Q2 2024 GDP Highlights
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 quarter of 2024 and 2.51% year-on-year in the second…
INFLATION WATCH – JULY 2024
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 June, according to data from the National Bureau of Statistics…
MPC HIGHLIGHT – JULY 2024
During today’s MPC meeting, the committee reaffirmed its hawkish approach to addressing inflation. The CBN governor conveyed confidence in the potential moderation of inflation in the near future, despite the recent upsurge. He attributed this…
INFLATION WATCH – JUNE 2024
Inflation Watch – The Upward Trend in Month-on-Month Inflation Resumes Nigeria’s headline inflation for June 2024 accelerated to 34.19% y/y from 33.95% y/y in May, according to data from the National Bureau of Statistics (NBS). In addition,…
INFLATION WATCH – MAY 2024
Inflation Watch – Consumer Prices in Nigeria Bites Harder. In May, Nigeria’s headline inflation reached a new high at 33.95% year-on-year, up from 33.69% in April 2024 (Bloomberg’s estimate: 34.10%), according to data released by the National…
Q1 2024 GDP Highlights
NIGERIA’S GDP GREW AT 2.98% IN Q1’2024 vs 2.31% IN Q1’2023 Nigeria’s Gross Domestic Product (GDP) grew by 2.98% year-on-year in Q1 2024, as per Bloomberg’s estimate of 3.49%. This surpassed the 2.31% growth rate in Q1 2023…
MPC HIGHLIGHT – MAY 2024
During today’s MPC meeting, Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria, reiterated that the MPC’s primary focus is to achieve price stability. He also noted the improvement in inflation, particularly the monthly decline…
INFLATION WATCH – APRIL 2024
Inflation Watch – Nigerian Inflation accelerates to 33.69% in April. In April, Nigeria’s headline inflation increased to 33.69% year-on-year from 33.20% in March 2024 (Bloomberg’s estimate: 34.20%). However, monthly headline inflation grew at…
INFLATION WATCH – MARCH 2024
In March, Nigeria’s headline inflation surged to 33.20% y/y, marking an increase of 1.50% from February’s figure of 31.70% y/y (compared to Bloomberg’s estimated 32.90%). However, monthly headline inflation slightly decreased to 3.02% m/m in…
MPC HIGHLIGHT – MARCH 2024
Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria, highlighted that the recent Monetary Policy Committee (MPC) deliberations heavily weighed on inflationary pressures and exchange rate fluctuations. The committee was confronted with the…
