Nigeria ns survived the year 2023 amid the highs and lows of the country's economy. For many, surviving the last twelve months was hellish, occasioned by the President Bola Ahmed Tinubu government's major economic policies- fuel subsidy removal and exchange rate reform in the second quarter of 2023. The year in view was challenging not only for ordinary Nigeria ns but for business owners.
In 2023, GlaxoSmithKline Consumer Nigeria, Procter & Gamble, and other businesses announced their exit from Nigeria. The companies blamed their decisions on the economic hardship in Nigeria caused by the foreign exchange crisis, energy crisis and multiple taxation. This is because the Q1 of the year started on a negative footing with the devastating cash crunch caused by the implementation of Naira's redesigned policy until the Supreme Court came to the rescue. Still, the general elections in February and March also contributed to the slow pace of business in Q1. To this end, Nigeria's Gross Domestic Product growth fell to 2.31 per cent in the first Quarter of 2023 from
Nigeria Economy Challenges Government Policies Businesses GDP Growth
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Over 200 Nigerians Die from Lassa Fever in 2023At least 200 Nigerians have died from Lassa fever in the first 11 months of 2023; a disease that is preventable with good hygiene and treatable if presented early at hospitals. Over 1,170 confirmed cases of the disease were recorded across the country within that period, indicating a fatality rate of 17 per cent in Africa’s largest country, in terms of population and economic size.
Source: PremiumTimesng - 🏆 3. / 78 Read more »
Nigerians Celebrate Low-key Christmas Amid Economic CrisisMany Nigerians are unable to celebrate Christmas with their loved ones due to the economic crisis and high transportation fares. The price of food items has also tripled in the market.
Source: DailyPostNGR - 🏆 11. / 59 Read more »
Nigeria Spends N600bn on Electricity Subsidies in 2023The federal government has spent over N600 billion to subsidise electricity in 2023 alone, as forex unification and high inflationary pressures pushed cost-reflective tariffs to N124/kWh. The Nigerian Electricity Regulatory Commission (NERC) revealed that the government paid N2.8 trillion to subsidise electricity from 2015 to 2022. The minister of Power, Adebayo Adelabu, advocates for pricing gas in Naira to manage foreign currency-related inflationary trends in the sector.
Source: LeadershipNGA - 🏆 4. / 77 Read more »
Nigeria's Annual Inflation Rate Rises to 28.20%Nigeria's annual inflation rate increased to 28.20% in November 2023, showing a rise of 0.87% compared to the previous month. On a year-on-year basis, the inflation rate was 6.73% higher than the rate recorded in November 2022. The month-on-month inflation rate in November 2023 was 2.09%, indicating a higher rate of increase in the average price level compared to October 2023.
Source: PremiumTimesng - 🏆 3. / 78 Read more »
Find the Best New Online Casinos for 2023 with Innovate ChangeChoosing an online casino to register with can be a difficult decision. Check out this list of the best new online casinos for 2023 carefully selected by a team of experts at Innovate Change.
Source: PremiumTimesng - 🏆 3. / 78 Read more »
More Nigerian Youth Elected into State and National Assemblies in 2023 General ElectionsThe Minister of Youth Development, Jamila Ibrahim, has said that more Nigerian youth were elected into the state and national assemblies in the 2023 general elections compared to 2019. The minister made this statement during the graduation ceremony of the second cohort of the Legislative Mentoring Initiative (LMI).
Source: PremiumTimesng - 🏆 3. / 78 Read more »