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Nigeria’s headline inflation slowed to 15.43 percent in July, extending a steady disinflationary run into its third month. Fresh data from the National Bureau of Statistics shows a 0.48 percentage point drop from the 15.91 percent recorded in June. The sharp deceleration beat private forecasts, which had placed the expected figure closer to 15.51 percent….
Headline inflation in Nigeria will likely fall to 15.51 percent in July. Independent econometric modelling from BusinessDay points to a gentle drop from the 15.91 percent recorded in June. If official data confirms this shift, price growth will mark a second straight month of cooling. Calmer foreign exchange markets and steadying supply chains helped tame…
Nigeria has turned the economic corner following months of tough fiscal reforms. Executive Chairman of the Nigeria Revenue Service, Zacch Adedeji, declared that the country has emerged from economic distress. Non-oil tax collections surged as new digital compliance systems caught evasive corporate taxpayers. Government coffers now reflect stronger domestic revenue streams across several critical sectors….
Nigeria’s National Economic Council approved a $4.5bn crude oil-backed loan refinancing deal to defend the naira. The new credit package replaces the $3.3bn pre-export finance deal from 2023 under Project Gazelle. The transaction allocates $1.5bn to settle existing obligations from the previous agreement. The central bank receives the remaining $3bn directly to rebuild national external…
Nigeria’s central bank governor now oversees $52.5bn in foreign reserves. Olayemi Cardoso cites market stability and disciplined monetary policy for the swift balance sheet repair. Gross reserves grew to cover eleven months of imports. Net external reserves jumped to $40bn from a perilous $3bn baseline. Foreign currency buffers now offer real defense against external economic…
Nigeria’s economy is on track for its fastest second-quarter expansion in five years, according to early macro nowcast estimates. The projected acceleration follows a solid opening-quarter performance that expanded by nearly four per cent year-on-year. Analysts attribute the momentum to easing inflation pressures, improved foreign exchange availability, and steady private sector demand. The agonising phase…
Nigeria’s economic scoreboard has become the latest battleground between the presidency and the opposition, with Atiku Abubakar accusing the Tinubu administration of dressing up hard numbers to look better than the hardship Nigerians are living through. The African Democratic Congress presidential candidate, in a statement issued through his Senior Special Assistant on Public Communication,…
Central Bank of Nigeria Governor Olayemi Cardoso and World Trade Organisation Director-General Ngozi Okonjo-Iweala will lead high-level discussions on structural reforms at the seventh Africa Emerging Markets Forum in Abuja. Hosted at the apex bank’s headquarters this week, the summit brings together finance ministers, central bank governors, and development partners from across the continent. The…
Global energy markets shuddered again on Thursday as crude prices spiked towards triple digits. International benchmark Brent crude jumped five per cent to hit an intraday peak of $98.80 a barrel. The sudden surge followed Houthi rebel claims of drone strikes against two Saudi oil tankers in the Red Sea. US West Texas Intermediate similarly…
The Central Bank of Nigeria has kept its benchmark interest rate unchanged at 26.5 per cent following its latest Monetary Policy Committee meeting in Abuja. Central Bank Governor Olayemi Cardoso announced the unanimous hold decision on Tuesday after evaluating lingering domestic risks and global geopolitical market shocks. The apex bank prioritised exchange rate stability and…
