• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News Politics

FG expects single digit inflation by 2023 as external reserve receives a boost

Chike Olisah by Chike Olisah
September 10, 2021
in Politics
Finance minister says FG has suspended fuel subsidy removal
Share on FacebookShare on TwitterShare on Linkedin

The Minister of Finance, Budget, and National Planning, Zainab Ahmed, has said that the Federal Government is targeting single-digit inflation by 2023.

This is as she also said that the $3.3 billion Special Drawing Rights (SDR) from the International Monetary Fund (IMF) has helped to boost the country’s external reserve and will help stabilize the naira.

This was disclosed by Ahmed during an interview with Bloomberg Television, where she said that Nigeria will be raising $3 billion with the sales of Eurobond in the second week of October.

RelatedStories

Nigeria vs the World Bank: Truth, Myths, and Money Moves – Drinks and Mics

Nigeria vs the World Bank: Truth, Myths, and Money Moves – Drinks and Mics

May 17, 2025
IMF projects reduced economic growth for Sub-Saharan Africa

Surging electricity demand for AI could create new challenges for global economy – IMF 

May 14, 2025

What the Minister of Finance, Budget, and National Planning is saying

Ahmed said that the $3 billion Eurobond is part of the $6.1 billion external borrowings approved by the Federal Government with the remaining part of the debts expected from bilateral and multilateral sources.

The Minister said, ‘’The government has approved to raise $6.1 billion from overseas. So we are looking at doing half of that in the Eurobond market and the other half from bilateral and multilateral sources. Depending on how the market goes, maybe we can do a little bit more.’’

The roadshow for the Eurobond sale is expected to start on October 11, 2021.

She said, ‘’The government is now working to reduce its debt-service burden by increasing revenue, restructuring its debt portfolio through the conversion of expensive short-term notes into longer tenors, and also reducing its overall borrowing. Our target is to triple revenues from about 8% of GDP to 15%, and also grow the economy by 7%.’’

On inflation and oil prices, Ahmed said, “We certainly feel we have passed the worst of it. Our projection is that inflation will continue to go down throughout 2021 and also 2022. Target is to get to single digit inflation by 2023.”

‘’There is an indication that the market will still squeeze a little bit more. We have been lucky so far that prices have been trending upwards but anticipate that prices will go down. So we are prepared for the worse. We hope that it does not go below $40 a barrel.”

Going further she said, “The central bank is doing everything within limited constraints to stabilize the currency. The SDRs of $3.35 billion just received from the International Monetary Fund have helped shore up the reserves and will help stabilize the currency. Also, the withdrawal by the central bank of funding to unauthorized dealers will increase supply to the formal market to meet demand.

“We are trying to convert the central bank borrowing into debt notes and also cut borrowing to what the regulation provides.”

What you should know

  • This is the first Eurobond that Nigeria is raising in 3 years since the crash of oil prices affected the country’s revenue.
  • The Federal Government had said that it is set to raise the $3 billion through the launch of its planned Eurobond on October 11, with Lagos, New York roadshows with the new creditors expected to help fund the 2021 budget deficit.
  • The government through the Debt Management Office (DMO), earlier in August appointed transaction advisers for its Eurobond issuance.
  • The 2021 budget deficit is expected to be about N5.60 trillion and will be largely financed from foreign and local borrowings.
  • Recall that Nigeria’s economy rebounded strongly in June, with a GDP growth of 5.01%, the fastest growth in 7 years, from a contraction of 6.1% the previous year as the easing of coronavirus restrictions allowed economic activity to pick up.
Tags: IMFNigeria GDPsingle digit inflationZainab Ahmed
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

Related Posts

Nigeria vs the World Bank: Truth, Myths, and Money Moves – Drinks and Mics
Digital Media

Nigeria vs the World Bank: Truth, Myths, and Money Moves – Drinks and Mics

May 17, 2025
IMF projects reduced economic growth for Sub-Saharan Africa
Economy

Surging electricity demand for AI could create new challenges for global economy – IMF 

May 14, 2025
At IMF Nigeria is winning praise, but the money isn’t flowing—this is why  
Op-Eds

At IMF Nigeria is winning praise, but the money isn’t flowing—this is why  

April 30, 2025
Nigeria secures World Bank’s approval for $2.25 billion loan to boost reforms 
Economy

World Bank projects Nigeria’s current account surplus to reach 9.4% of GDP by 2026 

April 25, 2025
Tinubu says petrol subsidy removed to reset Nigeria’s economy  
Economy

World Bank projects 3.6% economic growth for Nigeria in 2025, more optimistic than IMF’s forecast 

April 24, 2025
IMF Projects 3% economic growth rate for Nigeria in 2025 
Economy

Global public debt to surpass 100% of GDP by 2030 – IMF 

April 24, 2025
Next Post

United Capital appoints Tokunbo Ajayi as Non-Executive Director.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • GTCO Plc becomes the 1st financial services institution in West Africa to achieve listing and trading of its ordinary shares on the London Stock Exchange 
  • H2 2025: Oil Deals, Dangote Power Moves, and Gen Z Ambition – Drinks & Mics Ft. Rolake Akinkugbe-Filani
  • FG reviews proposal to replace Carter Bridge with N320 billion cable-stayed option 

Follow us on social media:

Recent News

GTCO Plc

GTCO Plc becomes the 1st financial services institution in West Africa to achieve listing and trading of its ordinary shares on the London Stock Exchange 

July 5, 2025
H2 2025: Oil Deals, Dangote Power Moves, and Gen Z Ambition – Drinks & Mics Ft. Rolake Akinkugbe-Filani

H2 2025: Oil Deals, Dangote Power Moves, and Gen Z Ambition – Drinks & Mics Ft. Rolake Akinkugbe-Filani

July 5, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics