The World Bank has predicted that Nigerian Gross Domestic Product will grow by 3.7 percent in 2025. The World Bank in its latest report titled “Global Economic Prospect: Subdued Growth, Multiple Challenges,” projected that the African largest economy will improve…
Nigeria’s inflation is projected to drop to 21.5 percent in 2024, from the 24.5 percent recorded in 2023. This is according to the 2024 Macroeconomic Outlook produced by the Nigerian Economic Summit Group (NESG). According to the report, launched on…
Stakeholders on the continent have reiterated the importance of implementing the African Continental Free Trade Agreement (AfCFTA) in Africa. They spoke at a conference organised by ECA in partnership with the AfCFTA Secretariat and the United Nations Development Project (UNDP)…
By Sodiq Adelakun In the official foreign exchange window, the Nigerian Naira ended the trading day on Tuesday, January 23, with a stronger position against the US Dollar. The currency appreciated by 5.1 percent or N46.73, with an exchange rate…
Latest data obtained from the Central Bank of Nigeria (CBN) has revealed that Nigeria spent about $3.07 billion towards servicing external debt. This represents a 38 percent increase, higher than the $2.22 billion spent in the corresponding period of 2022,…
The Nigerian naira experienced increased pressure in the foreign exchange market as it weakened against the US dollar due to low dollar supply at the official market. According to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira…
In the span of 10 months, a total of $850.42 million was spent on foreign debt service, marking a significant increase of 38 percent compared to the $2.22 billion spent in 2022. Analysing the monthly breakdown of debt service payments,…
Wema Bank experienced a significant boost in investor confidence following its substantial rights issue in December 2023. The bank offered 8,572,103,573 ordinary shares at N4.66 per share, with a two-for-three ratio for existing shareholders as of September 28, 2023. The…
Banks in Nigeria may need to increase their capital base significantly in order to obtain regional or international banking licenses, according to a report by Cardinal Stone Securities. The report suggests that banks may be required to boost their capital…
By Sodiq Adelakun The Naira is expected to face significant challenges in 2024. The exchange rate is predicted to further depreciate due to Nigeria’s stagnant reserves, which restrict the availability of foreign exchange (FX), according to projections by Standard and…
