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The World Bank in a report released on the 11th of January, 2022 estimated a 2.5 percent economic growth in Nigeria for the year 2022, 0.1 percent higher than the projection for 2021. The report was titled ‘Global Economic Prospects’; in the report, the World Bank stated that the elevated commodity prices are anticipated to…
The total amount of foreign exchange (FX) that streamed into the Nigerian economy skyrocketed by 64% to $30.18billion in the third quarter (Q3) of 2021 compared to the $18.4billion recorded in the previous quarter. This is about the data of the statistical bulletin for Q3 2021, from the Central Bank of Nigeria (CBN). The FX…
The Minister of Finance, Budget and National Planning Zainab Ahmed stated in a public presentation on Wednesday 5th January, 2022 that there is no provision made for subsidy for the months of July to December 2022. The Federal Government in a bit to conform with the provisions in the Petroleum Industry Act, which states that…
Mohammad Barkindo, the Secretary General of Organization of Petroleum Exporting Countries (OPEC) has stated that OPEC’s forecast for crude oil demand will be 28.8million barrels per day, in 2022. Barkindo speaking at the 24th OPEC Ministerial Meeting and NON-OPEC Video conference in Vienna, Australia on Tuesday, said, OPEC demand for crude in 2021 is 27.8…
The Managing Director/Chief Executive Officer of First Bank Nigeria Limited, Dr. Adesola Adeduntan, had his tenure extended last year as part of efforts to ensure the stability of the financial institution. In this media interview, he speaks about the intervention of the Central Bank of Nigeria, the future of the bank, trends that shaped the…
Renowned Economist Doyin Salami has been appointed by President Muhammadu Buhari as Chief Economic Adviser. Currently, Salami is Chairman of the Presidential Economic Advisory Council (PEAC). Femi Adesina, special adviser to the president on media and publicity, made the announcement in a statement on Tuesday. According to the statement, “Doyin Salami, 59, is Managing Director…
Governor of Nigeria’s Apex Bank, Godwin Emefiele has revealed that that the Central Bank of Nigeria (CBN) will increase access to loans for Nigerian small and medium-sized enterprises (SMEs) in 2022. At an event in Lagos Godwin Emefiele stated that it was necessary for stakeholders to strive in order to build a stronger economy able…
Adamu Lametek, a member of the Monetary Policy Committee of the Central Bank of Nigeria, has urged the Federal Government to focus on the growth of the Nigerian economy as it remains delicate. The CBN deputy governor, pointed this out in his personal statement at the last MPC meeting. He highlighted the struggles that were…
According to World Bank analysis, Nigeria’s inflation rate for the year 2022 is projected to be among the highest in the world and the seventh in Sub-Saharan Africa. The World Bank stated that the inflation rates in Nigeria have diminished the welfare of Nigerian households. The World Bank also pointed out that a high inflation…
Serious hitches in the production of oil in Nigeria, as well as Libya and Ecuador this week, hiked the price of oil globally to $80 per barrel.This was due to maintenance issues and oilfield shutdowns. Apart from Nigeria, other oil producers including Ecuador and Libya also declared forces majeures this month on part of their…