February 6, 2023

Nigeria Economic Update (Issue 1)

According to the World Bank’s latest Nigeria Development Update published in December 2022, with the title “Nigeria’s Choice”, the country’s gross domestic product (GDP) is expected to grow by 2.9 percent in the year 2023, less than the 3.1 percent for 2022. Although expected to be slightly faster than the growth of the population, this growth rate, according to the update, is still below pre-2015 levels, those of oil-producing countries (4.8 percent), and the average for Sub-Saharan Africa (3.6 percent). Services, trade, construction, and oil production are expected to lead to growth in 2023.

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Nigeria Economic Update (Issue 3)

Provisional Monetary statistics by the CBN show an increase in currency in circulation a portion of overall money supply. Specifically, currency in circulation rose (Month-on-Month) by 14.2 percent to N2.2 million in December 2016  the highest Month-on-Month increase recorded for the year 2016. The rise in currency- outside-bank may be attributed to the growing demand for cash balances for spending activities during the festive period. This development would largely compound the liquidity problem associated with TSA implementation and ongoing CBN monetary tightening as deposit money banks might be cash-strapped. Going forward, efforts should be geared towards intensifying initiatives that promote a cashless economy that encourages cashless transactions.