economy

Harnessing The Potential of Demographic Dividend In Sudan

Sudan has transitioned to the era of demographic dividend. Yet, evidence from various sources shows that adequate policies have not been put in place to enable the country to achieve this dividend. While there are indications of progress on policies geared towards achieving demographic dividend, a lot more needs to be done. Hence, after assessing […]

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Nigeria Economic Update (Issue 15)

Based on the ravaging effects of the covid-19 pandemic, the 2021 Budget sought to reposition the Nigerian economy towards recovery, growth and resilience. The latest 2021 budget implementation report, the third quarter, released by the budget office of the federation (BOF), shows that the actual net revenue in the quarter was ₦1.93 trillion, and 8.3 […]

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Nigeria Economic Update (Issue 12)

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) held the second meeting for the year on the 21st of March, 2022, and voted to retain the Monetary Policy Rate (MPR) at 11.5 percent. The MPC also voted to retain other monetary parameters1. The asymmetric corridor was retained at +100/-700 basis points around […]

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Nigeria Economic Update (Issue 11)

Following the food inflation of 17.1 percent in February 2022, the Selected Food Price Watch of the National Bureau of Statistics (NBS) indicates an increase in the average cost of most food items, including beans, sliced bread, groundnut oil, and tomato2. The average price per kg of beans rose by 50.1 percent from N331.5 in February […]

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Nigeria Economic Update (Issue 7)

The NBS report shows that the average retail price paid by consumers for premium motor spirit (petrol) slightly increased to N166.40 per litre in January 2022 from N 164.09 per litre in December 2021, indicating a 1.41 per cent increase year-on-year2. Assessment of month-on-month data shows that the average retail price increased by 0.38 per […]

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Nigeria Economic Update (Issue 5)

The CBN, in a recent circular to all banks and other financial institutions communicated an amendment to the Global Standing Instruction (GSI).3 The initial GSI which was introduced in July 2020 was a strategy to enable deposit money banks to recover outstanding debts from their customers who borrow money from it and default. The GSI […]

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Nigeria Economic Update (Issue 4)

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) retained the Monetary Poli-cy Rate (MPR) at 11.5 percent, as well as all other monetary parameters, at the first meeting of the Central Bank of Nigeria (CBN) for 2022, held on the 24th and 25th of January. Specifically, the Cash Reserve Ratio (CRR) was […]

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Nigeria Economic Update (Issue 50)

The Nigerian National Petroleum Company (NNPC) Limited remitted N511.7 billion to the federation account between January and October 2021, against the projected sum of N2.09 trillion, resulting in a shortfall of N1.58 trillion.3 This is according to data obtained from the NNPC. The shortfall can be attributed to two main factors: low revenue generation by […]

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Nigeria Economic Update (Issue 48)

The World Bank, at the launch of November 2021 edition of Nigeria’s Development Update discussed the state of Nigeria’s economy and made several policy recommendations. One of the notable suggestions was that of fixing the exchange rate policies in the country. According to the report, the existence of parallel rates in the foreign exchange market […]

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Nigeria Economic Update (Issue 46)

Estimates from the Organization of Petroleum Exporting Countries (OPEC) show that Nigeria produced about 1.25 million barrels per day (mbpd) in October 2021. This is below the budgeted crude oil production level of 1.86 mbpd in the 2021 budget. Furthermore, crude oil production recorded a decrease of 9% year on year from 1.3 million in […]

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Sport and Economy: The Fate of Developing Nigeria

Ever wondered why some countries win medals while others do not? Neither do they have the ability to win medals if they participate in sports event such as the Olympics? In developing countries, there are a number of economic concerns regarding sports. Arguments are made that a country’s performance in sports (Olympics) is relative to […]

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Nigeria Economic Update (Issue 44)

Nigeria external reserves exceeded US$ 40 billion on 18th November 2021 according to Central Bank of Nigeria (CBN) dataset on external reserves.2 A total of US$ 5.5 billion external reserves were earned between 27th September 2021 and 27th October 2021, as the external reserves increased from US$ 36.3 billion on 27th September 2021 to 41.8 […]

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Nigeria Economic Update (Issue 43)

The Central Bank of Nigeria (CBN) introduced the Tertiary Institutions Entrepreneurship Schemes (TIES) to promote the culture of entrepreneurship among the undergraduates and graduates of Nigerian Universities and Polytechnics. The TIES represents an innovative financial model, comprising three different categories of facilities for entrepreneurship in agribusiness, information technology, creativity industry, and science and technology. The […]

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Nigeria Economic Update (Issue 42)

According to the National Bureau of Statistics (NBS), the average price of Premium Motor Spirit (PMS) commonly referred to as petrol increased by 2.36 percent year-on-year but experienced a month-on-month decrease of 0.04 percent, from N164.91 in August 2021 to N164.85 in September 2021. In September, the top three States with the highest average price […]

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Nigeria Economic Update (Issue 39)

As part of its ongoing intervention to address food insecurity, the Central Bank of Nigeria (CBN) has disbursed a total of N798.09 billion to the Anchor Borrowers Programme (ABP) since its inception in November 2015.1 The cumulative disbursement has been given to 3.9 million smallholder farmers cultivating 4.9 million hectares of land, according to the […]

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Nigeria Economic Update (Issue 32)

Between 2015 and 2021, Nigeria’s external debt from the World Bank and the African Development Bank nearly doubled, increasing from US$7.23 billion to US$14.35 billion. ¹ About US$11.097 billion was obtained from the World Bank’s International Development Association (IDA) which provides concessional loans at lower interest rates and longer maturity and grace periods. Other sources […]

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