June 12, 2024 (NAN) Nigerians have expressed mixed reactions as Nigeria celebrates 25 years of Democratic Government, saying they need to see more dividends of democracy.

Some Nigerians, who spoke to the News Agency of Nigeria (NAN) on Wednesday, said our leaders needed to listen to the citizens which was what was obtainable in a true democracy.

Mr Isaac Ighure, a Former Secretary-General, Nigerian Guild of Editors, said the leaders needed to firm up the country’s democracy and improve on it.

“Democracy is yet to take a firm root in Nigeria. We keep describing our democracy as nascent.

“We cannot remain young forever, after 25 years we should be standing firm in our democracy and see its dividends.”

Ighure said Nigerian leaders did not have a listening ear citing the removal of fuel subsidy and the floating of the naira as examples, which had led to hardship.

“Our leaders need to listen to the people because the people voted for them. That is what democracy is. Our leaders do not tolerate alternative views.

“They need to wake up to entrench free democratic practices, freedom of the press, and the right of the people to make their feelings known through peaceful protest without intimidation by security personnel.

“The government needs to take away the hunger ravaging the land, improve the health and education sectors, provide adequate infrastructure, and tackle insecurity in the land.

“Nigerians can no longer feed properly, Nigerians are living in IDP camps in their own states, farmers can no longer go to the farms because of bandits.

“The Chibok and Dapachi School children are still missing, and other students are being kidnapped from their schools. These are not things that make up a democratic setting,” he said.

He said the government must tackle corruption at all levels, and prosecute any corrupt person irrespective of who they were.

“We claim to model our democracy after the U. S., which is a largely free society. Former U. S. President, Donald Trump has been convicted of a felony, that is a true democracy. Can that happen in Nigeria?

“Leaders should not live in opulence while the citizens live in penury. Our leaders should give us a sense of worth.

“Your children cannot be sick at home or unable to go to school while you and the parents are looking for money to buy a new car or travel abroad.”

Ighure urged the government to pay the minimum wage proposed by labour, saying it was long overdue, especially with the present economic situation which had led to  hardship.

Femi Ogunshola, a public servant, said the country had witnessed some dividends of democracy, however, things could be better after 25 years of democracy.

“The press is relatively free compared to the military era and Nigerians can now exercise their democratic right to vote and be voted for.

“Nigerian youths have now been given the opportunity to occupy leadership positions as well.

“However, we still have a long way to go, this is not where we are supposed to be as a nation.

“Nigeria can be better if we have the right leaders, who listen to the people and consider the citizens’ interests above their personal interest. ”

Mrs Gloria Okafor, a businesswoman said Nigeria had witnessed some dividends of democracy but a lot more could be done to achieve more.

“In the area of freedom of speech, we have made good progress. Also, we have a system of government where citizens can vote for their leaders who represent them in parliament.

“However, we are not where we are supposed to be yet after 25 years. if you compare other countries practising democracy and see what they have achieved in terms of development.
then you know Nigeria still has a long way to go.

“Democracy is a good thing but part of the problem is that the people are not holding the government accountable.

“Government must listen more to the people and after listening they should act on what the people have said.

” It is one thing to listen and another to take action. We need a responsive government,” she said. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

Standard

By Kadiri Abdulrahman

Abuja, June 12, 2024 (NAN) As Nigeria celebrates democracy day, some stakeholders have urged President Bola Tinubu to take urgent steps to improve the living standard of Nigerians.

Speaking to the News Agency of Nigeria (NAN) in Abuja on Wednesday, they urged the government to retrace its steps and formulate policies that would quickly check inflation and improve the welfare of ordinary Nigerians.

A civil servant, Salawu Ajoze, said that since Tinubu took over government in the past one year, things appeared to have gotten worse.

He urged the Federal Government to reconsider some of its policies that had imposed hardship on the populace.

“There was very high hope and expectations when Tinubu took over in 2023, but everything appears to have been dashed.

“The removal of petrol subsidy alone has created serious economic hardship, which the government has not been able to ameliorate till now, ” he said.

He urged the president to agree with the organised labour on a decent living wage for Nigerian workers so as to reduce the huge financial burden that his policies had placed on them.

Abbas Ibrahim, a pharmacist, said that there was virtually nothing to celebrate about the democracy day.

According to Ibrahim, since the return to democracy in 1999, the country appears to be retrogressing.

“The idea of democracy was to create an atmosphere of freedom for equitable development and economic prosperity, but that has not been the case in Nigeria.

“Since 1999, things appear to be degenerating. Look at the high level of insecurity, inflation, unemployment. There is really nothing to celebrate about Nigerian democracy, ” he said.

Mr Aliu Sule, a retired director in the federal civil service, blamed the insensitivity of politicians for worsening living condition of. Nigerians.

Sule called for a drastic reduction in the cost of governance to allow more funds for development.

“The cost of governance in Nigeria appears to be the highest in the world, yet our minimum wage ranks among the lowest.

“I suggest a drastic cut in the cost of governance. In fact, we should start by scrapping one arm of the National Assembly and embracing the unicameral legislature. That will go a long way to freeing more funds for development, ” he said.

However, Mr Abdulkadri Aminu, a public affairs analyst, urged Nigerians to give the Federal Government benefit of the doubt, and more time for its economic policies to gestate.

According to him, no government can deliberately adopt policies with the intention of subjecting its populace to hardship.

“I agree that things are looking tough for Nigerians, but I am hopeful that the situation will improve over time when government policies start to bear fruit, ” he said. (NAN) (www.nannews.ng)

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Edited by Ese E. Eniola Williams

Climate
Abuja, June 12. 2024 (NAN) The African Development Bank (AfDB) and other Multilateral Development Banks (MDBs) have agreed to develop a common approach for measuring and reporting climate results.

The AfDB, in a statement on its website, said MDBs had reported climate finance volumes, but this had not fully captured the tangible impacts of these interventions.

It said the new agreement aimed to provide a comprehensive understanding of the outcomes of climate investments, enhance learning, and identify areas needing additional support.

“The common approach adopted by MDBs ensures transparency, consistency and comparability across institutions and contributes to global efforts to establish standardised frameworks for assessing climate progress.

“It represents a significant advancement in how climate finance impacts are measured, reported, and utilised to drive effective climate action worldwide,” it said.

The statement said the new framework was structured according to global and country contexts and results from operations and institutional efforts.

It said: “the global and country context level integrates the latest climate science and sets the context for urgent action, referencing global greenhouse gas emissions and the vulnerability of populations to climate risks.

“Results from operations evaluate MDBs’ contributions to equitable, low-carbon, and climate-resilient development by tracking emissions from financing operations for mitigation and identifying beneficiaries of resilience-enhancing interventions.

“While institutional effort monitors the financial resources and technical assistance MDBs use to implement climate interventions.”

According to the statement, the common approach is not a new reporting mechanism but a tool to enhance harmonised reporting on climate outcomes across MDBs and other stakeholders.

It said while MDBs already reported on climate outcomes, this unified approach offered significant benefits, including improved data aggregation, comparability, and learning opportunities.

“MDBs will continue refining this approach, working together to develop a set of common indicators.

“These indicators will track mitigation efforts by monitoring emissions from financing operations and, where possible, measure the beneficiaries of interventions to enhance climate resilience.

“Progress on these developments will be reported at future climate conferences,” it said.

The statement quoted Prof. Anthony Nyong, the Director of Climate Change and Green Growth at the AfDB, as saying  “the milestones achieved are significant.

“This approach allows us to see what we are achieving in the countries we support and where gaps need addressing.

“It will help inform and refine MDBs interventions, ensuring our efforts are as effective and impactful as possible.”

The director said by adopting this unified approach to measure climate results, MDBs were taking a crucial step towards more transparent, accountable, and impactful climate action.

Nyong said the alignment with global climate goals ensured that their interventions delivered meaningful results on the ground.

” The collaborative efforts of MDBs in developing and refining this approach highlight a commitment to continuous improvement and responsiveness to the evolving challenges posed by climate change.

“As MDBs implement this common approach, they will not only enhance their operations but also contribute to the broader international effort to combat climate change,” he said. (NAN) (www.nannews.ng)
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Edited by Ese E. Eniola Williams

Privatisation

By Constance Athekame

Abuja, June 12, 2024 (NAN) An expert in power,  Mr Uket Obonga  has called for a comprehensive review of the  privatisation of the power sector.

Obonga, who is the National Secretary,  Nigeria Electricity Consumers Advocacy Network (NECAN), said this in an interview with the News Agency of Nigeria (NAN) in Abuja on Wednesday.

Obonga said that the privatisation of the power sector was a good idea but was not properly done.

“Handing over the power assets to those who don’t have the capacity to run them is why we are in this mess.

”The idea of privatising the power sector is a good one,  but the modalities that were used in the privatisation is where the error is.

”If you say you don’t have the capacity to run the sector and you are calling on private investors to take over, those you are handing over the assets do they have the financial capacity to handle them.

“The managerial and technical capacity that is lacking do these current players or operators have the capacity, my answer is no,” he said.

According to Obonga, Electricity Distributions Company (DisCos)  are still unable to meter consumers.

He said that the metering of  electricity consumers was  a revenue assurance tool in the market.

“ The more meters you deploy, the more you are assured and guaranteed that you are going to sell electricity and get your money back,” he said.

According to him, the power sector is experiencing liquidity in the market because of low metering.

He said that electricity was  a viable venture, adding that the problem were models that were adopted in the privatisation process.

According to him, electricity consumers are saddled with the responsibility of providing distribution infrastructure.

He said that communities and  individuals are made to buy poles,  conductors or wires and even sometimes they buy transformers.

”Even when a transformer gets bad,  the Discos are reluctant to repair it and this falls back to the communities to repair or replace these infrastructure,” he said.(NAN) (www.nannews.ng)

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Growth
By Okeoghene Akubuike
Abuja, June 11, 2024(NAN) The global economy is expected to stabilise for the first time in three years in 2024 but at a level that is weak by recent historical standards, says the World Bank.

This is contained in a statement issued by the bank’s online media briefing centre on the World Bank’s latest Global Economic Prospects report on Tuesday.

According to the statement, global growth is projected to hold steady at 2.6 per cent in 2024 before edging up to an average of 2.7 per cent in 2025-26.

“That is well below the 3.1 per cent average in the decade before COVID-19.

“ The forecast implies that throughout 2024-2026 countries that collectively account for more than 80 per cent of the world’s population will experience slower growth than in the pre-COVID decade.”

The report said overall, developing economies were projected to grow four per cent on average over 2024-25, slightly slower than in 2023.

It said growth in low-income economies was expected to accelerate to five per cent in 2024 from 3.8 per cent in 2023.

The report, however, said the forecasts for 2024 growth reflected downgrades in three out of every four low-income economies since January.

It said in advanced economies, growth was set to remain steady at 1.5 per cent in 2024 before rising to 1.7 per cent in 2025.

According to the report, this year, one in four developing economies is expected to remain poorer than it was on the eve of the pandemic in 2019.

“This proportion is twice as high for countries in fragile- and conflict-affected situations.

“Moreover, the income gap between developing economies and advanced economies is set to widen in nearly half of developing economies over 2020-24, the highest share since the 1990s.

“Per capita income in these economies, an important indicator of living standards, is expected to grow by 3.0 per cent on average through 2026, well below the average of 3.8 per cent in the decade before COVID-19.”

It said global inflation was expected to moderate to 3.5 per cent in 2024 and 2.9 per cent in 2025, but the pace of decline was slower than was projected just six months ago.

The report said as a result, many central banks were expected to remain cautious in lowering policy interest rates.

“ Global interest rates are likely to remain high by the standards of recent decades averaging about four per cent over 2025-2026, roughly double the 2000-2019 average.”

The statement quoted Indermit Gill, World Bank Group’s Chief Economist and Senior Vice- President, as saying:

“Four years after the upheavals caused by the pandemic, conflicts, inflation, and monetary tightening, it appears that global economic growth is steadying.

“However, growth is at lower levels than before 2020. Prospects for the world’s poorest economies are even more worrisome.

“They face punishing levels of debt service, constricting trade possibilities, and costly climate events.

Gill said developing economies would have to find ways to encourage private investment, reduce public debt, and improve education, health, and basic infrastructure.

“The poorest among them, especially the 75 countries eligible for concessional assistance from the International Development Association will not be able to do this without international support.”

The statement quoted Ayhan Kose, World Bank’s Deputy Chief Economist and Director of the Prospects Group, as saying:

“Although food and energy prices have moderated across the world, core inflation remains relatively high, and could stay that way.

“That could prompt central banks in major advanced economies to delay interest-rate cuts.
“An environment of ‘higher-for-longer’ rates would mean tighter global financial conditions and much weaker growth in developing economies.”(NAN)(www.nannews.ng)

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Edited by Vivian Ihechu