Nigeria’s money supply hikes to all-time high of N93.72trn in January
Post AMUGEFebruary 22, 2024
Business a.m The latest figures from the Central Bank of Nigeria (CBN) has indicated that the country’s broad money supply has reached a historic high of N93.72 trillion as of January 2024. This represents a significant increase of N40.48 trillion, or 76 per cent, from the figure of N53.14 trillion recorded in January 2023. A […]
Allianz places Nigeria on ‘sensitive’ immediate risk, ‘highest’, medium term
Post AMUGEFebruary 20, 2024
Investors advised to “tank up before you go” PHILLIP ISAKPA IN LONDON, UK Nigeria’s economic troubles, which have continued to be highlighted by international rating organisations and exposed to the global investor community, are still being picked up and put on display, a new report has shown. The report by Allianz Trade, […]
Poor management in last 8 years cause of Nigeria’s woes — Agusto
Post AMUGEFebruary 13, 2024
Business a.m Rating agency Agusto & Co. has issued a stinging rebuke of the management of Nigeria’s economy over the past eight years, citing poor management as the root cause of many of the country’s economic woes. In its monthly newsletter for January titled, “2024: A year of reckoning, turning points and balancing acts”, Agusto […]
IMF sees slower growth for Nigeria in 2024
Post AMUGEJanuary 31, 2024
Business a.m The International Monetary Fund (IMF) has revised its forecast for Nigeria’s economic growth in 2024 downwards from 3.1 per cent to 3.0 per cent, a 0.1 per cent decline from its previous estimate. The revised forecast was published in the IMF’s latest World Economic Outlook report for 2024 and 2025. The IMF’s quarterly […]
Lack of operation,maintenance practices costing Nigeria 25% of WASH investment, says UNICEF
Post AMUGEJanuary 26, 2024
Business a.m The United Nations Children’s Fund (UNICEF) has expressed concerns over the loss of approximately 25 per cent of annual investments in Nigeria’s water and sanitation sector. According to UNICEF, the lack of adequate operation and maintenance, combined with infrastructural dysfunction, is the main cause of the setback in the sector. This was highlighted […]
S&P forecasts further naira depreciation in 2024 amid economic headwinds
Post AMUGEJanuary 22, 2024
Onome Amuge As the New year dawns, Standard and Poor’s (S&P) Global Ratings have issued a bleak outlook for the naira, warning that a depreciation in the Nigerian currency is on the horizon. S&P, in its Nigerian Banking Outlook 2024, noted that the dismal forecast is driven by the country’s stagnant foreign exchange (FX) reserves, […]
Think tank urges FG to scrap domestic crude allocation to stabilise naira, shore up FX reserves
Post AMUGEJanuary 16, 2024
Onome Amuge In an effort to find workable solutions to pressing national challenges, Agora Policy, a Nigerian think tank committed to finding practical solutions to urgent national challenges, has urged the federal government to cancel the domestic crude allocation (DCA) policy, which it argues has been a drain on the economy and has done little […]
Nigeria’s inflation rises in 12th consecutive month to 28.92% in December
Post AMUGEJanuary 15, 2024
Business a.m Nigeria’s inflation rate rose for the twelfth consecutive month , with the headline inflation rate rising to 28.92 per cent in December 2023 from 28.20 per cent in November 2023,according to the latest consumer price index (CPI) report published by the Nigerian Bureau of Statistics (NBS). Looking at the movement, the December […]
ATM usage plunges to 40% amid naira scarcity – KPMG
Post AMUGEJanuary 9, 2024
Business a.m A new report by KPMG has found that the scarcity of cash in circulation has led to a significant decline in the weekly usage of Automated Teller Machines (ATMs). According to the report, “In Pursuit of Value,” which surveyed customers of Nigerian and Ghanaian banks, ATM usage dropped significantly during the year 2023. […]
After tumultuous 2023 analysts see mixed 2024 Nigeria outlook
Onome AmugeJanuary 2, 2024
The year 2023 was not a kind one for the Nigerian economy. Turbulence across various sectors, ranging from energy to agriculture, has derailed the country’s economic projections and benchmarks. Economic indicators have been erratic, with inflation rising and the value of the local currency, the naira, plummeting. The cost of living has spiralled out of […]