Monthly Archives: January 2024

World Bank sees 3.3%, 3.7% growth For Nigerian economy In 2024, 2025

Nigeria’s Gross Domestic Product (GDP) is expected to increase by 3.3 per cent and 3.7 per cent in 2024 and 2025 respectively, according to World Bank forecast.
The largest economy in Africa is expected to grow by 3.3 per cent, up from a projected 2.9 per cent in 2023, according to the World Bank’s most recent study, “Global Economic Prospect: Subdued Growth, Multiple Challenges.”
The report stated, “Growth in Nigeria is projected at 3.3 per cent this year and 3.7 percent in 2025—up 0.3 and 0.6 percentage points, respectively, since June—as macro-fiscal reforms gradually bear fruit.
“The baseline forecast implies that per capita income will reach its pre-pandemic level only in 2025.”
The momentum, according to the Washington-based bank, is due to the present macro-fiscal reforms being gradually implemented.
The 2023 State of Global Food and Nutrition Security report claims there has been a 133% increase in food insecurity among Nigerians in just three years. Between 2020 and 2022, the number increased from 63.8 million in 2014 to 148.7 million in 2022.
“Inflation should gradually ease as the effects of last year’s exchange rate reforms and removal of fuel subsidies fade. These structural reforms are expected to boost fiscal revenue over the forecast period,” the World Bank declared.
It admitted that the disruptive currency demonetisation policy—which involves replacing outdated, high-denomination naira notes—caused the Nigerian economy to soften to an anticipated 2.9 per cent in 2023.
The report said, “Growth in the region’s three largest economies—Nigeria, South Africa, and Angola—slowed to an average of 1.8 per cent last year, holding back the region’s overall growth.

Cardoso says naira undervalued, sees inflation decelerate

Central Bank of Nigeria (CBN) Governor Olayemi Cardoso said naira is undervalued, adding inflation will moderate this year in his first public comments on the economy since November.
“Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, which aims to rein in inflation to 21.4%,” Cardoso told an event Wednesday hosted by the Nigerian Economic Summit Group.

CBN boss sees fuel price coming down soon

The pump prices of Premium Motor Spirit (PMS) petrol will moderate this year as government and private-owned refineries begin operation, Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso has said.

Nigeria seeks to expand $11.8bln bilateral trade with India

The Federal Government (FG) is seeking to expand over $11.8 billion bilateral trading partnership with the Republic of India in a bid to boost growth in key sectors of the Nigerian economy.

DMO to borrow N360 billion through 4 FGN bonds

The Debt Management Office (DMO) yesterday re-opened four Federal Government of Nigeia (FGN) bonds balled at N360 billion for subscription.

Seasons of honours: UBA wins several international Awards, including Global Finance Best SME Bank for 2023

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has continued to elevate its global standing, coveting several prestigious international awards, signaling the Bank’s continuous contributions to the economic development of Africa.

Inflation rate rises to 27 year high at 28.92% in December

Inflation rate, the average change in prices of goods and services rose to 28.92 per cent, the highest in 27 years in December from 28.2 per cent a month earlier, the National Bureau of Statistics (NBS) has said.

Dangote’s $19bn refinery begins operation, to reduce reliance on imported fuel

Africa’s biggest oil refinery has begun production in Nigeria, the company has said, ending a yearslong wait for a plant that analysts said Monday could boost refining capacity in a region heavily reliant on imported petroleum products.

Dangote Petroleum Refinery Starts Production

Dangote Petroleum Refinery has commenced production of diesel and aviation fuel.
President of Dangote Group, Alhaji Aliko Dangote, elatedly thanked President Bola Ahmed Tinubu for his support, encouragement, and thoughtful advice towards the actualisation of this project.