The International Monetary Fund (IMF) has revised upward its 2023 growth projection for Nigeria’s economy to 3.2% from the earlier projected 3.1% growth rate published in its World Economic Outlook Update (WEO) in October last year. The IMF made the latest forecast in its World Economic Outlook Update published on Tuesday. It reported that the […]
The Central Bank of Nigeria (CBN) has reported that the money supply in the country in 2022 rose to an all-time high of N52.14 trillion, despite its sustained measures to reduce the volume. In monetary terms, money supply, which is a function of the level of liquidity in an economy, comprises net foreign assets and […]
The National Bureau of Statistics (NBS) reported on Tuesday that Nigeria’s public debt stock increased to N44.06 trillion (about $101.91 billion) in the third quarter of 2022 from N42.84 trillion ($103.31 billion) in the preceding quarter. The Bureau gave these figures in its ‘Nigerian Domestic and Foreign Debt Report for Q3 2022’ hoisted on its […]
The Naira slightly appreciated in its exchange value against the US dollar at the black market in the early hours of Tuesday, trading at N751/$1 compared to N752/$1 it exchanged at during Monday’s trading session. Some black market FX traders attributed the rebound of the local currency to the current CBN’s currency swap policy that […]
President Muhammadu Buhari on Monday inaugurated the 10 megawatts Kano solar power project funded by the Nigeria Sovereign Investment Authority (NSIA) at a cost of $16 million. Speaking during the epochal event in the nation’s sustainable, environment-friendly power project drive, Buhari expressed satisfaction with the installation of the solar power plant, with over 21,000 solar […]
Nigeria’s national currency – Naira – depreciated in its exchange rate against the US dollar at the parallel market in the early hours on Monday to N752/$1, representing a 0.94% depreciation when compared to the N745/$1 it traded on Friday. Some black market FX traders attributed the depreciation of the local currency to large quantity […]
Investment analysts and economists at Bancorp Securities Limited, a leading investment research firm in Nigeria, on Monday projected mixed sentiment in the nation’s equities market this week, noting however, that earnings expectations would continue to provide a catalyst for the market’s positive performance The experts in the firm’s ‘Weekly Stock Recommendations Jan 30 – Feb […]
Nigeria’s pension fund assets grew to N14.99 trillion as of December 2022, representing a 11.7% growth or N1.5 trillion compared to N13.42 trillion recorded in 2021. The latest Pension Industry report published by the National Pension Commission (PenCom) indicated that 11.7% growth recorded in year 2022 was 40.2% higher than the N1.12 trillion increase recorded in […]
The Securities and Exchange Commission (SEC) Nigeria has stressed the need for more investments, especially from the organized private sector (OPS), to boost trading in the nation’s commodities ecosystem. The SEC Director-General, Mr. Lamido Yuguda, made this remark during a media chat shortly after the commissioning of the 32 metric tonnes per hour Lagos Rice […]
TradeMark East Africa, one of the world’s leading aid for trade organisations, has today rebranded to TradeMark Africa (TMA) and simultaneously officially launched its West Africa operations. Founded in 2010 in Kenya, today marks TradeMark Africa expansion from its previous core operational area of East Africa and the Horn, to also support countries in West […]