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Nigeria’s Economic Growth To hit 3.2%
The International Monetary Fund has predicted that Nigeria’s economy would grow from 3.0 per cent in 2022 to 3.2 per cent in 2023. The growth according to IMF would be due to measures made to address insecurity in the oil sector. In its World Economic Outlook Update (January 2023) report, IMF stated that growth across…
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Pension Assets Rise To N14.9tn
According to figures obtained from the National Pension Commission, the total assets under the Contributory Pension Scheme rose by N1.56 trillion in 2022. In its latest ‘Report on pension industry portfolio for the period ended 31 December 2022’, PenCom disclosed that the funds, which ended December 31, 2022, at N13.42tn, rose to N14.99tn by the…
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What To Know About Nigeria’s New Oil Deal With South Korea
Nigeria has finalized an agreement with South Korean-based company, Daewoo to rehabilitate the Kaduna refinery. According to an announcement by the Nigerian National Petroleum Company Limited has signed an agreement with Daewoo Group of South Korea for the rehabilitation of the Kaduna Refinery, the government said Thursday. A spokesperson for President Muhammadu Buhari said in a statement…
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Mobile Subscriptions Hit 222 million
According to new data from the Nigerian Communications Commission, the number of mobile subscriptions in Nigeria rose to 222.23 million in 2022. This is coming despite the implementation of the Federal Government’s National Identification Number-Subscriber Identity Module policy. In April, over 72.77 million active telecommunication subscriptions were barred from making calls at the beginning of…
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Banks Lending Rate Hits 29.13%
Figures obtained from the Central Bank of Nigeria on money market indicators revealed that the maximum lending rate in the banking sector hit 29.13 per cent while savings deposit rates were 4.13 per cent as of the end of December 2022. According to the report, the prime lending rate was 13.85 per cent, while the…
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Opinion Post: Will A Unified Currency Save Africa’s Economy?
East African Community (EAC) has proposed the idea of a unified currency for East Africa, an idea that has since gone beyond the planning stage. According to the Secretary-General of the EAC, Peter Mathuki, the community is in the process of harmonizing critical policies and putting in place the requisite institutions to attain a single…
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Britain Cracks Down On Nigerian Bank Over Money Laundering Failures
Britain has fined the UK subsidiary of Nigeria’s Guaranty Trust Bank 7.6 million pounds for what it says are more failures in the bank’s anti-money-laundering systems and procedures. The Financial Conduct Authority in a statement on Tuesday shared that “these deficiencies were frequently brought to GT Bank’s attention by internal and external sources, including the…
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How Prices of Kerosene, Gas, Diesel Increased
The latest data from the Nigerian Bureau of Statistics for November has shown that the price of household Kerosene, also known as cooking kerosene skyrocketed by over 100 per cent in one year. The average retail price of kerosene per litre rose by about 146 per cent from N441 in November 2021 to N1,083/litre in…
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Ghana Increases Salaries By 30 Percent Amid High Inflation Rates
In a joint statement, the Ghanaian government and trade unions have announced an agreement to raise all public employees’ pay by 30% starting in 2023 as the nation works to cut its debt and control skyrocketing inflation. A few months after hardship sparked street demonstrations in Accra that forced the government to request assistance from…
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Special Report: Ghana’s Bumpy Road To Economic Recovery
In the last month of 2022, Ghana’s cedi was reported as the best-performing currency in the world, signalling a significant recovery for the West African country that suffered severe economic downturns throughout 2022. According to a report by Bloomberg, the Cedi rose by 10% in December, the biggest advance among about 150 currencies tracked by…