According to the World Bank, the Nigerian currency (naira) has depreciated by almost 40% since the beginning of 2023. The depreciation is not only limited to Nigeria. Other African countries’ currencies also depreciated, although at a low rate. The top five worst-performing currencies identified by the World Bank are Nigeria (40%), South Sudan (33%), Burundi (27%), the Democratic Republic of the Congo (18%), and Kenya (16%). Nigeria operates multiple exchange rates: the official rate and the parallel rate.
October 27, 2023
Nigeria Economic Update (Issue 40)
Related
Nigeria Economic Update (Issue 20)
Power sector
analysis shows an increase in power generated by 15.5 percent from 3639.2 megawatt
to a peak of 4196.2 megawatt between April 22, 2016 and April 29, 201612,
albeit a sharp fall to 25.2 megawatts on April 23, 2016 following a system
collapse13. In a bid to attain the targeted 10,000 megawatts by 2019,
the Federal Government is set to complete the ongoing 47 power transmission
projects across the country, which would boost power supply14.
However, the delays in passing the budget into law is a major constraint to the
completion of the projects. Thus government needs to speed-up the passage of
the 2016 budget to provide the funds to complete the projects.