Nigeria on track for economic growth resurgence in 2025, say analysts
Post AMUGE
December 30, 2024
2025 will bring about FX stability- Ebo FDC predicts Nigeria’s currency will begin to claw its way back from 2025 Onome Amuge With 2025 upon us, Nigeria finds itself confronting an economic juncture riddled with obstacles such as soaring inflation, a volatile currency, inadequate infrastructure, and an array of policy somersaults. As 2024 drew to […]
NDDC, controversial gov’t quango operated without budgets for 3-yrs
Post AMUGEDecember 30, 2024
Approached financial institutions to raise N1trn to fund 2024 budget Ben Eguzozie The Niger Delta Development Commission (NDDC), the scandalous quango established by the Nigerian federal government in October 2000, hardly different from its previous character of opacity, phantom projects and phoney contract payments, recently showed that it is difficult to wean it of controversy. Information […]
Fitch flags budget deficit as key driver of potential Naira weakness
Post AMUGEDecember 29, 2024
Onome Amuge Fitch Ratings has flagged the possibility of significant hurdles in Nigeria’s efforts to stabilize its economy, stressing that failure to meet fiscal deficit reduction targets could impede the country’s progress. According to the global credit rating agency, if the budget deficit is larger than expected in 2025, this could result in a further […]
CBN sets N100,000 daily limit on POS withdrawals per customer
Post AMUGEDecember 18, 2024
Onome Amuge The Central Bank of Nigeria (CBN) has set a new limit of N100,000 per customer for daily withdrawals made through Point-of-Sale (POS) terminals. This limit was communicated to all Deposit Money Banks (DMBs), Microfinance Banks, Mobile Money Operators, and Super-Agents in a recent circular titled “Cash-out Limits for Agent Banking Transactions,” according to […]
FEC okays N47.96trn 2025 budget, moves to NASS on Wednesday
Post AMUGEDecember 16, 2024
Onome Amuge The Federal Executive Council (FEC) has announced the approval of a N47.96 trillion budget for the 2025 fiscal year, which is set to be presented to the National Assembly on Wednesday. The FEC also approved a target of 2.06 million barrels per day for domestic oil production, based on the significant improvements in […]
Nigeria inflation rises to 34.6% in November
Post AMUGEDecember 16, 2024
Onome Amuge Nigeria’s headline inflation accelerated to 34.60 percent in November 2024, representing 0.72 percentage points increase over the 33.88 percent inflation recorded in October, according to the National Bureau of Statistics (NBS). The NBS also reported a year-on-year increase in Nigeria’s headline inflation rate, with the November 2024 rate at 34.60 percent 6.40 percentage […]
Economic hardships persist as questions cloud Nigeria’s GDP growth report
Post AMUGEDecember 2, 2024
Accuracy of data in doubt- NACCIMA Economic growth not inclusive- Uwaleke Onome Amuge The latest gross domestic product (GDP) report from the National Bureau of Statistics (NBS), declaring a 3.46 per cent growth rate for Nigeria’s economy in the third quarter of 2024, has set the stage for a fiery debate, with critics finding such […]
Nigeria’s GDP expands 3.46% in Q3’24 on services sector strength
Post AMUGENovember 25, 2024
Onome Amuge Nigeria’s gross domestic product’s (GDP) growth rate in real terms recorded a 3.46 percent increase in the third quarter (Q3) of 2024 compared to the same period last year, marking an improvement of 0.92 percentage points over the 2.54 percent growth recorded in Q3 2023, according to data released by the National Bureau […]
Nigeria’s unemployment rate drops to 4.3% in Q2’24
Post AMUGENovember 25, 2024
Business a.m. Nigeria’s unemployment rate dipped from 5.3 percent in the first quarter of 2024 to 4.3 percent in the second quarter of the year, according to the latest report from the National Bureau of Statistics (NBS) released on Monday. The “Nigeria Labour Force Survey Q2 2024” showed that while urban regions continued to battle […]
Analysts warn of financial fallout as Senate approves Tinubu’s $2.2bn loan
Post AMUGENovember 25, 2024
Nigeria’s debt-to-GDP ratio of over 50% harbinger of distress- LCCI CSOs task FG on fiscal discipline, self-reliance Onome Amuge President Bola Tinubu Nigeria’s national debt burden is about to bear an even heavier load as the country’s National Assembly recently gave its stamp of approval to President Bola Tinubu’s loan request for $2.209 billion ( […]