Article(s) about Prices

A. What Is Inflation? - Inflation is one of the most frequently used terms in economic discussions, yet the concept is variously misconstrued. There are various schools of thought on inflation, but there is a consensus among economists that inflation is a continuous rise in the prices. Simply put, [Read more]

The current monetary policy framework is based on the targeting of bank reserves as operating target with monetary aggregates as intermediate target. The ultimate objective is to influence the general level of prices - inflation. Monetary targeting implied by the current practice was considered [Read more]

Report Highlights: Effective July 20, 2012, the Government of Nigeria (GON) introduced a 15-percent levy on wheat grain imports resulting in an increase of the effective duty from 5 percent to 20 percent. The GON also introduced a 65-percent levy on wheat flour imports to increase the effective [Read more]

Report Highlights: The Government of Nigeria’s (GON) attempt to remove its gasoline subsidy on the first day of year 2012 resulted in an industrial strike, severely crippling economic activity for the week that it lasted. After lengthy negotiations with organized labor, the GON was able to [Read more]

Report Highlights: Although Nigeria dropped from the number one export destination in the world for U.S. wheat in MY2010/11 to third position this year, it remains the most consistent and loyal customer. Sales as of April1 are a record 3.5 million tons, up from 3.3 million tons last year. [Read more]

Report Highlights: Nigeria's grain production this year is up slightly from the average crop of 2010. Farmers increased average and rainfall patterns were near ideal for the growing season. The arrival of the new crop in the market has not brought any respite to poultry producers as grain [Read more]

Report Highlights: Nigeria's domestic production of soybeans is trending upwards, but still lags behind the rapidly growing demand from the poultry industry for soy meal and vegetable oil processors. This supply deficit resulted in the increase in the price of soybean meal within ten months, [Read more]

Report Highlights: Total food and agricultural imports are estimated to reach $4.0 billion by end of 2011 from about $3.7 billion in 2010. Wheat from the U.S. accounts for more than 20% of Nigeria's total food and agricultural total imports. Exports of other U.S. agricultural products such as [Read more]

Report Highlights: Although Nigeria dropped from the number one export destination in the world for U.S. wheat in MY2010/11 to third position this year, it remains the most consistent and loyal customer. Sales as of April1 are a record 3.5 million tons, up from 3.3 million tons last year. [Read more]

This piece documents the facts of the supply-side recovery in Nigeria in the last few years and identifies the triggers. It then discusses the challenges the new turn of events pose to policy makers, who are only just responding to the previous downturn. Data that have become available since [Read more]