Category: Macroeconomic Update

Inflation Watch – Nigeria’s Inflation Peaks at 34.80% in December 2024 Amid Festive Demand Surge In December 2024, Nigeria’s inflation rate rose to 34.80% y/y, an increase from 34.60% in…

Inflation Watch – Nigeria’s Inflation Hits 34.60% as Food and Transport Costs Soar Nigeria’s inflation rate accelerated in November 2024 to 34.60% y/y, up from 33.88% in October, marking the…

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its final meeting for 2024 today and decided to increase the benchmark interest rate by 25 bps…

NIGERIA’S GDP GREW AT 3.46% IN Q3’24 YoY The Nigerian GDP report for Q3 2024 revealed a growth rate of 3.46% year-on-year, an improvement from the 3.19% recorded in Q2.…

Inflation Watch – Economic Strain Intensifies as Inflation Climbs Again to 33.88% in Nigeria In October 2024, Nigeria’s inflation rate rose to 33.88% y/y, surpassing the estimated rate of 33.10%…

Inflation Watch – Nigeria’s Inflation Surges to 32.70%, Reversing Two-Month Decline Streak In September 2024, Nigeria experienced a significant rise in headline inflation to 32.70% y/y, surpassing the estimated 32.34%…

At today’s MPC meeting, the committee reaffirmed its hawkish stance by increasing the benchmark interest rate by 50 basis points to 27.25%. Despite the widely anticipated decision to maintain the…

Inflation Watch – Headline Inflation declines further In August 2024, Nigeria’s headline inflation dropped to its lowest level in six months, increasing by 32.15% y/y, which matched the median estimates.…

NIGERIA’S GDP GREW AT 3.19% IN Q2’24 YoY In the second quarter of 2024, Nigeria’s Gross Domestic Product (GDP) grew by 3.19% year-on-year, up from 2.98% year-on-year in the first…

Inflation Watch – First Decline in Headline Inflation Since December 2022 Nigeria’s headline inflation grew at a slower pace of 33.40% y/y in July 2024, down from 34.19% y/y in…