In its recent Money and Credit statistics, the Central Bank of Nigeria (CBN) revealed that bank’s credit to the private sector increased month-on-month (MoM) by 5.99 percent from N76.29 trillion in January 2024 to N80.86 trillion in February 2024. Year-on-Year, this represents a N39.11 trillion (93.67 percent) percent increase from N41.75 trillion recorded in February 2023. The data further shows that credit to the government fell by 6.2 percent from N36.17 trillion in January 2024 to N33.92 trillion in February 2024.
April 17, 2024
Nigeria Economic Update (Issue 12)
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Nigeria Economic Review
The
global economy grew by 2.7 percent in the fourth quarter of 2016 (2016Q4)
relative to 2.5 percent in 2016Q3, due to rising investment and consumption
demands in developed and emerging economies as well as a rise in commodity
prices. However, over the entire year, global GDP growth stood at 2.6 percent in
2016, relative to the growth of 3.09 percent recorded in 2015. Notably, output grew
progressively in the US over the year, while the steady growth recorded in the
UK since the start of the year stalled in 2016Q4. Also, the declining growth
recorded in France since 2015 took a positive turn in 2016Q4, the rest of the
Eurozone witnessed a fall in output in the quarter. While emerging economies
recorded mixed experiences, many Sub-Saharan African countries showed signs of
recovery in the period.