2017 nigeria economy news

Here are some key news stories and developments related to the Nigerian economy in 2017:

January 2017

• Nigeria's economy contracted by 2.6% in the fourth quarter of 2016, according to the National Bureau of Statistics (NBS). This marked the country's second consecutive quarter of economic contraction.
• The Central Bank of Nigeria (CBN) raised its benchmark interest rate to 14% to combat inflation and stabilize the naira.

February 2017

• The NBS reported that Nigeria's inflation rate rose to 18.7% in January 2017, the highest level in over a decade.
• The CBN introduced a new foreign exchange policy, which allowed for the sale of foreign exchange to bureaux de change operators.

March 2017

• The International Monetary Fund (IMF) projected that Nigeria's economy would contract by 1.8% in 2017, citing the impact of low oil prices and a decline in oil production.
• The CBN introduced a new cashless policy, which aimed to reduce the use of cash in transactions and promote electronic payments.

April 2017

• The NBS reported that Nigeria's economy grew by 0.6% in the first quarter of 2017, marking the end of a recession.
• The CBN raised its foreign exchange reserve to $25.8 billion, up from $23.5 billion in January 2017.

May 2017

• The Federal Government of Nigeria launched a new economic recovery plan, which aimed to stimulate economic growth and create jobs.
• The CBN introduced a new policy to encourage the use of the naira for transactions, rather than foreign currencies.

June 2017

• The NBS reported that Nigeria's inflation rate rose to 16.1% in May 2017, driven by high food prices and a depreciation of the naira.
• The CBN raised its benchmark interest rate to 15.5% to combat inflation and stabilize the naira.

July 2017

• The Federal Government of Nigeria launched a new agricultural policy, which aimed to increase food production and reduce imports.
• The CBN introduced a new policy to encourage the use of local content in the production of goods and services.

August 2017

• The NBS reported that Nigeria's economy grew by 1.4% in the second quarter of 2017, driven by growth in the agricultural and services sectors.
• The CBN raised its foreign exchange reserve to $27.4 billion, up from $25.8 billion in April 2017.

September 2017

• The Federal Government of Nigeria launched a new power sector reform plan, which aimed to increase electricity generation and distribution.
• The CBN introduced a new policy to encourage the use of renewable energy sources.

October 2017

• The NBS reported that Nigeria's inflation rate rose to 16.3% in September 2017, driven by high food prices and a depreciation of the naira.
• The CBN raised its benchmark interest rate to 16.5% to combat inflation and stabilize the naira.

November 2017

• The Federal Government of Nigeria launched a new infrastructure development plan, which aimed to improve transportation and energy infrastructure.
• The CBN introduced a new policy to encourage the use of digital payments.

December 2017

• The NBS reported that Nigeria's economy grew by 1.1% in the third quarter of 2017, driven by growth in the agricultural and services sectors.
• The CBN raised its foreign exchange reserve to $29.1 billion, up from $27.4 billion in August 2017.

Overall, 2017 was a challenging year for the Nigerian economy, with high inflation, a depreciation of the naira, and a decline in oil production. However, the government and central bank took steps to stabilize the economy and promote growth, including introducing new policies and reforms.