The National Bureau of Statistics (NBS) has announced that the average retail price of Premium Motor Spirit (Petrol) in Nigeria has risen to ₦937 per litre in the Northern region in May 2024.

According to NBS’s state profile analysis, Jigawa State had the highest petrol price of ₦937.50, indicating a continuous rise in the commodity since President Bola Tinubu removed petrol subsidies on May 29, 2023.

NBS added that the average price paid for petrol was ₦769.62, indicating a 223.21 per cent increase compared to the value recorded in May 2023 (N238.11).

In comparison to the previous month (April 2024), the average retail price increased by 9.75 percent from ₦701.24.

On state profile analysis, Jigawa State had the highest average retail price for the commodity at ₦937.50, Ondo and Benue States were next, with ₦882.67 and N882.22, respectively.

Lagos, Niger and Kwara States had the lowest average retail prices, at ₦636.80, ₦642.16 and ₦645.15, respectively.

The North-West Zone had the highest average retail price of ₦845.26, while the North Central Zone had the lowest at ₦695.04.

Following the removal of petrol subsidies, the inflation rate rose to as high as 33.95 per cent as of May, according to NBS, with food inflation as high as 40 per cent.

The NBS’s latest release on pump prices heading towards ₦1,000 per litre in the North comes on the heels of the Nigerian National Petroleum Company Limited (NNPCL), which said that it would not increase petrol prices in its retail outlets across the country.

The company currently sells at around ₦568 per litre at its retail outlets, up from around ₦238 as of May 2023, according to NBS.

The following is the ranking of the world’s largest economies based on Gross Domestic Product (GDP).

The list saw some significant shifts in 2024, with the United States retaining its position as the world’s largest economy, followed closely by China.

However, the rankings beyond the top two spots saw some notable changes.

All the data in this list is sourced from the International Monetary Fund (IMF).

United States – $28.78 trillion GDP, $85,370 GDP per capita
The United States (US) economy remains a juggernaut. They remain at the top due to their technological prowess, strong consumer spending, and the cutthroat labour market. Despite concerns over rising inflation, the US maintained steady growth in 2024.

China – $18.54 trillion GDP, $13,140 GDP per capita
China’s economy continues to be a major driver of global growth, though it has faced headwinds from COVID-19 outbreaks and trade tensions. The country’s shift towards domestic consumption has helped offset some external pressures.

Germany – $4.59 trillion GDP, $54,290 GDP per capita
Germany secured its position as Europe’s economic powerhouse. The country is leveraging its manufacturing expertise and strong exports. Also, the nation has had to navigate energy supply challenges stemming from the Russia-Ukraine conflict, but they stand strong nonetheless.

Japan – $4.11 trillion GDP, $33,140 GDP per capita
Japan’s economy has shown signs of renewed vigour, with improved productivity and consumer spending helping with demographic challenges. The 2020 Tokyo Olympics will continue to pay dividends for the country’s infrastructure and tourism.

India – $3.94 trillion GDP, $2,730 GDP per capita
India has emerged as one of the fastest-growing major economies, further boosted by a young, increasingly skilled workforce and a powerhouse technology sector. Ongoing reforms and infrastructure investments have significantly increased the country’s economic potential.

The Next 5 Largest Economies:
United Kingdom – $3.50 trillion GDP, $51,070 GDP per capita
France – $3.13 trillion GDP, $47,360 GDP per capita
Brazil – $2.33 trillion GDP, $11,350 GDP per capita
Italy – $2.33 trillion GDP, $39,580 GDP per capita
Canada – $2.24 trillion GDP, $54,870 GDP per capita

Rounding up the list are the next 10 richest economies, which include Russia, Mexico, Australia, South Korea, Spain, Indonesia, the Netherlands, Türkiye, Saudi Arabia, and Switzerland, respectively.

These economies have seen varying levels of growth and stability in recent years.

Finally, the rankings of the world’s largest economies, according to Forbes, are likely going to see further shifts in the years to come.

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The dollar rose Tuesday and Asia equities were mixed as investors weighed the possibility of another Donald Trump presidency after last week’s poor debate performance by incumbent Joe Biden.

Speculation about a second term for the Republican Party rose on the Supreme Court’s ruling that all former leaders had “absolute immunity” from criminal prosecution for “official acts” taken while in office but could still face criminal penalties for “unofficial acts.”

The decision comes as Trump faces criminal charges over his attempts to overturn his 2020 election loss to Biden, but that trial had been put on hold while judges considered his immunity claims.

Bets on a second term for the controversial tycoon rose after Thursday’s debate, in which he was widely considered to have come out on top after Biden struggled through answers and stumbled over his lines.

That led to calls for him to step down due to worries over his mental state, but Democrats have pushed back and are reportedly seeking a vote next month that would formally make him the party candidate for November’s poll.

“Those two headlines, and given the reaction to President Biden’s first debate, continue to suggest a Trump presidency is looking more likely at this stage,” Tapas Strickland at the National Australia Bank said in a commentary.

Observers said the prospect of another Trump presidency fueled talk of tax cuts and a fresh spike in inflation, pushing up yields and denting hopes for interest rate cuts.

That, in turn, boosted the dollar against its main peers, pushing back to 38-year highs against the yen, putting Japanese authorities on alert after they previously warned they were ready to intervene in forex markets to support the unit.

The euro was also a little softer, though it managed to hold most of the gains made Monday in a relief rally that came after the far-right National Rally (NR) looked unlikely to win an absolute majority in French legislative elections, as had been feared.

President Emmanuel Macron and his allies are now involved in intense campaigning and horse-trading ahead of the second round of polls on Sunday as they look to deny NR an absolute majority and control of government.

However, Luca Santos at ACY Securities said: “Based on current results, the two most probable outcomes are a hung parliament without an absolute majority or an RN cohabitation government.

“The high number of constituencies won by the RN, coupled with tight races between left and centre candidates, complicates strategic withdrawals and heightens the risk of an RN cohabitation government, which would be less favourable for the euro.

“Consequently, the euro’s current relief rally is unlikely to persist ahead of the second election round.”

Asian stock markets were mixed, with Hong Kong enjoying a rare surge after a recent run of losses, while Tokyo piled on more than one per cent to end above 40,000 points for the first time since April.

Shanghai, Singapore, Mumbai and Jakarta also rose.

However, Sydney, Seoul, Wellington, Bangkok, Taipei and Manila fell along with London, Paris and Frankfurt.

• Key figures around 0810 GMT –
  Tokyo – Nikkei 225: UP 1.1 per cent at 40,074.69 (close)

Hong Kong – Hang Seng Index: UP 0.3 per cent at 17,769.14 (close)

Shanghai – Composite: UP 0.2 percent at 2,997.01 (close)

London – FTSE 100: DOWN 0.6 percent at 8,119.33

Euro/dollar: DOWN at $1.0717 from $1.0743 on Monday

Dollar/yen: UP at 161.65 yen from 161.46 yen

Pound/dollar: DOWN at $1.2624 from $1.2648

Euro/pound: DOWN at 84.89 pence from 84.92 pence

West Texas Intermediate: UP 0.1 per cent at $83.43 per barrel

Brent North Sea Crude: UP 0.1 per cent at $86.67 per barrel

New York – Dow: UP 0.1 per cent at 39,169.52 (close)

Former CEO of Nigerian e-commerce company Konga and current CEO of solar energy firm D.light, Nick Imudia, has died by suicide.

Imudia reportedly jumped from the balcony of his Lekki apartment in Lagos on the night of June 25.

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Before making the jump, he allegedly called his US-based brother to give him instructions on how to distribute his wealth should anything happen to him.

He also called his young daughter from a previous relationship and told her he would always be there for her and that all she needed to do was look in the sky and she would see him.

Nobody knows for sure why he killed himself, as his friends, family and associates are in shock as to why he would commit suicide.

The Lagos State Police Command has yet to speak about Imudia’s death.

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Imudia, from Ika South Local Government Area (LGA) of Delta State, had previously been married to the mother of his daughter. The marriage ended due to irreconcilable differences.

Before stepping down as Konga CEO in 2022, Imudia, alongside Leo Ekeh, was credited for transforming Konga from near collapse to profitability within four years.

They launched strategic verticals including Konga Logistics, Konga offline retail chain, KongaPay, Konga Travel, Konga Health, and Konga Food.

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Imudia joined Konga in 2018 following its acquisition from previous majority owners Naspers and AB Kinnevik. He played a crucial role in revitalising Konga into a profitable and trusted e-commerce brand.

Before Konga, Imudia was the Regional Director of TCL/Alcatel for two years and the Managing Director of Nokia West, where he worked for over 17 years. He has lived and worked in the USA, Finland, and Singapore, gaining recognition for his expertise in operational excellence and process management.

His family has yet to make an official announcement concerning his death and burial arrangements, as of the time of filing this report.

The Central Bank of Nigeria (CBN) has announced the discontinuation of its Price Verification System (PVS) portal, effective July 1, 2024.

CBN announcement comes after recent developments in the Nigerian Foreign Exchange market.

In a circular issued by the Trade and Exchange Department, signed by Acting Director James Dr. W. J. Kanya, the CBN stated that all applications for Form ‘M’ will no longer require a Price Verification Report generated from the PVS portal.

The circular read, “DISCONTINUATION OF THE CENTRAL BANK OF NIGERIA PRICE VERIFICATION SYSTEM PORTAL

“We refer to the circular dated August 17, 2023, referenced TED/FEM/PUB/FPC/001/008 and titled “GO-LIVE OF THE CENTRAL BANK OF NIGERIA PRICE VERIFICATION SYSTEM PORTAL” on the deployment of the Price Verification System (PVS).

“In view of recent developments in the Nigerian Foreign Exchange Market, the CBN hereby discontinues the Price Verification System (PVS).

“Consequently, with effect from July 01, 2024 all applications for Form ‘M’ shall be validated without the Price Verification Report generated from the Price Verification Portal.

“For the avoidance of doubt, by this circular, the price verification report is no longer a requirement for the completion of a Form ‘M’.

“Please note and be guided accordingly.”