Nigeria

A 0.5 percentage points interest rate hike announced by the United States’ Federal Reserve on Wednesday is expected to reverberate around the globe and spur Nigeria and other economies to hike rates in the coming weeks. The U.S. Fed raised its benchmark interest rate to a target rate range of between 0.75% and 1% on Wednesday, the largest hike in 22 years. The decision follows a 0.25 percentage point increase in March, the first increase since December 2018. Analysts say that rate rises…

Nigeria has the eighth cheapest price of petrol in the world, a new report by Zutobi, an international driver’s education company, has shown. Published in April, the report placed Nigeria in the 8th position of the global index with the price of petrol at $0.40 equivalent to $1.82 per gallon. The countries with the cheapest petrol include mostly oil-rich countries, with the South American country, Venezuela, topping the chart. The country has the largest known reserves of crude oil in the…