Nigeria’s inflation rate reached 34.60% in November 2024, marking a 0.72 percentage point increase from October’s 33.88%, according to the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Monday. The figure represents a significant year-on-year rise of 6.40 percentage points compared to November 2023’s […]
Category: Financial Analysis
Financial Analysis
Access Bank Finalizes Acquisition Of Standard Chartered Bank Subsidiaries In Angola, Sierra Leone
Access Bank Plc, the flagship subsidiary of Access Holdings Plc, has completed the acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited. This milestone follows the company’s announcement in July 2023 regarding the planned acquisitions. In a statement celebrating the achievement, Roosevelt Ogbonna, […]
Nigeria’s GDP Expands by 3.46% in Q3 2024, Services Sector Leads Growth
Nigeria’s Gross Domestic Product (GDP) grew by 3.46% year-on-year in real terms during the third quarter of 2024, according to a report by the National Bureau of Statistics (NBS). This represents an improvement over the 2.54% recorded in Q3 2023 and a slight increase from the 3.19% in Q2 2024, […]
FBN Holdings Shareholders Approve N14bn Dividend …Endorses Oyedeji As New GMD
The shareholders of FBN Holdings have unanimously approved a total of N14.4bn as dividend for the financial year ended Dec. 31, 2023. They gave the approval at the company’s 12th Annual General Meeting which was conducted virtually on Thursday. The approved dividend translated to 40k per share. […]
CBN’s Latest Rate Hike to Strain Businesses and Impact Market Sentiment, Experts Warn
Several financial analysts have voiced concerns regarding the Central Bank of Nigeria’s (CBN) recent decision to raise the Monetary Policy Rate (MPR) by 50 basis points, despite emerging signs of economic improvement. In an interview, the analysts warned that this rate hike could elevate borrowing costs, create additional pressure on […]
Nigeria’s Economy Grew By 3.19% In Q2- NBS
Nigeria’s Gross Domestic Product (GDP) grew by 3.19% per cent (year-on-year) in real terms in the second quarter of 2024. This growth rate is higher than the 2.51% recorded in the second quarter of 2023 and higher than the first quarter of 2024 growth of 2.98%. The performance of […]
Nigerian banks get N21 trillion deposits in three months
Nigerian banks added about N21 trillion in new deposits in the first quarter of this year to push the sector’s total deposits to about N136 trillion, on course to surpass its 2023 business year performance. Audited reports and regulatory filings by commercial banks and their holding companies showed that individuals […]
Banks’ credits to private sector rise by N30 trillion
Nigerian banks have created about N30 trillion in new loans and supports for the private sector in a sustained efforts that have seen the banking sector emerging as the backbone of the country’s economic renewal agenda. Latest data from the Central Bank of Nigeria (CBN) indicated that credit to the […]