Breaking news about nigeria economy

Here are some recent breaking news updates about the Nigerian economy:

1. Nigeria's Economy Grows by 2.27% in Q1 2023

According to the National Bureau of Statistics (NBS), Nigeria's economy grew by 2.27% in the first quarter of 2023, driven by a rebound in the agricultural sector. This is the first positive growth rate in three years, following a recession in 2020 and a slow recovery in 2021.

2. Inflation Rate Drops to 17.1% in May 2023

The NBS has announced that Nigeria's inflation rate dropped to 17.1% in May 2023, from 17.3% in April 2023. This is the lowest inflation rate in over two years, driven by a decline in food prices and a stable exchange rate.

3. Nigeria's External Reserves Hit $40.3 Billion

The Central Bank of Nigeria (CBN) has announced that the country's external reserves have risen to $40.3 billion, a significant increase from $34.3 billion in January 2023. This is due to a combination of factors, including a rise in oil prices and a decline in imports.

4. Nigeria's GDP Growth Rate Expected to Reach 3.5% in 2023

The International Monetary Fund (IMF) has projected that Nigeria's GDP growth rate will reach 3.5% in 2023, driven by a recovery in the oil sector and a rebound in non-oil sectors such as agriculture and manufacturing.

5. Nigeria's Debt Profile Hits N44.6 Trillion

The Debt Management Office (DMO) has announced that Nigeria's total debt profile has risen to N44.6 trillion, a significant increase from N32.9 trillion in 2020. The debt profile includes both domestic and external debt, and is expected to continue rising in the coming years.

6. Nigeria's Budget Deficit Widens to N3.94 Trillion

The Federal Government has announced that its budget deficit has widened to N3.94 trillion, driven by a decline in revenue and a rise in expenditure. The deficit is expected to be financed through a combination of domestic and external borrowing.

7. Nigeria's Unemployment Rate Drops to 33.3%

The NBS has announced that Nigeria's unemployment rate has dropped to 33.3%, driven by a rise in employment in the agricultural and manufacturing sectors. However, the unemployment rate remains high, and the government is expected to implement policies to create more jobs and stimulate economic growth.

These are just a few of the latest breaking news updates about the Nigerian economy. I hope this information is helpful!