2023 H1 – HALF YEAR ECONOMIC REVIEW – JULY 2ND 2023

The Nigerian economy was impacted by diverse global and domestic variables in the first half of the year. Major global factors were the Russian Ukraine war which continues to exacerbate energy costs and fueling inflation globally; the persistent monetary tightening in the advanced economies aimed at curbing a rather protracted inflationary pressure; and the worsening…

CPPE CALLS FOR SUSPENSION OF PLANNED IMPOSITION OF EXCISE DUTIES ON MANUFACTURERS

Earlier this year, the Finance Minister, Mrs Zainab Ahmed, hinted that excise duty will be imposed on a range of manufactured goods in the country anytime soon. But these are very difficult times for manufacturers as they contend with escalating cost of production arising from elevated energy costs, rising operating expenses, sharp currency depreciation, forex…

THE ECONOMIC IMPLICATIONS OF THE RUSSIAN INVASION OF UKRAINE.

Implications for The Domestic Economy: The Russian invasion of Ukraine has profound and multidimensional implications for the Nigerian economy, especially if it gets protracted. These include the escalation of energy prices [diesel, aviation fuel, kerosene and gas], mounting petrol import and subsidy bill and the aggravation of petrol smuggling.  There are also significant macroeconomic outcomes…