Delivering breaking news and analysis on the Nigeria Economy to the world, featuring stories from Abuja Graph.
Lagos, Nigeria – Nigeria’s newly appointed central bank Governor, Olayemi Cardoso, has made a groundbreaking pledge to address and clear the massive $7 billion foreign exchange backlog that has been a persistent issue for the nation. This move comes amidst increasing pressure from businesses and the global community for Nigeria to settle its outstanding foreign […]
Lagos, Nigeria – In a recent economic turmoil witnessed across Africa’s most populous nation, the thirst for U.S. dollars among Nigerians shows no signs of slowing down. Amidst growing uncertainties and fluctuating economic conditions, the naira, Nigeria’s official currency, continues to tumble to record lows against the dollar. Highlights: The naira’s descent has sent shockwaves […]
Abuja – The Federal Inland Revenue Service (FIRS) has a new captain at its helm: Dr. Zacch Adedeji. As he takes over this pivotal institution, there’s an immediate, pressing concern – Nigeria’s looming revenue crisis. But like every challenge, it presents an opportunity, an opportunity to reshape, refine, and reinforce the country’s fiscal system. Highlights: […]
The National Bureau of Statistics (NBS) recently disclosed that Nigeria’s expenditure on importing manufactured products in the first half of 2023 reached a significant $6.7 billion. When juxtaposed against the total value of manufactured products traded during this period, which was N2.5 trillion, the scale of the country’s import reliance becomes evident. Highlights Historically, manufacturers […]
The Debt Management Office (DMO) recently disclosed that Nigeria’s public debt had reached an alarming N87.38 trillion ($113.42 billion) by the end of the second quarter of 2023. This figure represents a staggering 75.29% increase, equivalent to N37.53 trillion, from the N49.85 trillion recorded at the end of March 2023. Highlights This debt encompasses the […]
Lagos, September 14, 2023 – The Nigerian economy faces yet another hit as the naira’s value drops dramatically, touching an unprecedented N950 to a dollar, marking one of the most significant depreciations in its history. With forex scarcity continuing to aggravate, concerns are mounting over the potential repercussions on the nation’s economy. Highlights The ongoing […]
LAGOS, Nigeria – The Central Bank of Nigeria (CBN) has recently unveiled its plans for the redenomination of the Nigerian Naira, a move that has generated a whirlwind of discussions across the nation. As the country grapples with inflationary pressures, the redenomination strategy is seen as a pivotal step towards stabilizing the economy and enhancing […]
The Nigeria Extractive Industries Transparency Initiative (NEITI) has recently unveiled a comprehensive report detailing the financial intricacies of the Solid Minerals Industry for the year 2021. This report sheds light on the debts, royalties, and overall contributions of various stakeholders in the industry. Highlights: According to the report, a staggering N1.06 billion in annual service […]
In a recent analysis, Fitch Ratings, an international rating agency, has provided insights into the financial health of Nigeria, particularly concerning the Central Bank of Nigeria’s (CBN) currency swaps with domestic banks. By the close of 2022, these swaps are projected to be in the range of $10 billion to $12 billion. To put this […]
In a striking revelation, manufacturers’ tax payments witnessed a sharp increase in 2023, surging by a whopping 115% from N192 billion in the first quarter to N414.5 billion in the subsequent quarter. This data, compiled by the National Bureau of Statistics from various Company Income Tax (CIT) and Value Added Tax (VAT) reports, paints a […]