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Nigeria has continued to borrow money to fund its budgets, the 2022 budget, and the country does not plan to stop borrowing soon, as details on its Medium Term Expenditure Framework show that between 2022 and 2024, the country will borrow N14.8 trillion.
It’s a pleasure to introduce to you the next newsletter from Dataphyte’s Insight Team. We’re so inspired by your acceptance of Marina and Maitama, our Thursday Newsletter. And here’s the next: Pocket Science!
November’s inflation rate jumps to 28.20% as Nigerians get ready for the holiday season.
Efforts to unify the CBN and parallel market exchange rates, however, have contributed more to the constant depreciation of the Naira against other foreign currencies over the past six months.
Now, back to the main issue, what exactly is Monetary Policy Rate (MPR), and what does it mean for businesses and the economy?
Compared to the previous quarter, the FDI inflow to the country experienced a decline, dropping from $84 million in Q4 2022 to $48 million in Q1 2023. This represents a 43% decrease on a quarter-on-quarter basis.
Nigeria is Africa’s largest economy with a gross domestic product (GDP) of $448 billion. However, its stock market capitalisation is considered too small for an economy of that size.
The Federal Government’s inability to service Nigeria’s external debt has increased interest on principal by 152.29 percent, according to the Debt Management Office (DMO).
However, the projection for 2024 in the April report shows little optimism for Nigeria. In its January update, the IMF had projected a 2.9 percent economic growth for Nigeria in 2024. But in the April update, it has raised the country’s 2024 economic growth projection to 3.0 percent.
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Capital importation is foreign investments into a nation’s economy and is necessary for economic growth as it enables rapid investment. They are made up of three categories — Portfolio Investment, Foreign Direct Investment (FDI), and Other Investments.
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An analysis of the bi-annual data showed that Taraba State increased its external debt by 108.57 percent. Adamawa, Ogun, and Osun states also saw rises in their external debts.
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Dataphyte reviewed the budget performance documents of different states to analyse what they earn as tax. A review of some selected states reveals disparities in their tax earnings.
The current inflation rate in Nigeria is 21.07 per cent, up 0.9 percent from the rate that was registered in the previous month. Nigeria’s inflation has continued to trend upwards in nearly one year despite the CBN's interest rate hikes.
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“Being a businessman who sells unisex shoes, the scarcity of cash is a challenge for me. Where we buy from, they don’t accept electronic transfers. They demand for cash, and if you must do a transfer, you will add pay for charges.”
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The CBN has failed to implement the referenced Supreme Court judgment which nullified the policy and declared it as an affront on the 1999 Constitution.
