Select all weekly and recent news headlines in Nigeria as it relates to business, finance economy and more.
The weekly business platform advanced with news of demands for dollars, foreign investors withdrawing and more. Read more.
Business and Economic News in Nigeria
Inflation goes up by 0.49% year on year to 13.71% in September
The Financial Derivatives Company (FDC) had made an earlier prediction that Nigeria’s inflation rate will go up to 14.56%. Food inflation will go higher… Read more
IMF revises Nigeria’s growth forecast upwards (-4.3%)
Though the outlook is grime with the resurgence of COVID-19 cases, the IMF revised its earlier forecast about the GDP growth rate in Nigeria. It says that Nigeria’s economy will contract -4.3% from its initial forecast of contract from 5.4%.
Since there are increased economic activities, it will contract further. The IMF is also urging countries to go borrowing and for Nigeria’s debt concerns grow.
Cocoa prices recover after two weeks fall
Cocoa, Nigeria’s major agricultural commodity. The potential output of 300 000 tonnes is expected from the cocoa trade. The commodity is currently trading above 2300 dollars a ton.
This was due to increased demand in Cameroun. Cocoa trade is expected to support Nigeria’s forex supply and there hope as to what cocoa trade can accomplish on the dwindling reserves.
Arabica coffee prices slips on stockpile demand
The impact of the price slip is minimal, however, with the demand and imports inflation, this poses a risk.
External reserves slip despite forex rationing ($35.69bn)
Nigeria’s has recorded a significant decline in its foreign reserves from $50.84 million to $35.69 billion in less than two weeks. From the last CBN record of October 2, the countries foreign reserve was $35.75 billion.
Oil Prices Extends Gain As Global Outlook Improve
Brent oil future extended gain to trade up to 0.2% at $43.39 a barrel. U.S. crude oil futures stood at 8 cents higher with prices at $41.12 per barrel. Both contracts rose more than 4% on Wednesday. Read more
Investors skeptical as the stock market dips on Wednesday
Accredited to 3,896 transactions, 218.425 million shares priced at N3.139 billion traded, the Nigerian Stock Exchange tumbled on Wednesday after making gains close to N5 billion on Tuesday.
Follow us on Facebook and Twitter and send us stories on contact@africareinvented.com