The start of domestic production of petroleum products by the Dangote Refinery, coupled with the restart of the Port Harcourt and Warri Refineries, provides a ray of hope for Nigerians who endured economic challenges throughout 2024. Despite President Bola Ahmed Tinubu's economic reforms, the lingering effects of fuel subsidy removal, naira devaluation, and soaring inflation rates led to increased cost of living. However, the commencement of petrol production at the Dangote Refinery and the resumption of operations at the other refineries boosted Nigeria's GDP growth and offered a positive economic development. A minimum wage increase also provided some relief for the struggling population.
The commencement of domestic production of petroleum products by Dangote Refinery , the restart of Port Harcourt, and Warri Refineries is a glimmer of hope amid the despair Nigeria ns faced in 2024. In the past 12 months plus, Nigeria ns have struggled to cope between economic hardship and hope inspired by President Bola Ahmed Tinubu's economic reforms. This is the case as the lagging impact of fuel subsidy removal, Naira floating on June 14, 2023, fiercely pounced on Nigeria ns.
reported Tinubu saying the restart of Warri Refinery has brought joy to him and Nigerians. Rising headline, food inflation amid hardship Nigeria saw worse inflation in the last 11 months of 2024. Available data from the National Bureau of Statistics showed that the country's inflation grew by 6.4 percent in November 2024 compared to the same month in 2023. The worst was food inflation at 39.93 percent, representing a 7.09 percent rise on a year-on-year basis compared to 32.
reports that the Nigerian National Electricity Regulatory Commission has transferred oversight to eight states as of December 31, 2024. States such as Ogun, Lagos, Enugu, Kogi, Ondo, Ekiti, Oyo, and Imo have already received regulatory oversight for electricity operations. Tax bills controversies The four tax reform bills awaiting national passage are another significant moment in the year under review.
in an exclusive interview on Monday. According to him, 2024 has been a year of stark contrasts for the Nigerian economy- a year of both significant challenges and a glimmer of hope. Speaking on low points in the year under review, Oyedokun identified fuel and electricity woes. 'The year was plagued by persistent fuel scarcity and soaring fuel prices, crippling businesses and exacerbating inflationary pressures.
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