November 29, 2024/United Capital Research
Anglophone West Africa (WAEMU)
Nigeria
- Nigeria’s GDP grows by 3.46% in Q3 2024
Nigeria’s economy recorded a 3.46% y/y growth in Gross Domestic Product (GDP) during Q3-2024. The growth represents an improvement over the 2.54% recorded in the same period of 2023 and a slight rise from 3.19% in the preceding quarter. The growth was largely driven by the oil sector, as well as continued expansion in non-oil activities, particularly services and agriculture.
- Unemployment rate dropped to 4.30% in Q2 – NBS
Nigeria’s unemployment rate declined to 4.30% in the Q2-2024, signalling improved labour market conditions. This marked a decrease from the 5.30% recorded in Q1-2024 and reflected a gradual recovery from 5.00% in Q3-2023. The Labour Force Participation Rate rose to 79.50%, up from 77.30% in the previous quarter, highlighting increased workforce engagement. The Employment-to-Population Ratio also showed significant improvement, climbing to 76.10% in Q2-2024 from 73.20% in Q1-2024.
- November 2024 MPR: CBN raises interest rate once again by 0.25% to 27.50%
The CBN has raised its interest rate, increasing it by 25bps from 27.25% to 27.50%, in a bid to address the rising inflation in the country. Meanwhile, the Committee decided to retain the Monetary Policy Reserve Ratio (CRR) at 50.00% for Deposit Money Banks and 16.00% for Merchant Banks. The Liquidity Ratio (LR) remains unchanged at 30.00%, alongside the Asymmetric Corridor, which stays at +500/-100 basis points around the Monetary Policy Rate (MPR).
- CBN sets $100,000 minimum trade for banks
The CBN has issued fresh guidelines for interbank foreign exchange trading via the Electronic Foreign Exchange Matching System (EFEMS), mandating a minimum trade value of $100,000, with incremental clip sizes of $50,000. The EFEMS is also limited to spot FX transactions involving the Nigerian Naira and the United States Dollar.
- PH refinery: 200 trucks load daily, 150,000bpd Eleme plant dormant
The Port Harcourt Refinery Company has finally commenced fuel production, after seven postponements, promising a daily supply of about 200 trucks, about one million litres of refined products were released by the plant on Tuesday. The refinery is currently operating at a refining capacity of 70.00% of its installed capacity. Meanwhile, the bigger refinery in the Eleme complex that houses the plants, with a 150,000-capacity is yet to be completed.
- FG attracted $1.27bn capital from BRICS countries
Nigeria has attracted $1.27bn in foreign capital from BRICS countries by June 2024, marking a significant rise from the $438.72mn recorded during the same period in 2023. The Vice President emphasised China’s position as Nigeria’s leading trading partner, with total
