Economic news in nigeria april 2018
Here are some key economic news in Nigeria for April 2018:
- Nigeria's GDP Growth Rate Slows Down: Nigeria's Gross Domestic Product (GDP) growth rate slowed down to 1.95% in the first quarter of 2018, compared to 2.11% in the same period of 2017. This was attributed to a decline in the agricultural sector. (Source: National Bureau of Statistics)
- Inflation Rate Rises to 13.3%: Nigeria's inflation rate rose to 13.3% in March 2018, up from 12.8% in February 2018. This was attributed to a rise in food prices, particularly in the prices of bread, cereals, and potatoes. (Source: National Bureau of Statistics)
- Naira Appreciates Against Dollar: The Nigerian naira appreciated against the US dollar in April 2018, closing at N360.25 to the dollar, up from N365.25 in March 2018. This was attributed to a rise in foreign exchange reserves. (Source: Central Bank of Nigeria)
- Oil Production Rises to 1.92 Million Barrels Per Day: Nigeria's oil production rose to 1.92 million barrels per day in April 2018, up from 1.83 million barrels per day in March 2018. This was attributed to increased production from the Forcados and Bonny Light oil fields. (Source: Nigerian National Petroleum Corporation)
- FG Launches Economic Recovery Plan: The Federal Government launched the Economic Recovery and Growth Plan (ERGP) in April 2018, aimed at stimulating economic growth and reducing poverty. The plan focuses on six key areas: macroeconomic stability, agriculture and food security, energy and power, industrialization, human development, and infrastructure development. (Source: Federal Ministry of Budget and National Planning)
- Nigeria's External Reserves Rise to $46.7 Billion: Nigeria's external reserves rose to $46.7 billion in April 2018, up from $45.8 billion in March 2018. This was attributed to a rise in foreign exchange earnings from oil exports and other sources. (Source: Central Bank of Nigeria)
- FG to Issue $2.5 Billion Eurobond: The Federal Government announced plans to issue a $2.5 billion Eurobond in April 2018 to raise funds for infrastructure development and other projects. The bond was expected to be issued in May 2018. (Source: Federal Ministry of Finance)
- Nigeria's Trade Deficit Widens: Nigeria's trade deficit widened to N1.43 trillion in the first quarter of 2018, up from N1.23 trillion in the same period of 2017. This was attributed to a rise in imports and a decline in exports. (Source: National Bureau of Statistics)
- FG to Implement New Tax Policy: The Federal Government announced plans to implement a new tax policy in April 2018, aimed at increasing tax revenue and reducing tax evasion. The policy includes a rise in the value-added tax (VAT) rate from 5% to 7.5%. (Source: Federal Ministry of Finance)
- Nigeria's Unemployment Rate Rises to 14.2%: Nigeria's unemployment rate rose to 14.2% in the first quarter of 2018, up from 13.9% in the same period of 2017. This was attributed to a rise in the number of unemployed youth. (Source: National Bureau of Statistics)
These are some of the key economic news in Nigeria for April 2018.