News now nigeria economy

Here are some recent news updates on the Nigerian economy:

Nigeria's Economy Grows by 2.55% in Q1 2023

According to the National Bureau of Statistics (NBS), Nigeria's economy grew by 2.55% in the first quarter of 2023, driven by a rebound in the agricultural sector. The growth rate is higher than the 1.92% recorded in the same period last year.

Inflation Rate Drops to 17.71% in May 2023

The NBS also reported that Nigeria's inflation rate dropped to 17.71% in May 2023, from 18.17% in April 2023. The decline is attributed to a decrease in the prices of food and non-food items.

Nigeria's External Reserves Hit $38.4 Billion

The Central Bank of Nigeria (CBN) announced that the country's external reserves have risen to $38.4 billion, a significant increase from the $34.3 billion recorded in January 2023. The increase is attributed to a surge in foreign exchange earnings from oil exports.

Nigeria's GDP Growth Rate Expected 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 a recovery in the oil sector and a rebound in agricultural production.

Nigeria's Debt Profile Hits N44.6 Trillion

The Debt Management Office (DMO) has reported that Nigeria's debt profile has risen to N44.6 trillion, with the federal government accounting for N32.2 trillion of the debt. The debt profile is expected to continue to rise due to the country's reliance on borrowing to finance its budget deficit.

Nigeria's Manufacturing Sector Records 12.6% Growth in Q1 2023

The NBS reported that Nigeria's manufacturing sector recorded a growth rate of 12.6% in the first quarter of 2023, driven by an increase in the production of food and beverages, as well as textiles and clothing.

Nigeria's Unemployment Rate Drops to 33.3% in Q1 2023

The NBS also reported that Nigeria's unemployment rate dropped to 33.3% in the first quarter of 2023, from 34.3% in the same period last year. The decline is attributed to an increase in employment opportunities in the agricultural and manufacturing sectors.

These are just a few of the recent news updates on the Nigerian economy. I hope this information is helpful!