Nigeria economic news update

Here are some recent economic news updates from Nigeria:

Inflation Rate

• Nigeria's inflation rate rose to 17.26% in June 2022, up from 16.63% in May 2022, according to the National Bureau of Statistics (NBS). (Source: NBS)
• The country's inflation rate has been on a downward trend since January 2022, but the recent increase is attributed to rising food prices and a weak naira. (Source: Bloomberg)

GDP Growth

• Nigeria's Gross Domestic Product (GDP) grew by 3.11% in the first quarter of 2022, up from 2.01% in the same period last year, according to the NBS. (Source: NBS)
• The country's GDP growth is expected to slow down in 2022 due to the impact of the COVID-19 pandemic and the global economic downturn. (Source: World Bank)

Oil Production

• Nigeria's oil production averaged 1.43 million barrels per day (mb/d) in June 2022, up from 1.36 mb/d in May 2022, according to the Organization of the Petroleum Exporting Countries (OPEC). (Source: OPEC)
• The country's oil production has been affected by pipeline vandalism and theft, which has led to a decline in output. (Source: Reuters)

Fiscal Policy

• The Nigerian government has announced plans to increase its revenue by 20% in 2022 through a combination of tax reforms and increased oil production. (Source: Punch)
• The government has also introduced a new tax regime, which aims to increase tax revenue and reduce tax evasion. (Source: Vanguard)

External Reserves

• Nigeria's external reserves stood at $35.85 billion in June 2022, up from $34.45 billion in May 2022, according to the Central Bank of Nigeria (CBN). (Source: CBN)
• The country's external reserves have been declining due to a decline in oil prices and a rise in imports. (Source: Bloomberg)

Business and Economy

• The Nigerian economy is expected to grow by 2.5% in 2022, down from 3.2% in 2021, according to the World Bank. (Source: World Bank)
• The country's economy is facing challenges, including a decline in oil production, a rise in inflation, and a decline in foreign investment. (Source: Bloomberg)

Other News

• The Nigerian government has announced plans to establish a new development bank to provide financing for small and medium-sized enterprises (SMEs). (Source: Punch)
• The country's stock market has been performing well, with the All-Share Index rising by 10.5% in the first half of 2022. (Source: NSE)

I hope this update is helpful!