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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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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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FG Owes Five Countries $4.85bn
Data from the external loans reports obtained from the Debt Management Office has shown that the Federal Government of Nigeria borrowed about $3.27 billion from five countries between June 30, 2015 and September 30, 2022. DMO said that within the period, Nigeria’s borrowings from the five countries rose by 206.96 per cent from $1.58bn in…
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FAAC Shares N990bn For December 2022
The Federation Account Allocation Committee shared N990.189 billion to the three tiers of government as revenue from the month of December 2022. The amount is inclusive of gross statutory revenue, value-added tax (VAT), exchange gain and electronic money transfer levies. From the amount, the federal government received N375.306 billion, the states received N299.557 billion and…
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Volume Of PoS Transactions Falls By 2%
Findings in the electronic payment data from the Nigerian Interbank Settlement System have shown that the volume of Point of Sales (PoS) transactions fell Month-on-Month (MoM) by two per cent to 85.2 million in December 2022 from 86.7 million in November. Also, the value of PoS transactions rose MoM by 8.8 per cent to N826.3…
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Bank Borrowing From CBN Rises By 260%
According to the Central Bank of Nigeria’s financial data, Deposit Money Banks borrowed the sum of N5.744 trillion from the CBN via the Standing Lending Facility window and Repurchase Lending platform in 2022. This is a 260 per cent increase when compared to the N21.87tn recorded via the same windows in 2020 and a 19.3…
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Capital Importation Falls By 24%
Capital importation into Nigeria’s economy fell year-on-year by 24.6 per cent to $4.56 billion in the first 10 months of 2022 (10M’22). This is from $6.05 billion in the corresponding period of 2021. Findings from the Monthly Economic Report of the Central Bank of Nigeria, CBN, also showed that capital outflows declined y/y by 32…
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Nigeria’s Non-oil Exports Rise By 40%
The Nigerian Export Promotion Council has revealed that Nigeria’s non-oil exports grew by 39.91 per cent in 2022 to $4.820 billion. Semi-processed/manufactured products made up 36.61 per cent of the exports beating Agriculture’s 30.12 per cent volume of non-oil exports, while precious stones made up 17.06 per cent, and others 13.21 per cent. This was…