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.

Nigeria’s external reserves rose slightly to $34.49 billion on March 21, 2024. The increment could be attributed to multiple factors including inflow of foreign capital and an increase in global oil prices. Given the crucial role of foreign reserves in fulfilling import obligations and stabilizing exchange rates, the government must prioritize initiatives to bolster reserves and prevent depletion. A stronger Naira against the US Dollar hinges on the country's foreign reserve levels. Additionally, diversifying export earnings beyond crude oil sales, the primary source of foreign earnings, is imperative.

The recent Foreign Trade in Goods Statistics released by the National Bureau of Statistics (NBS) shows that Nigeria recorded a trade deficit of N1.41 trillion in the fourth quarter of 2023 (Q4 2023). In the quarter, Nigeria's total trade was ₦26.80 trillion, implying a 38.24 percent increase from the value recorded in the third quarter of 2023 (N19.38 trillion) and a 128.64 percent increase from the value recorded in the corresponding period in 2022 (11.72 trillion). Total exports stood at N12.69 trillion, and imports at N14.10 trillion.

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), in its 293rd meeting held on the 27th of February, raised the Monetary Policy Rate (MPR) by 400 basis points, from 18.75 percent to 22.75 percent. The MPR is the benchmark interest rate set by the CBN for commercial banks to disburse loans to businesses and individuals. The committee also agreed to raise the Cash Reserve Ratio (CRR), the percentage of a commercial bank's deposits that it must keep in reserve, from 32.5 percent to 45 percent.

This snapshot for March 2024 provides trends, and insights on key macroeconomic indicators such as Inflation, foreign reserves, currency in circulation and crude oil prices.

In today's fast-paced world, access to accurate and timely data is crucial for effective governance and decision-making. Policymakers often struggle to access the data they need to make informed decisions and serve the public effectively. The problem lies not in the lack of available data but in its inaccessibility. Unfortunately, many government ministries, departments, and agencies (MDAs) in African countries face challenges when it comes to sharing and integrating data. This lack of data interoperability hampers collaboration, slows down processes, and prevents the delivery of efficient public services.

Nigeria and Ghana have experienced a range of economic shocks over the past two decades, including natural disasters, commodity-price fluctuations, financial crises and global economic downturns. These shocks have significantly impacted the economic stability and growth prospects of both countries, emphasising the importance of developing effective resilience strategies. Nigeria and Ghana have implemented monetary and fiscal measures in response to various crises.

This report was first published by SAIIA. READ MORE HERE

_{Image: Getty, Pius Utomi Ekpei/AFP}

Using data from a dedicated survey conducted by the Centre for the Study of the Economies of Africa (CSEA) and led by the Corporate Accountability and Public Participation Africa (CAPPA) in 2023 on SSB consumption patterns in Nigeria, this report begins by examining SSB consumption trends, revealing noticeable gender and age disparities.

The study suggests that a raise in SSB tax from the current N10 per liter to N130 per liter has the potential to generate substantial revenue and improved public healthcare in Nigeria. Specifically, the simulation shows that the excise tax revenue is projected to increase by about 927% (amounting to 729 billion naira per year), and this can be earmarked for improving Nigeria’s health system.

In terms of its health impact, it also suggests that mean prevalence of obesity would reduce by 0.46% for male and 0.53% for females. While mean prevalence for overweight would reduce by 0.42% for males and 0.37% for females.

Download Report

This Report was first published by CAPPA

In its recent CPI and Inflation report, the National Bureau of Statistics (NBS) revealed that Nigeria’s inflation rate increased to 29.90 percent in January 2024, a 0.98 percentage points rise from 28.92 percent recorded in December 2023. On a year-on-year basis, this represents an 8.08 percentage points increase from 21.82 percent in January 2023. Food inflation increased to 35.41 percent from 33.93 percent recorded in December 2023 and 24.32 percent in January 2023. The persistent upward trend in Nigeria’s inflation rate emerges from multiple factors including growth in money supply and higher prices in selected food items driven by the country’s epileptic food supply chain, insecurity, rising transportation costs, and low agricultural productivity.