Riddles and jokes🃏😜
#171: A $108.30 billion riddle.
Hello Venturer,
I bet you enjoyed riddles and jokes at some point. When I was a child, I had fun taking turns playing the game with my friends. I found two riddles very fascinating.
The first is, “What comes down but never goes up?” The answer to that is “rain”.
The second is “What goes up and never comes down?” We were told the answer to the riddle was “age”.
Well, in Nigeria, many things go up and never come down - inflation, cost of living, and external debt.
Last week, the National Bureau of Statistics announced that Nigeria’s inflation surged to an 18-year high in August 2023, with the headline inflation rate reaching 25.80 per cent. This marks a significant increase of 1.72 per cent points compared to the previous month’s rate of 24.08 per cent.
More so, fluctuations in exchange rates and a weakening currency are complicating the country’s debt problems. Is there an end in sight to Nigeria’s rising debt?
Ishioma Imokhai-Bello,
Staff Writer
What’s new?
Is there an end in sight to Nigeria’s rising debt?
38.05 per cent of Nigeria’s debt constitutes external debt, presenting a formidable challenge due to its reliance on foreign currencies. Fluctuations in exchange rates, such as currency depreciation, can lead to increased interest payments and adverse fiscal impacts. Furthermore, the possibility of rising interest rates makes the situation more complex. Read more.
Africa’s biggest cities have unique problems
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The new CBN governor has a difficult job to do
On September 15th, President Bola Tinubu nominated Olayemi Michael Cardoso to succeed Godwin Emefiele, who had been in office since June 2014. Emefiele’s tenure halted in June when the President suspended him, and Folashodun Shonubi took over as a placeholder. Read more.
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What are Africa’s top economies doing about interest rates?
Over the next three weeks, several African central banks will have monetary policy meetings. Most will have to decide on interest rates, which will be crucial for their economies’ fourth-quarter performances. These decisions will influence the next move for many African countries since many of them need these foreign currencies in their reserves and for trade. Read more
Last Friday, the 15th of September, President Bola Tinubu revealed the nomination of Olayemi Cardoso to serve as the new Governor of Nigeria’s Central Bank (CBN). Also, the South African Competition Commission initiated an investigation into Johnson & Johnson (J&J), a prominent pharmaceutical corporation headquartered in New Brunswick, New Jersey. Read more.
Minister, Bosun Tijani will share the agenda for Nigeria’s digital economy at Moonshot 2023
Dr. Bosun Tijani, an icon in the Nigerian tech ecosystem, brings a wealth of experience and an unwavering commitment to driving nationwide digital transformation. As the founder of CcHub, one of Africa’s foremost tech hubs with a presence in Nigeria, Kenya, Rwanda and Tanzania, he has been a driving force behind numerous successful tech startups and initiatives. Read more
The VA Pod
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