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NIGERIAN ECONOMY
The Nigerian stock market's performance does not accurately represent the broader economy, which remains largely informal and dominated by agriculture.
Nigeria’s economy showed resilience in the third quarter of 2024, recording a GDP growth rate of 3.46% year-on-year, an improvement from 3.19% in Q2 2024 and significantly higher than the 2.54% recorded in Q3 2023.
Bitcoin the flagship cryptocurrency surged to $97,000 yesterday smashing a new all-time high and closing in on a $2 trillion market capitalization
The Nigerian Government has taken several policy decisions in the last 18 months, mainly fuel subsidy removal and floating/unification of the exchange rate, with subsequent dire consequences on the purchasing power and well-being of the people.
The cost of living in Nigeria is high but moderating, with July 2024 Consumer Price Index (CPI) data showing a decrease in inflation rates across both all items and food.
The National Bureau of Statistics recently reported that Nigeria’s GDP grew by 3.19% year-on-year in real terms in the second quarter of 2024, surpassing the 2.51% growth recorded in the same period of 2023.
The Minister of Finance, Wale Edun, has reassured Nigerians that the economy is thriving under President Bola Tinubu’s leadership, noting that the country achieved an impressive $55 billion in non-oil exports last year.
As the presidential campaign heats up in the United States, there are palpable concerns among national governments around the world that have strong economic relationships with the country including Nigeria.
The Nigerian economy is shrinking rapidly, yet positive trends in fashion, power, and migration hint at potential economic revival
Financial analysts have forecasted a likely pullback in the stock market during the second half of 2024, following a peak in the first half of the year.
Nigeria's debt to the World Bank has increased by $1.07 billion under President Bola Tinubu’s administration.
A significant factor contributing to the exodus of multinational companies is the declining purchasing power of Nigerian consumers