Nigeria will need 15 years to transform economy – World Bank VP
The World Bank says that Nigeria must sustain its current economic reforms over the next 10 to 15 years to position itself as a leading global economic power, not only in sub-Saharan Africa but worldwide.
IMF downgrades Nigeria’s 2024 economic growth forecast to 3%
The International Monetary Fund, IMF has downgraded its forecast for Nigeria’s 2024 economic growth to 3.0 per cent.
Naira under-valued in official, parallel forex markets – Bismarck Rewane
His words, “The naira is undervalued by 33.58 percent at the parallel market rate of N1,285 per dollar and 4.16 percent at the NAFEM rate of N890.54 percent.”
FG gets $2.25bn Afrexim Bank loan
The Federal Government has received a $2.25b foreign exchange support facility from the African Import-Export Bank.
Nigeria inflation rose to 28.20% in November – NBS
Nigeria’s annual inflation rose to 28.20% in November from 27.33% in October, the National Bureau of Statistics has said.
Nigeria lost $1.4bn in 8 years over CBN’s ban on 43 items – Cardoso
The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso Nigeria lost a total of $1.4bn in 8 years over CBN’s ban on 43 items.
N1.3trn lost to waivers granted by Buhari – Customs
The Nigeria Customs Service (NCS) said Nigeria lost a sum of N1.3 trillion in waivers and concessions granted by the administration of former President Muhammadu Buhari to investors.
Economy: Bello-Olusoga tasks entrepreneurs on risk-taking
Entrepreneurs have been charged with the need to be innovative and take calculated risks to stay afloat in a shocking global economy.
Why Nigerian economy is in a mess—Lai Omotola
Omotola, whose company marks 25 years in business, identified currency speculation by the business elites, corruption, economic crimes, and the reversed business mentality of the elites as major causes of economic retrogression.
Nigeria’s net foreign reserves fell to $3.7bn at end of 2022 – JP Morgan
JP Morgan, an American multinational financial services firm, has estimated that Nigeria’s net foreign exchange (FX) reserves fell to $3.7 billion as of the end 2022.
Excess crude account now $474,000 – Economic Council
The National Economic Council has revealed that the nation’s excess crude account currently stands at 473,754.57 U.S. dollars.
Falana drags CBN to court over floating of Naira
Human rights lawyer Femi Falana said the Central Bank of Nigeria (CBN), has been dragged to court over the floating of Naira currency.
Cost of transportation increased by 98% in one month – NBS
The average cost of bus transportation in Nigerian cities has risen from N649.59 in May 2023 to N1,285.41 in June 2023 as a result of the hike in the pump price of Premium Motor Spirit rose.
Nigeria’s internet subscribers reduced by over 99,000 in one month – NCC
The Nigerian Communications Commission (NCC) internet subscribers in Nigeria decreased to 159.49 million in June 2023, down from 159.59 million in one month.
Comercio Partners urges caution, focus on sectors driving economy
Comercio Partners, an invest ment banking firm, has urged investors to adopt cautious approach and focus on sectors that drive the economy in the second half of the year, H2′ 23.
Inflation hits 18yr high at 22.4%, to surpass 23% this month
Investment analysts have predicted that headline inflation rate will rise above 23 percent on account of recent government policies including removal of fuel subsidy and naira depreciation in the forex market.
