Data released by the Central Bank of Nigeria (CBN), on ‘MoData released by the Central Bank of Nigeria (CBN), on ‘Money and Credit Statistics’ has shown that credit from banks to the government fell in May 2023. The data shows that on a month-on-month basis, banks’ credit to the government fell by N70 billion (0.22 percent) to N30.69 trillion in May 2023 from N30.76 trillion in April 2023. However, credit to the private sector increased MoM by five percent to N44.2 trillion in May 2023 from N43.6 trillion in April 2023ney and Credit Statistics’ has shown that credit from banks to the government fell in May 2023. The data shows that on a month-on-month basis, banks’ credit to the government fell by N70 billion (0.22 percent) to N30.69 trillion in May 2023 from N30.76 trillion in April 2023. However, credit to the private sector increased MoM by five percent to N44.2 trillion in May 2023 from N43.6 trillion in April 2023
July 20, 2023
Nigeria Economic Update (Issue 25)
Related
Nigeria Economic Update (Issue 34)
Recent NBS data shows a significant decline in
power generated in 2016Q2. Precisely, power generated declined by 31 percent
(quarter on quarter) from a total quarterly average of 92,352 MWH in 2016Q1 to
63,692.39 MWH in 2016Q2. Remarkably, the reoccurrences of pipeline
vandalism in 2016Q2 prompted the shortage of gas for power generation. Thus,
there were about eight recorded system collapses in the quarter which led to
several days of power outages. However, subsequent quarterly declines in power
generation could be averted if efforts to repair vandalized pipelines and adopt
hydro sources are intensified.
Nigeria Economic Update (Issue 41)
Latest World Economic Outlook (WEO) report by the International Monetary Fund reveals that Nigerias economy will grow by 1.9 percent in 2018 an unchanged stance from earlier projections. However, the figure is 2.9 percentage points lower than the 4.8 percent 2018 estimated growth rate in Nigerias ERGP (Economic Recovery and Growth Plan) 2 showing a very large disparity between domestic and international growth forecasts for Nigeria. The Funds projection however seems to have taken into cognizance underlying factors that could slow growth in the medium term: faster pace of population growth relative to GDP growth3, poor policy implementation, banking system fragilities and foreign exchange market segmentation.
Nigeria Economic Update (Issue 27)
The
Naira strengthened against the dollar in the review week. Specifically, the
Naira appreciated by 2.7 percent to N355/$ (parallel market rate) on June 17, 2016,
following the release of the flexible FOREX policy guidelines by the CBN on
June 15, 2016. The new policy effectively adopts a single market structure
hosted at the autonomous/inter-bank market. The inter-bank trading scheduled to
commence on June 20, 2016 will be market-determined, officially eliminating the
N197/$ peg. To ensure foreign exchange liquidity, primary market dealers have
been introduced while the CBN will participate in the market through periodic interventions.