Category: Macroeconomic Update

The Monetary Policy Committee (MPC) concluded its 2-day meeting today and raised the benchmark interest rate by 25bps to 18.75% and adjusted its asymmetric corridor to -300/+100 basis points around…

Inflation Watch -The furnace rages on Nigeria’s inflation accelerated to 22.79% YoY in June 2023, higher by 0.38% compared to 22.41% YoY recorded in May (Bloomberg Est. 23.00%). The headline…

Inflation Watch – A Further Uptick in Inflation for May Nigeria’s inflation for May 2023 increased to 22.41% Y-o-Y (Est. +22.10%), an increase of c.0.19% from 22.22% Y-o-Y recorded in…

The Monetary Policy Committee (MPC) concluded its 2-day meeting today and raised the benchmark interest rate by 50bps to 18.50%. Please see below, a summary of the committee’s decisions: –…

NIGERIA’S GDP GREW BY 2.31% IN Q1’2023 Nigeria’s Q1 2023 Gross Domestic Product (GDP) grew by 2.31% Y-o-Y, lower than the 2.85% estimate. Although, the growth rate was lower than…

Inflation Watch – No Case for a Pullback Nigeria’s inflation for April 2023 increased to 22.22% Y-o-Y (Est. +22.10%), an increase of c.0.18% from 22.04% Y-o-Y recorded in March 2023.…

Inflation Watch – Reflecting The Known Reality Nigeria’s inflation for March 2023 increased to 22.04% Y-o-Y (Est. +21.80%), an increase of c.0.13% from 21.91% Y-o-Y recorded in February 2023. Moreso,…

The Monetary Policy Committee (MPC) concluded its 2-day meeting on March 21, 2023, and raised the benchmark interest rate by 50bps, from 17.50% to 18.00%. Please see below, a summary…

A slower pace for February’s Valentine Nigeria’s inflation for February 2023 rose to 21.91% Y-o-Y (Est. +21.80%), an increase of c.0.09% from 21.82% Y-o-Y recorded in January 2023. However, the…

NIGERIA’S GDP GREW BY 3.10% IN 2022 •Nigeria’s Q4 2022 and full year 2022 Gross Domestic Product (GDP) performance reflected a rare silver lining amid the soaring inflationary pressures and…