Index to Nigerian Newspapers

The Nigerian Textile Employers Association claims smuggling of textile products through Nigeria's land borders has led to the collapse of over 150 companies in the last 40 years. The closure of the Nigeria-Niger border, stranded trucks, indicates inferior products entering the country at the expense of the local industry.

The World Bank Group has urged Nigeria to reduce government’s borrowing from the Central Bank if it wants to reduce the inflationary pressure on the economy. World Bank’s Lead Economist for Nigeria, Alex Sienaert, In his keynote presentation, Sienaert commended the government over its recent economic reforms, He said, “The whole agenda of tackling inflation is obviously a huge one. 

“All of these things increase the money supply and reducing that will be helpful to reduce inflation, and then replacing imports with FX restrictions with tariffs.”

According to him, the fact that petrol price had significantly increased created pressure on the economy.

He added that a variety of solutions would have to be devised in order to mobilise more revenue a way that spending would be increased to tackle the real priorities in the country

The groaning occasioned by the removal of the fuel subsidy grew louder on Monday as the Nigerian Labour Congress said it was ready to fight the economic pains and hardship caused by the Federal Government’s decision.University workers under the aegis of the Senior Staff Association of Nigerian Universities, the University of Lagos chapter of the Academic Staff Union of Universities, The varsity unions decried the situation, saying the subsidy was ’unintelligently removed. ’The National Assistant Secretary, Chris Onyeka,“We are going to give the Federal Government an ultimatum. But they have refused to make amends. Let them prepare themselves because we are preparing. We are ready to fight back, ” he said, The product currently sells for between N568 and N617 per litre.