Nigerian Economy Today: 10 Key Updates You Need to Know This Saturday Morning

Nigerian Economy Today: 10 Key Updates You Need to Know This Saturday Morning

Nigerian Economy Today: 10 Key Updates You Need to Know This Saturday Morning

The Nigerian economy continues to face multifaceted challenges and opportunities. Here’s a roundup of the latest key updates today, Saturday 17 February 2024:

1. Naira Volatility: The Naira hit a record intra-day high of N1607 against the US dollar amidst rising demand pressure and inflation. Despite the Central Bank of Nigeria’s (CBN) efforts to stabilize the currency, challenges persist​.

2. EU’s Investment in Renewable Energy: The European Union plans to invest €37 million in solar and hydropower projects across Nigeria, aiming to enhance healthcare centres and rural areas’ access to power​.

3. Forex Policies Under Scrutiny: CBN’s forex policies are facing challenges as the exchange rate approaches N1,700/$1, highlighting structural issues affecting exchange rate stability​​.

4. Health Infrastructure Upgrade: President Tinubu has approved a comprehensive upgrade of cancer-treatment infrastructure and other vital healthcare services across six tertiary hospitals in Nigeria​​.

5. Cleantech Startup Arnergy’s Expansion: Nigerian cleantech startup Arnergy raised $3 million for expansion, financed by All On, a Shell-backed off-grid energy investment company​​.

6. Building Material Price Concerns: The Housing Minister expressed concerns over the incessant hike in prices of cement and building materials, calling for a meeting with manufacturers to address the issue​​.

7. Lagos State’s Housing Efforts: Lagos Government has provided over 3,000 housing units in the past five years and aims to reach 7,000, targeting to alleviate the housing shortfall amid population growth​​.

8. Cost of Living in Various States: A recent report highlighted the most expensive states to live in Nigeria as of January 2024, with significant increases in inflation rates and food prices affecting residents’ living costs​​.

9. Nationwide Protest Over Hardship: The Nigeria Labour Congress (NLC) has announced a two-day nationwide protest for February 27 and 28, in response to the Federal Government’s failure to address nationwide hardships​​.

10. Rising Food Inflation: Food inflation rates have notably increased in several states, significantly impacting the cost of living and exacerbating economic hardships for many Nigerians​​.

 

The post Nigerian Economy Today: 10 Key Updates You Need to Know This Saturday Morning appeared first on Naija News.

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