NEWS

Inflation Rose 67 Times Under Emefiele

Published

3 years ago

June 19, 2023

Nigeria’s inflation rate rose not less than 67 times since June 2014, according to findings by The PUNCH.

Analysis of the Inflation Rate data provided by the Central Bank of Nigeria also showed that the consumer price index was 8.2 per cent in June 2014 when the suspended CBN Governor, Godwin Emefiele, took office.

However, the country currently struggles with an inflation rate of 22.22 per cent as of April 2023. The inflation rate rose by 0.03 per cent to 22.41 per cent in May, the highest rate in 17 years.

This means that inflation rose by 14.02 percentage points while Emefiele ran the affairs of the apex bank.

A breakdown of the number of times inflation rose showed that it rose thrice between June and December 2014.

By 2015, inflation rose 10 times, except in July and October of that year.

Inflation rate became worsened in 2016 as Nigeria hit a double-digit figure of 11.38 per cent in February of that year, and inflation was on the rise throughout the year, rising 12 times.

The economy entered a recession in 2016, the first one under the suspended CBN boss.

The situation improved in 2017 as inflation only rose in July. However, it recorded different rates of decline in the same year.

The improvement was almost maintained in 2018 but inflation rose four times during the year, specifically in August, September, November and December.

By 2019, inflation rose six times, indicating Nigerians were paying more for their purchases.

Nigeria suffered another recession in 2020 as the COVID-19 pandemic adversely affected economical activities.

In the same year, inflation was on the rise from 12.13 per cent in January to 15.57 per cent in December.

The situation improved slightly in 2021 as inflation rose four times that year, precisely in January, February, March and December.

However, the improvement faded in 2022 as inflation rose 10 times except in January and December.

By the end of 2022, inflation had risen 63 times under the detained CBN apex bank boss.

The PUNCH further observed that inflation has been on the rise throughout 2023, from 21.82 per cent in January to 22.22 per cent in April.

This overall increase occurs despite the tightening monetary policies of the Central Bank of Nigeria to curb inflation.

Last year, the apex bank decided to continuously hike interest rates as well as introduce the naira redesign policy to control the amount of cash in circulation.

The apex bank had increased the MPR from 11.5 per cent earlier last year to 18.5 per cent in May this year across seven consecutive rate hikes.

Within a period of one year, from May 2022 to May 2023, Nigeria’s interest rate rose by about 800 basis points.

The CBN Governor, Godwin Emefiele, had said the decision to keep hiking the MPR was taken to address inflation.

The governor said loosening the MPR would negate the objective of damping pent-up aggregate demand, which fuelled inflation.

Despite the adverse effect of the hike on the organised private sector, the CBN maintained that it would continue the hike until inflation falls below 15 per cent.

“For as long as that gap between inflation rate and the MPR is wide, giving a negative interest rate, it discourages investments, savings mobilization (particularly within the domestic economy) and also fast track capital outflows. The reasons for increasing the Monetary Policy Rate before have not gone, so we will keep at it while being mindful of the rebound effect of some of those measures.”

Checks by The PUNCH revealed that the last time the monthly inflation rate was below 15 per cent was in November 2020 at 14.89 per cent, about 27 months ago.

The PUNCH also observed that inflation was pegged at 17.16 per cent for 2023, according to the parameters and fiscal assumptions underpinning the 2023 Nigerian budget.

The suspended CBN boss added that the rate was having an expected impact on credit, adding that although the MPC was not excited that credit was dropping, it was necessary to reduce inflation.

“Around May 2022, credit was about N1.4tn, but as we speak today, credit is about N600bn. When you raise rate, you are trying to constrain credit.

“We are seeing it happen. And I must confess here that we are not happy that the hike in rate is constraining credit, but we have to do our work because inflation is at the heart of what we are saying we want to deal with.

“Because if you don’t raise rate to constrain credit, what that would mean is that it would create more inflationary pressure and create more problems for us,” Emefiele explained.

At the last Monetary Policy Committee meeting in May, the suspended CBN Governor, admitted that the MPC saw the continued rise in inflation as still “the biggest challenge confronting macroeconomic stability in Nigeria”.

Justifying the rising inflation rate, the MPC blamed the high energy cost and challenges around the supply chain, among others, which are beyond the reach of the CBN.

However, the detained CBN governor insisted the policy rate hikes had prevented inflation from rising by about 8 percentage points over the past year.

The World Bank recently warned that at least 64 million Nigerians are at risk of emergency food and nutritional assistance due to the attendant effects of rising inflation, climate change, among others.

According to the lending bank, inflation is currently pushing many Nigerians into poverty and food insecurity.

The bank also noted that although the CBN was making efforts to curb the rising inflation by increasing interest rates, its funding of fiscal deficit through the ways and means advances had made things difficult.

The Lagos Chamber of Commerce and Industry recently called on the CBN to explore viable options to tackle the country’s surging inflation as the frequent interest rate hikes were not producing the desired result.

In a statement, the LCCI said, “While the CBN has the overarching mandate of ensuring price stability, we suggest it should not be done in a manner that compromises growth, more especially in the face of high unemployment.

“Inflation chips away at purchasing power leads to inventory stockpiles, undermines growth, and creates a lot of economic uncertainties. Taming it, however, should not be done at the expense of growth and the most vulnerable sectors.”

The National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Segun Kuti-George, recently said that the naira redesign policy which fuelled scarcity of the local currency was responsible for the spike in the country’s inflation rate.

He also faulted the NBS figures, noting that it was inconsistent with what is obtainable in the marketplace.

Speaking with The PUNCH, former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, noted that there are external and internal factors affecting inflation rate.

He also said the CBN policies were rates contributing significantly to inflation.

Nzekwe said, “There are external volatilities and internal volatilities causing rising inflation. For external volatilities, the economy is not producing, and the country is importing. The country is importing most of the things produced. That is why we are having this problem. With the Russia-Ukraine war, the country we are importing goods from are also suffering from inflation. So, we are importing inflation too.

“The CBN policies are also contributing to inflation. We have multiple exchange rates. This has encouraged inflation in the country. You cannot run monetary policy like that. It has to be on exchange rate, and I am happy that the new government will abolish the multiple exchange rate.”

The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, also admitted that the CBN has contributed to the rising inflation through currency devaluation and deficit financing.

He said, “We need to look at the key drivers and how they have been impacting inflation. Number is our currency. If you look at the change, you will find a correlation between the depreciation of the currency and inflation because of the high import content in what we do.

“The second is the money supply side, especially this CBN financing of deficit. The rate at which the CBN provided money to the government rose and because worst.”

He also noted that there are other issues like insecurity and climate change, which are beyond the reach of monetary policies.

“Then we have the problem of insecurity, which affects food inflation. There was also the issue of climate change. Also, the energy cost has been rising over time. These are the key drivers, and it is not something monetary policy only can fix,” Yusuf added.

He advised the new government to examine the key drivers to understand how to manage inflation rate.

Yusuf also urged the government to slow down on borrowing from the CBN through the ways and means advances, adding that the government needs to boost foreign exchange into the country.

Source:- Punch

NEWS

SOUNDOUTTV in Collaboration with COBYL CITY – Unveils SOUNDOUT LIVE Edition 2 with Over ₦900,000+ in Career-Boosting Prizes for emerging artists.

Published

2 days ago

July 23, 2026

Baba Blow

Aspiring artists across Delta State have another opportunity to showcase their talent as SOUNDOUTTV officially unveils SOUNDOUT LIVE Edition 2, the second edition of its online music talent competition.

View this post on Instagram

With over ₦900,000+ in career-boosting prizes, industry exposure, and artist development opportunities up for grabs, this year’s edition is set to spotlight some of the state’s most promising emerging talents.

COBYL CITY joins this second edition as the official production partner behind the competition beat and select artist development rewards. The official competition beat, produced by Berry IV for COBYL CITY LTD, will be released on August 1, 2026, officially opening the competition.

Known for its growing commitment to talent development and creative excellence, COBYL CITY’s contribution extends beyond the competition itself, giving contestants access to professional production opportunities that reward not only performance but also artistic potential.

A Platform for Emerging Talent

Participants are invited to record either a freestyle or an original song using the official competition beat, giving artists a platform to showcase their creativity, originality, and performance skills before a wider audience.

Prize Packages

The SOUNDOUT LIVE Champion will receive an outstanding artist development package, including:
• Official Champion Award
• Professional Performance Session
• Artist Interview and Introduction Video
• Professional Photo Session
• Short Visualizer by P-YoungsMedia
• Exclusive Beat License by COBYL CITY LTD
• Professional Studio Recording Session by COBYL CITY
• Free 24-Hour Hotel Accommodation
• Customized Champion Merchandise
• Additional Gifts from Sponsors

The second-place winner will receive a professional performance package, customized merchandise, and an official Certificate of Achievement, while the third-place winner will receive a performance session and featured artist interview.

How to Participate

Eligible artists in Delta State can enter by:
• Downloading the official competition beat on August 1, 2026
• Recording a freestyle or original song
• Creating a performance video
• Posting the video on Instagram or TikTok, tagging @soundouttv
• Submitting the same entry through the official SOUNDOUT WhatsApp Group

Only one official entry is permitted per contestant.

Fair Competition. Real Opportunities.

Voting will be conducted exclusively through the official SOUNDOUT LIVE voting platform. Each supporter may cast up to 33 votes per contestant, while any attempt to manipulate votes or violate the competition rules will result in immediate disqualification.

More than just a competition, SOUNDOUT LIVE Edition 2 is designed to spotlight emerging talent and create genuine pathways into the music industry. As part of its collaboration, COBYL CITY powers the official competition beat, produced by Berry IV, and contributes exclusive production rewards for the competition’s eventual winner.

Important Dates
• Official Beat Release: August 1, 2026
• Submission Deadline: To Be Announced
• Public Voting: Opens After Submissions

With the official beat dropping on August 1, anticipation is building for another exciting edition of SOUNDOUT LIVE. Artists are encouraged to follow @soundouttv, prepare their entries, and seize the opportunity to gain valuable exposure, professional development, and industry recognition.

Let the Talent Shine. Let the Fans Decide.

ARTICLES

Exclusive Interview with BabaBellz on Enjoyment Night & New Singles

Published

3 days ago

July 22, 2026

Baba Blow

The Nigerian music scene continues to witness the rise of versatile and intentional artists, and one name that has consistently stayed true to his craft is BabaBellz. Known for his dynamic sound, deep lyrical expression, and ability to switch seamlessly between Afro vibes, hip-hop, and inspirational music, BabaBellz is steadily carving a unique identity in the industry.

From the journey of his project R2GTheAlbum (Road To Glory) to the release of his latest dual singles “Enjoy” and “Mama’s Prayer”, the talented artist has proven that he is not just about making music, but about delivering messages that connect with real-life experiences.
While “Mama’s Prayer” touches the heart with emotional depth and appreciation for motherly love, “Enjoy” brings a vibrant Afro sound that encourages fans to celebrate life, hustle hard, and live their dreams. This duality perfectly showcases BabaBellz’s creative range and his commitment to making meaningful music for different moods and audiences.

In this exclusive interview with Blow Naija Media, BabaBellz opens up about his musical journey, the inspiration behind his recent releases, and his highly anticipated event “Enjoyment Night with BabaBellz”, set to celebrate both his birthday and his growing fanbase.

He also shares insights into the challenges of the music industry, his motivation to keep pushing forward, and why consistency, faith, and purpose are key to success.

Read the full interview below as BabaBellz gives us a closer look into his world, his music, and what fans should expect next.

Enjoyment Night with BabaBellz

INTRODUCTION

Blow Naija Media:
Hello BabaBellz, how’s life? Family and music?

BabaBellz:
Hello… beautiful people. Life’s good, famz doing great and music (smiles)… we pushing it.

ON HIS MUSICAL JOURNEY & CONSISTENCY

Blow Naija Media:
We want to have a quick conversation with you about your music life. From the kickstart of R2GTheAlbum (Road To Glory) to your latest dual singles “Enjoy” and “Mama’s Prayer”, how have you been able to keep pushing and never relent on this musical energy and great vibes?

BabaBellz:
Firstly, I have to return all the glory back to the Almighty God for the knowledge, wisdom and understanding He gave me in this entertainment life.

I’m not gonna lie to you, it’s not easy… the time, the late-night meditations, the pen game, studio sessions, the ups and downs, even the way Nigerian and African music is evolving, it’s not an easy task. But like the wise ones always say: never give up.

I guess that’s one of the major reasons why I keep going and never look back. God has been faithful to me, I won’t lie about that. Glory be to God.

ON “MAMA’S PRAYER” & “ENJOY” INSPIRATION

Blow Naija Media:
Wow, that sounds amazing. Now let’s talk about your dual single before we move to your event “Enjoyment Night with BabaBellz.”

What inspired you to create two different genres? “Mama’s Prayer” is emotional and deeply touching, while “Enjoy” is a vibrant Afro sound. We’ve seen you do something similar during your “My Sound” era. So what inspired these two beautiful records?

BabaBellz:
Well… my major goal is to make people understand something about me after I dropped my last album MY SOUND. If you listen to that project very well, you’ll understand what I’m trying to point out, I can make different kinds of sounds.

I’m not saying I’m the best, but with the grace of God, I know I can make good music. Look at songs like Ghetto Breed, Spirit of a Hustler, IDGAF About You, those are international hip-hop standards that even people overseas play daily.

Now bring it down to songs like Kilofe, You, Bend Over, Sisi Caro, these are 100% Afro sounds, expressions of love, beautiful music that makes women feel special, club bangers, and vacation vibes.

Then you have Afro-Adura and inspirational songs like Blessings, Bless My Way, Hustle Mi, etc.

To cut it short, don’t be surprised by any kind of sound you hear from me. My sounds can be zig-zag, but the main thing is you’ll always understand what I’m saying and where I’m coming from.

I don’t just jump on the mic and say random things. My songs are a reflection of how I think and feel at that moment. But I’m also conscious that artists have a responsibility to the masses, so I watch what I say.

“Mama’s Prayer” is to appreciate all good mothers and remind everyone that a mother’s love is priceless and can never be replaced.

“Enjoy” is for people to dance, groove, and understand that enjoyment is part of life. Make money and enjoy life. Don’t just dance — chase your goals, achieve your dreams, and live good.

Because if I make my money, I will definitely enjoy my life.

ABOUT “ENJOYMENT NIGHT WITH BABABELLZ”

Blow Naija Media:
What is your event “Enjoyment Night” all about?

BabaBellz:
Well… as we all know, July 31st is my birthday. I haven’t always celebrated it the way many entertainers do, like hosting big events. I usually celebrate with close friends and family.

But this time, I chose to celebrate with people who truly cherish my music and my craft. Considering the current economic situation, I decided not to sell tables or create VIP sections. Everyone supporting the BellzExpressions brand is automatically a VVIP to me.

I just want people to come out, celebrate my music and birthday with me. It’s nothing too complicated, just a night of love, appreciation, and music… a night specially made for BabaBellz.

EXPECTATIONS FOR THE EVENT

Blow Naija Media:
Are we expecting any big artists at the event? And what more should fans look forward to?

BabaBellz:
Yes, of course. But like I said earlier, everyone supporting my brand is big to me. It’s not easy for someone to genuinely support you without incentives.

There will be a lot of big personalities, artists, CEOs, top entertainers, DJs, hypemen, MCs, and more. Everybody is welcome.

Just look good, come with positive vibes, buy your drinks, enjoy your chops, and have a great time.

SHOUTOUTS & APPRECIATION

Blow Naija Media:
Would you like to give a shoutout to anyone supporting you?

BabaBellz:
Yes ooo… big shoutout to everyone supporting me, those I know and those I don’t know. From day one supporters, real and fake friends (laughs), they are all part of the journey.

Shoutout to my dad, my mom, my woman, my siblings, DJs, hypemen, show promoters, my brother Blow Naija and his family, my producers and sound engineers, my Uniosun & BPA guys, IB city & Osogbo friends, and all Lagos Island and Mainland homies, maximum respect and love.

CLOSING

Blow Naija Media:
Thank you so much for your time, BabaBellz. Keep shining, keep moving, and never stop making good music for those of us who love great sounds.

BabaBellz:
Sure, all on God… BellzExpressionsMusic for life. Thank you for having me. Jah bless 🙏🤍

MUSIC

Meet Big Ken – The Afro beats Sensation Master Mind Behind the epic singles ( Coco baby, No Face , Cruise, Spiritual Frequencies & Alakija

Published

3 weeks ago

July 7, 2026

Baba Blow

Meet Big Ken – The Afro beats Sensation Master Mind Behind the epic singles ( Coco baby, No Face , Cruise, Spiritual Frequencies & Alakija

Nigerian Afrobeats singer and songwriter Big Ken whose known offstage as Kenneth Afure Okudi, releases hits debut singles “Coco Baby” “No Face” “Cruise” “Spiritual Frequencies” and Alakija” the fast rising afrobeats singer has being gaining attention. This release has proven his dominance and has amassed millions of streams across all platforms. He’s also focused on his next level of success.