CIIA Nigeria’s Post

Today's Nigeria business news is focusing on the Nigeria CBN Monetary Policy Committee (MPC) decision to hike interest rates by 25bps to 27.50% at its just concluded meeting. This is amid fresh data showing Q3 GDP rose by 3.46% compared to the 3.19% growth recorded in the second quarter. Also on the global business news front, Trump has said he will levy tariffs of 25 per cent on all US imports from Canada and Mexico, plus an extra 10 per cent tariff on Chinese goods. And in the UK Chancellor Reeves says no more tax hikes for business. Deep dive is on today's Nigeria Central Bank Monetary Policy Committee decision (Episode 221 on the Global Business Insights Channel) #Nigeriaeconomy #NigeriaCBN #globalbusinessperspectives #globalbusinesschannel #businessprofessionals #businessanalysis #Nigeriabusinessnewstoday #centralbankofnigeria #CBNMPC #trump #donaldtrump #Nigeriaeconomy #globalbusinessperspectives #globalbusinesschannel #businessprofessionals #businessanalysis #centralbankofnigeria #CBNMPC #Businessinsights #Nigeria #bodeososami #EVI #Globalbusinessinsights #businesschannel #businessinsights #globalbusinessnews #Globalbusiness #businessperspectives #CBN #Chancellorreeves #UKCBI (0:00) Introduction (0:30) Global Business Headlines (4:27) CBN Governor on MPC decision (13:03) Comments on MPC decision

In this chat with Samson G SIMON, Ph.D., CPLP, we looked beyond the announced surplus and asked questions like: - What factors are responsible for the high increase in export YoY? - How diversified is Nigeria's export? - When adjusted for inflation and currency devaluation, is there any significant change? - What's responsible for decline in Merchandise trade? - Should we celebrate reduced import or are there underlying unimpressive factors responsible for that? Follow link and enjoy. Let me get your thoughts too in the comment section. https://lnkd.in/dbHcXpAg

In its latest monthly economic publication, the Central Bank of Nigeria (CBN) revealed that the total value of Nigeria’s merchandise trade increased by a modest c.1% m/m to USD 7.8bn in Apr ’24. However, on a y/y basis, the merchandise trade value was -15% lower y/y due to a significant decrease (-32% y/y) in import trade value. The higher m/m trade value reflects increases in both export and import trade values. While export receipts increased mildly by c.1% m/m to USD4.9bn, merchandise imports rose by c.3% to USD2.9bn. As a result, the external trade position resulted in a lower net trade surplus of USD2.0bn in Apr ’24, compared with USD2.1bn the previous month. It is worth noting that the monthly trade performance data provided by the CBN is provisional and subject to revisions in subsequent reports. #FBNQuestResearch

𝐌𝐨𝐫𝐧𝐢𝐧𝐠 𝐍𝐨𝐭𝐞.. # Govt. urges businesses to pass on benefits of electricity tariff drop to consumers # Fitch halts rating for Sri Lankan Airlines # Consumer confidence hits record high in June # Agri. exports grow surpassing last two years # Tea exports volume and value higher in first half # PMI expands manufacturing and services activities # US continues to support SL restructuring, economic reforms # $ 60 m Iran debt settled under barter deal # Local manufacturers now benefit from a much more competitive electricity tariff rate: JAAF # Global News - Gold at record highs as rate cuts beckon, Trump talk hits Taiwan stocks # Government Securities - Positive momentum continues in secondary bond market Treasury bill auction scheduled for today will offer a total volume of Rs. 110 billion

Nigeria's Q1 trade surplus showcases a significant increase, yet the country continues to heavily rely on oil exports. How can Nigeria accelerate diversification to boost non-oil trade? Meanwhile, US Markets are bracing for the May inflation CPI data and FOMC meeting and policy decision. In the UK, the FCA is introducing new rules to attract listings.... plus more valuable insights. #globalbusinessinsights #businessnews #business #globaleconomics #usfomc #federalreserve #usfed #Nigeriainflation #uscpi #nigeriacpi #nigeriatradesurplus #nigeriatradedataq1 #q12024tradenigeria # UKFCA #newlistingrulesuk

In a significant policy shift, the Central Bank of Nigeria (CBN) has lifted the restriction on accessing foreign exchange for the importation of milk and other dairy products into the country. This move marks a reversal of the ban imposed on February 11, 2020, when milk and dairy products were added to the list of items ineligible for forex access. Tap the link in our bio to read more. #CBN #ForexBan #MilkImport #DairyProducts #ForexPolicy #NigeriaEconomy #AgriculturalImports #TradePolicy #EconomicNews #ForexMarket #ImportRegulations #AgricultureSector #NigeriaTrade #RateCaptain #economicdevelopment

FG begins duty-free import of food items 63 illegal refineries seized in one week – NNPC Nigeria’s Inflation Rate Drops To 33.30% In July — NBS Read more on today's news 👉🏾rb.gy/lquf3z Subscribe to stay updated👌🏾 #NewsUpdate #ThinkThursday #Finance #Marketnews

According to the most recent foreign trade in goods report produced by the National Bureau of Statistics (NBS), the total value of Nigeria's merchandise trade increased by +146% y/y to almost NGN32trn in Q1 '24. However, the sharp y/y growth is misleading due to the depreciation of the naira. When adjusted for currency devaluation, the trade value declined by roughly -14% y/y in real (US dollar) terms. The total merchandise traded comprised export and import trade balances of NGN19.2trn and NGN12.6trn, respectively, resulting in a net surplus of NGN6.5trn. #FBNQuestResearch

As reported by the National Bureau of Statistics (NBS), Nigeria’s headline inflation sustained its upward trend in June, climbing to 34.19% y/y, up from 33.95% y/y in May. Drivers of rising inflationary pressures include insecurity, infrastructure deficits, and distribution challenges constraining domestic food supplies, continued exchange rate depreciation, elevated energy costs, and higher electricity tariffs. Today, we examine data from the price watch series, with a view to taking a closer look at some of the drivers of inflation, following the publication of June’s price watch series. #FBNQuestResearch