Government Credit has increase month-on month, MoM, by 7.6 percent to N36.16 trillion in January 2024 from N33.6 trillion in December 2023.
Statistics restrained in the Central Bank of Nigeria, CBN, Money and Credit figures for the review period showed that credit to the private sector grew MoM by 23 percent to N76.9 trillion early this year from N62.5 trillion in last year December 2023.
Therefore, the net domestic credit, NDC, to the economy increased to N113.1 trillion in January 2024, representing a 17.5 percent MoM increase from N96.18 trillion in December 2023.
Previous month, the minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclose that the country might tap from the Eurobond market later in the year if rate move adequately low.
According to Macroeconomic report, analyst at cardinalstone Research stated that such a move can be improve in foreign exchange liquidty.
“We see legroom for gradual improvement in FX liquidity, aided by the plans of the government to obtain credit in the Eurobond market.
“Given Nigeria’s supportive credit ratings and the expectations of likely rate cuts in the United States, US and other developed markets, we expect the planned issuance to be successful,” CardinalStone stated.
