Q2:2023 Foreign Trade in Goods Statistics | Balance of Trade Maintains Positive Streak
Yesterday, the National Bureau of Statistics (NBS) released the Foreign Trade in Goods statistics for Q2:2023. On a Quarter-on-Quarter (QoQ) basis, Total Trade increased by 5.77% to NGN12.74trn (vs. NGN12.05trn in Q1:2023). This is due to the growth in both Total Imports (+2.99% QoQ) and Total Exports (+8.15% QoQ) to NGN5.73trn and NGN7.02trn respectively. However, […]
Q2:2023 GDP Report | Dismal Oil Sector Suppressed Economic Growth
Dismal Oil Sector Suppressed Economic Growth The National Bureau of Statistics (NBS) recently published its Gross Domestic Product (GDP) report for Q2:2023. Despite economic headwinds, the economy sustained its positive momentum for the eleventh (11th) consecutive quarter since the pandemic-induced recession in H2:2020. GDP printed at 2.51% YoY (vs. 2.31% in Q1:2023; 3.54% YoY in […]
July 2023 CPI Report | Removal of PMS Subsidy & FX Liberalization Bites Hard
Earlier this week, the National Bureau of Statistics (NBS) released the inflation report for July 2023. Headline inflation spiked by 1.29% Year-on-Year (YoY) to 24.08% (vs 22.79% in June 2023), marking the highest rate recorded in Nigeria since the reconstitution of the Consumer Price Index (CPI) in 2009. The surge in Headline inflation is on […]
Post MPC Meeting Report – Hawkish MPC Tightens the Asymmetric Corridor
During the 292nd Monetary Policy Committee (MPC) meeting conducted on the 24th and 25th of July 2023, the Monetary Policy Committee of the Central Bank of Nigeria (CBN) maintained its hawkish streak, for the eighth (8th) consecutive time since May 2022. The Monetary Policy Committee (MPC) decided to increase the Monetary Policy Rate (MPR) by 25bps to […]
June 2023 Inflation Report | Consistent Shocks to Consumers’ Wallet
We recently published a report on Nigeria’s Inflation for June 2023. The report shows that inflation has continued to rise. Consequently, we highlight reasons for this sustained movement as well as investment strategies that investors can undertake in the coming months so as to mitigate against rising inflation. INFLATION DATA FOR JUNE 2023 According to […]
Capital Importation: Q1:2023 – Foreign Flows Continues to Wane
We recently published a report on Nigeria’s Capital Importation for the first quarter of 2023. The report shows the current trajectory of foreign investment inflows into the country and our outlook for capital importation in the remaining quarters of the year. DATA ON CAPITAL IMPORTATION Recently, the National Bureau of Statistics released the Capital Importation […]
