To curb the Nigerian jumpy inflation rate threat on the economy, analyst have predicted that the current dovish stance may be coming to a halt, saying the Nigerian Central Bank monetary policy committee will most likely increase benchmark interest rate in May.
The Nigerian Investment Promotion Commission (NIPC) says Lagos state is the seventh fastest growing city in the world, with highest Gross Domestic Product (GDP) and Internally Generated Revenue (IGR) in Nigeria.
Nigeria’s headline inflation has been projected to maintain uptrend to click 18.30% for March, 2021 from 17.33% in February after 18 months consecutive rise.
The Nigerian Central Bank (CBN) official foreign exchange rate depreciated 92.4% in the last five years amidst unmet rising demand for foreign currencies in the country.
The Nigeria’s economy recovery path remains blurry despite improved projection, Afrinvest said while reviewing the World Economic Outlook report.
Following positive macroeconomic direction recorded in the fourth quarter of year 2020, analysts have explained that Nigeria’s purchasing manager index has shed light that economic recovery is underway, albeit slow.
The Nigeria’s local currency, Naira, was stable across the foreign exchange (FX) markets as foreign currency inflow slightly raised external reserves week on week as oil prices remained high.
African countries need strong policies and further support from the international community to avert a debt crisis and protracted low growth, says the United Nations.
Cititrust Financial Services, an investment firm, has perfected arrangements to list by introduction on the nation’s bourse before the end of the second quarter.
President Muhammadu Buhari says his administration will fully utilize the enormous gas resources in the country to uplift the economy and drive industrialization.