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Browse Nigerian economy news, research and analysis from Local and international analysts. Follow Nigeria’s financial and monetary policies from Central Bank of Nigeria and other business And economic indicators

Without stimulus, Nigeria’s economy will shrink by 8.9% in deepest recession – finance minister

ABUJA, May 21 - Nigeria’s economy could shrink as much as 8.9% in 2020 in a worst-case scenario without stimulus, Finance Minister Zainab Ahmed said on Thursday, a deeper recession than forecast after oil prices plunged due to the coronavirus pandemic. Ahmed told Nigeria’s...

Nigeria’s earnings from black gold sales will plunge 80% to 1.1 trillion naira this year

By Anthony Osae-Brown and Tope Alake Nigeria’s Earnings from crude sales will plunge 80% to 1.1 trillion naira this year, the budget office said in a presentation last week Finance Minister Zainab Ahmed got approval from the West African’s nation’s cabinet on May 13 to...

PFAs Increase Investments in Better Yielding Bank Placement, Bonds; Slow Down on T-Bills…

Freshly released report on pension fund assets by National Pension Commission (NPC) showed that the total value of pension assets rose year on year (y-o-y) by 17.88% to N10.51 trillion in February 2020 from N8.91 trillion in February 2019. According to the report, most of...

Nigerian manufacturers turn to domestic suppliers for raw materials, machinery and spare parts as Dollar scarcity worsen

Businesses struggling to source raw materials from abroad Forex shortage leaves investors unable to repatriate funds Nigerian manufacturers turn to domestic suppliers for raw materials, machinery and spare parts, the association appealed to the central bank to review rules hindering the ability of lenders to extend...

Forty percent of Nigerians live below poverty line

LAGOS, May 4 - Forty percent of people in Nigeria live in poverty, figures published by the statistics office on Monday showed, highlighting the low levels of wealth in a country that has Africa’s biggest economy. The National Bureau of Statistics (NBS), in a report...

Senate approves Buhari’s N850 billion loan request

The Senate has given a speedy approval for President Muhammadu Buhari to borrow N850 billion for the government. Mr Buhari’s letter seeking the loan was read Tuesday at a Senate plenary. The lawmakers met physically at the National Assembly despite the coronavirus lockdown in Abuja. The...

Nigeria’s Net Domestic Credit Rises by 2.37% on Lower Rates; Inflation Rate Rises to 12.26% in March…

In the just concluded week, the Central Bank of Nigeria (CBN) depository corporations survey showed a 0.45% month-on-month (m-o-m) decline in Broad Money Supply (M3 money) to N33.98 trillion in February 2020. This resulted from a 15.20% decrease in Net Foreign Assets (NFA) to N5.65...

CBN collects ₦1.4 trillion from commercial banks to soak up liquidity, support naira

Naira has been hit following oil price crash Central bank withdraws excess cash from banks Money market rates spike up to 35% -bankers (Adds further details, bullet points) By Chijioke Ohuocha ABUJA, April 24 - Nigeria’s central bank has collected ₦1.4 trillion ($3.9 billion) from banks with excess...

Nigeria gains as Border Closure boosts local output, consumption of Rice; Price Skyrocketed in International Market- Reports

The partial border closure by the Nigerian government has put the last laugh on the faces of rice farmers as the price of rice in the international market has skyrocketed due to Coronavirus pandemic. (Reuters: https://cutt.ly/thairice) Recent media reports reveal that the rise in prices...

U.K. joins U.S. to block Abacha’s $110 million looted funds for Nigeria’s Kebbi state governor Abubakar Bagudu

The U.K. has joined the U.S. in resisting a plan by the Nigerian government to hand nearly $110 million of funds the American authorities say was stolen by late dictator Sani Abacha to a top ruling party official. The three governments are involved in a...
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