Financial

Nigeria Economic Update (Issue 34)

The Central Bank of Nigeria has cautioned Microfinance Banks (MFBs) against engaging in foreign exchange (forex) transactions and other prohibited activities including wholesale banking.1 According to the circular issuing this warning, the apex bank has observed the activities of some MFBs that have gone beyond the scope of their operating license. Cautioning MFBs is aimed […]

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Extending MSMEs’ access to trade finance under the AfCFTA

While the African Continental Free Trade Area (AfCFTA) provides opportunities for regional financial sector development, it also poses a real test for the continent’s financial system. The ability of Africa’s financial sector to perform the crucial function of facilitating economic growth and integration, at the required scale to support the capacity of small firms to […]

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Nigeria Economic Update (Issue 48)

The Central Bank of Nigeria (CBN) is taking critical steps in efforts to close the 8.5 percent gender financial inclusion gap and achieve 95 percent financial inclusion by 2024. 34,000 women have accessed 62 percent of the Micro, Small and Medium Enterprises Development Fund (MSMEDF) while over N9.5 billion has been disbursed to over 3,600 […]

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Nigeria Economic Update (Issue 20)

The Nigerian economy slowed in the first quarter of 2019 as real GDP growth rate fell to 2.1%1, from 2.38% in 2018Q4. Aggregate nominal GDP fell by 9.75% to ₦32 trillion in the review quarter, and growth rates in both sectors (oil and non-oil) slowed. Real GDP growth in the oil sector was -2.40% in […]

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Nigeria Economic Update (Issue 15)

Nigeria became the largest remittance-recipient country in sub-Saharan Africa and the sixth largest among low-middle income countries in 2018. The country’s official remittances amounted to $24.3billion in 2018,1 a 10.5% increase from the 2017 remittances received and accounts for 6.1% of GDP. Along with the strong economic conditions in high-income countries, the year-on-year acceleration in […]

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State-owned enterprises

The Nigeria Natural Resource Charter (NNRC) Benchmarking Exercise Report (BER) 2017[1] assessed the operational activities in the nation’s oil and gas sector between 2015 and 2017 against the Natural Resource Charter[2]. The exercise sought to unveil the true state of oil resource extraction, governance, and transparency among others based on a set of underlying economic […]

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Nigeria Economic Update (Issue 35)

Latest data from the CBN shows that Nigeria’s external reserves fell significantly in August 2018. As at the end of July, the reserve stood at $47.11 billion; it dropped to $45.83 billion by August 23– losing as much as $1.23 billion in the month. The CBN’s continuous intervention along with affected foreign investment premised around […]

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Nigeria Economic Update (Issue 28)

Information from the Apex bank shows a likelihood of not attaining the financial inclusion target of 2020 as stated in the Nigeria Financial Inclusion Strategy (NFIS) of 2012. Precisely, the CBN’s 2016 financial inclusion report states that only 58.4 percent of Nigerian adults were financially included as against the overall financial inclusion rate targeted at […]

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Nigeria Economic Update (Issue 25)

The recent report on Nigeria’s Public Debt Stock for the first quarter of 2018 indicates a 4.5 percent Quarter-over-Quarter increase, from N21.7 trillion in Q4 2017 to N22.7 trillion1, and a Year-on-Year increase of 18.5 percent from N19.2 trillion2. The ratio of domestic debt to external debt is put at 70:30, a reduction in domestic […]

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