Business
Economist Prof. Ajibola Criticizes Hunger Protests for Economic Disruption
Professor Segun Ajibola, a distinguished economist and former President and Chairman of the Council of the Chartered Institute of Bankers, has criticized the ongoing hunger protests in Nigeria, stating that they have severely disrupted the economy and resulted in widespread losses for everyone involved.
According to Prof. Ajibola, the informal sector, which constitutes approximately 45 percent of Nigeria’s economy, has been particularly affected.
Disruptions to both human and vehicular movement have had a detrimental impact on operators within this sector, especially those running micro, small, and medium enterprises.
He highlighted that individuals in areas where curfews have been imposed, such as roadside mechanics, barbers, hairdressers, vulcanizers, market vendors, artisans, hawkers, and laborers, are experiencing significant hardships.
These individuals rely on daily activities for their livelihood and are particularly vulnerable when public protests impede their ability to work.
Prof. Ajibola emphasized that such large-scale protests disrupt economic activities and leave lasting scars on the economy.
The resulting challenges extend beyond individual losses, affecting the overall economic health and productivity at both personal and corporate levels.
He urged that dialogue and roundtable discussions are preferable to violent protests, which constrain economic activities and exacerbate the negative impact on the economy.
The protests, which began last Thursday under the banner of #EndBadGovernance, have escalated into violence in several northern states, including Plateau, Kaduna, and Kano.
This escalation has led to curfews being imposed, resulting in additional loss of lives and property. The protesters are demanding an end to the high cost of living in Nigeria.
The cost of refilling a 12.5kg cylinder of cooking gas in Nigeria went up slightly in May 2025, rising by 2.18% compared to the previous month. The average price now stands at N20,709.11, up from N20,268.06 recorded in April. This update was captured in the latest Liquefied Petroleum Gas (LPG) Price Watch report for May, released by the National Bureau of Statistics (NBS).
According to the report, Delta State topped the list with the highest refill price at N23,356.56, followed by Abia at N22,953.01, and Ebonyi at N22,943.30. On the other hand, residents in Yobe, Lagos, and Kebbi states paid the least, with refill prices of N18,500, N18,536, and N18,606.60, respectively.
When compared to the same period last year, gas prices have jumped significantly, rising by 32% from N15,627.40 recorded in May 2024 to the current average. The NBS is yet to release figures for June 2025.
Customers of Guaranty Trust Holding Company (GTCO) across Nigeria should brace for early branch closures on Monday, June 30, 2025, as the banking group kicks off its routine half-year audit.
In an official announcement shared on their verified X (formerly Twitter) page, GTCO informed customers that all their branches nationwide will stop attending to walk-in customers earlier than usual to allow for internal review processes.
The bank assured the public that this temporary adjustment is strictly for operational reasons tied to their mandatory half-year audit, a common practice among financial institutions to check financial records, processes, and compliance levels.
While in-person services will pause earlier that day, GTCO encouraged customers to make use of their digital banking platforms. Options such as internet banking, mobile apps, ATMs, and USSD codes, which will remain available 24/7 for essential banking transactions.
MRS filling stations, a key partner of Dangote Refinery, has announced a new petrol price hike, raising its pump prices across the country. In a price update shared on its official X page on Saturday, the company revealed that the new rates now range from N925 to N955 per litre, up from the previous N825 to N895 range.
This means petrol will now sell for N925 in Lagos, N935 in the South-west, N955 in the North-west and South-east, N945 in the North-central, and N955 in the North-east. For Lagos and Abuja, motorists will now pay N925 and N945 per litre at MRS stations, an increase from N875 and N895 respectively.
Meanwhile, NNPC retail stations have kept their pump prices unchanged at N875 in Lagos and N895 in Abuja as of Saturday evening. The nationwide increase comes amid rising global crude oil prices triggered by tensions in the Middle East, particularly the ongoing Israel-Iran conflict.
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