Despite Nigeria’s increasing rates of inflation, Financial Derivatives CEO Bismarck Rewane has forecast better times ahead for the nation’s economy.
Rewane made this prediction when he appeared as a guest on Channels Television’s The Morning Brief on Thursday
Rewane raised important questions on how the nation may benefit from the recent departure of a few major corporations.
He said,
Recall Nigeriaâs headline inflation rate rose by 0.26 percentage points to 33.95 percent in May from 33.69 per cent in April.
The National Bureau of Statistics also revealed that the food inflation increased to 40.66 percent in May from 40.53 percent in April.
This increase was driven by higher prices for millet flour, Garri, beans, wheat flour (prepacked), Semovita, and other food items.
TimesNow.com.ng reported that financial commentators predicted that this week would witness a rise in the value of the naira due to the federal government’s intention to use the $2.25 billion World Bank loan that Nigeria was awarded.
By boosting revenue, the $2.25 billion loan is primarily meant to assist Nigeria in implementing economic reforms that have resulted in the largest cost-of-living issue in a long time.
The Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing initiative is the first, and it is anticipated to receive $1.5 billion.
Source: TimesNow.com.ng
