Tag: #NIGERIA

Nigeria’s total public debt accelerated by about 17% to N46.25 trillion, an amount which is equivalent to $103.1 billion in 2022, according to Debt Management Office’s (DMO) latest report. In absolute terms, this represents an increase of N6.69 trillion annual growth when compared with N39.56 trillion debt stock reported in 2021 as the government ramped up borrowing to fund its budget deficit. Nigeria’s debt-to-gross domestic product (GDP) ratio stood at 23.2% in 2022, compared with 22.47%, trending within the country’s self-imposed limit of 40%, the DMO said in the statement released today. In terms of composition, Nigeria’s debt agency explained that total domestic debt stock was N27.55 trillion or $61.42 billion, while total foreign debt stock settled at N18.70 trillion or $41.79 bil...

Total cashless transactions conducted in Nigeria increased significantly amidst an effort to drive a cashless economy in Africa’s largest economy by gross domestic product (GDP) size, according to data from Nigeria Inter-Bank Settlement System’ (NIBSS). As of January 2023, the total of cashless transactions in Nigeria rose to N39.58 trillion, representing a whooping 45.4% year-on-year increase, according to the Nigeria Inter-Bank Settlement System’s (NIBSS) reported data. In its report, NIBSS hints that Instant Payment System (NIP), point-of-sale transactions have risen almost 41% year on year to N807.2 billion at the close of January 2023 after hitting N573.72 billion in the same period last year. It is noted that total NIP transactions expanded by 45.5% year on year between Janu...

  Banks Valuation: Nigerian big balance sheet banks see their respective stock market valuations decline in the just concluded week as equity investors take early exits ahead of dividend announcements. The market still awaits the earnings release of Access Bank and FBN Holding Plc for the financial year 2021. The question is why sell down when dividends are coming? Stock analysts said in Africa that there will be re-entry as investors could take back seats to gauge market temperature, track earnings and dividend direction among other things. “For each result, investors could sense what would happen next and trade according to the pattern: sometimes, it is good to exit to make a strategic re-entry”, MarketForces Africa gathered from Broadstreet geeks. A slew of equit...