Economy news nigeria latest

Here are the latest economy news from Nigeria:

Headlines

  1. Nigeria's Economy Grows by 2.27% in Q1 2023: The National Bureau of Statistics (NBS) has announced that Nigeria's economy grew by 2.27% in the first quarter of 2023, driven by growth in the services sector. (Source: Vanguard)
  2. Inflation Rate Drops to 17.1% in May: The Consumer Price Index (CPI) has dropped to 17.1% in May, the lowest in 17 months, according to the NBS. (Source: ThisDay)
  3. Nigeria's External Reserves Hit $40.3 Billion: The Central Bank of Nigeria (CBN) has announced that the country's external reserves have reached $40.3 billion, a significant improvement from the $33.4 billion recorded in January. (Source: Punch)
  4. FG to Launch N500 Billion Sukuk Bond: The Federal Government has announced plans to launch a N500 billion Sukuk bond to finance infrastructure development projects. (Source: Leadership)
  5. Nigeria's GDP Growth Rate to Reach 3.2% in 2023: The International Monetary Fund (IMF) has projected that Nigeria's GDP growth rate will reach 3.2% in 2023, driven by growth in the services sector. (Source: The Nation)

Other News

  1. Nigeria's Trade Deficit Widens to $1.4 Billion: Nigeria's trade deficit has widened to $1.4 billion in the first quarter of 2023, driven by a decline in exports and an increase in imports. (Source: BusinessDay)
  2. CBN Introduces New Guidelines for Microfinance Banks: The CBN has introduced new guidelines for microfinance banks, aimed at promoting financial inclusion and stability in the sector. (Source: Daily Trust)
  3. Nigeria's Power Sector Records 4,000MW Generation: The power sector has recorded a significant improvement in generation, with a peak generation of 4,000MW in May. (Source: The Guardian)
  4. FG to Establish Special Economic Zones: The Federal Government has announced plans to establish special economic zones to promote industrialization and economic growth. (Source: Premium Times)
  5. Nigeria's Stock Market Index Rises by 1.1%: The Nigerian Stock Exchange (NSE) has announced that the All-Share Index has risen by 1.1% in May, driven by gains in the banking and consumer goods sectors. (Source: NSE)