Prices of foodstuffs have reportedly crashed in Benue, Borno, Adamawa, and Yola, to the joy of consumers but the displeasure of traders who are incurring losses.
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Economy Latest News
US Treasury chief says no reason for Fed chair to step down
US Treasury Secretary Scott Bessent said Tuesday that he did not see a reason for Federal Reserve Chair Jerome Powell to resign immediately, a day after calling for a sweeping review of the Fed. The Treasury chief had told CNBC earlier in the day that "what we need to do is examine the entire Federal Reserve institution and whether they have been successful."
Coca-Cola plans US cane sugar alternative after Trump push
Coca-Cola on Tuesday said it would release a version of Coke in the United States made with US-grown real cane sugar, a move requested by President Donald Trump. Trump last week said that the company had agreed to use cane sugar in the United States version of Coke.
US Treasury chief eyes China tariff deadline extension in talks next week
US Treasury Secretary Scott Bessent said Tuesday that he would meet his Chinese counterparts in Stockholm next week for tariff talks, eyeing an extension to a mid-August deadline for levies to snap back to steeper levels.
Cost of cooking a pot of jollof rice in Nigeria rises to new high, now 40% of minimum wage
A new report released by SBM Intelligence has provided an insight into the rising cost of preparing a pot of Jollof rice, and states it is the most expensive.
AstraZeneca to invest $50 bn in the US as tariff threat looms
British pharmaceutical giant AstraZeneca said Tuesday it would invest $50 billion in the United States by 2030 amid Donald Trump's threats to impose tariffs on the sector. The United States is a key market for the pharmaceutical industry, and AstraZeneca said it expects 50 percent of its revenue to come from the US by 2030.
Naira narrows dollar gap between official, black markets amid surge in forex inflow
The exchange rate gap between the official and parallel markets has narrowed to just N2 per dollar as investors poured $1.31 billion into the FX market.
High fertiliser cost: Farmers boycott major crop farming, embrace low-cost crop production
Nigeria's food security threatened by soaring fertiliser prices. Farmers abandon major crops like maize, rice due to high costs. Shift to low-cost crops.
Cement prices set to fall as naira strengthens, BUA chairman predicts cost relief
BUA Cement chairman Abdul Samad Rabiu has assured Nigerians that cement prices will drop, citing reduced forex volatility and government reforms as key factors
Price hikes nibble at demand for Lindt chocolate
Premium Swiss chocolate maker Lindt & Sprungli hiked its 2025 sales target as cocoa price hikes passed on to customers outweighed a drop in volumes. While sales volumes declined by 4.6 percent, it still saw revenues climb by nine percent to 2.4 billion Swiss francs ($3.0 billion) as consumers continued to buy chocolate despite the price hikes.
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