Index to Nigerian Newspapers

Financial experts warn that the Central Bank of Nigeria's large foreign-currency liabilities to external creditors may worsen foreign exchange volatility and naira depreciation. The country's risk profile may discourage foreign investments, as the CBN's dollar-denominated borrowings undermine foreign reserves and worsen the national debt position. Nigeria's total public debt rose to N49.95 trillion in the first quarter, and the CBN borrowed $7.5 billion from JP Morgan and Goldman Sachs to stabilize the economy. The CBN's liabilities impact sovereign risk assessments, as the net foreign reserves are less than the $33 billion widely publicized figure. The CBN's government borrowing is high at 75% of total loans and advances, and investors must verify ownership of foreign credit securities.

Nigerians had a glimpse of the economic outlook yesterday. 

Vice President Kashim Shettima and Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun said Nigerians should expect significant improvements in the overall economic performance.

The assurances came as the National Bureau of Statistics (NBS) indicated that the unemployment rate reduced from 5.3 per cent in the fourth quarter of 2022 to 4.1 per cent in the first quarter of 2023.  

Edun said ongoing government initiatives would put an end to hyperinflation and a decade-long decline in Gross Domestic Product (GDP) per capita. 

He spoke at the retreat fro the Presidential Committee on Fiscal Policy and Tax Reforms in Abuja. 

Former Central Bank of Nigeria (CBN) governor, Sanusi, has called for strategic measures to reduce inflation and wealth erosion. The inflation rate has been steadily increasing, reaching 26.72% by September, the highest in over a decade. Sanusi emphasized the importance of long-term planning and the need for fiscal authorities to focus on agriculture and education, particularly for girls. He pledged continued support from the Impact Investing Community to the CBN. CBN Governor Cardoso emphasized the bank's focus on price stability and the potential of the Impact Investing Community to transform Nigeria's economy. The CBN will collaborate with the Impact Investing Community on frameworks to encourage investments and drive economic growth. The CBN Deputy Governor in charge of Corporate Services stressed the importance of collaboration and effective communication in navigating challenges.