Beyond Nigeria’s GDP numbers: Is it icing on the cake or the cake itself?
According to the National Bureau of Statistics (NBS), Nigeria’s Gross Domestic Product (GDP) rose by 3.54% y/y in real terms in the second quarter of 2022 (Q2-2022). This shows that the economy expanded…
Nigeria’s inflation rate hits 19.64% in July 2022, the highest in 17 years
An examination of the NBS inflation data shows that this is the highest since September 2005 when the inflation rate hit 24.32% year-on-year. On a month-on-month basis, the headline inflation rose by 1.82%…
The Global Economic Reset- Promoting a More Inclusive Recovery
By Kristalina Georgieva The COVID-19 crisis is inflicting the most pain on those who are already most vulnerable. This calamity could lead to a significant rise in income inequality. And it could jeopardize…
Capital Importation in Nigeria: Why is FDI so Low?
In a recent publication by the NBS, total value of capital imported into the country stood at $5,854.38m in Q1 2020. This represents an increase of 53.97% compared to Q4 2019 and -31.19%…
Global economy on a Tripod: Deflation, Inflation and Recession in 2020
From economic theories, one characteristics of a recession is that price level of goods and services will become low. If this should go by and considering that economic theories are in favour of…
The Economics of Printing the Naira
This article explains why the idea of printing more money is unfounded given the state of the Nigerian economy.
2019 States IGR Report: States are not Taxing the Informal Sector Enough
65% of the total revenue of the 36 states and the FCT in 2019 came from FAAC while the remaining 35% came from IGR of the states. From the IGR, over 60% came…
April 2020 Consumer Price Index Report: A continuous rise in Inflation
The consumer price index, (CPI) increased by 12.34% (year-on-year) in April 2020. This is 8bps higher than the rate recorded in March 2020 (12.26%). This is the eighth consecutive month of increase since…
Cashing In: How to Make Negative Interest Rates Work
By Ruchir Agarwal and Signe Krogstrup, IMF Blog / Image Credit: IMF Many central banks reduced policy interest rates to zero during the global financial crisis to boost growth. Ten years later, interest rates remain low in…
Tracking Trade During the COVID-19 Pandemic
Most trade takes place by sea, and—for navigational safety purposes—virtually all cargo ships report their position, speed, and other information many times a day. A new IMF methodology using these data can help…