According to the Central Bank of Nigeria Money and Credit Statistics for the review period, it shows that credit to the Credit to the Government rose Month-on-Month (MoM) by 7.6 percent from N33.6 trillion in December 2023 to N36.16 trillion in January 2024.
The data also shows that the credit to the private sector grew Month-on-Month (MoM) by 23 percent from N62.5 trillion in December 2023 to N76.9 trillion in January 2024.
Consequently, the Net Domestic Credit (NDC) to the economy rose to N113.1 trillion in January 2024, representing a 17.5 percent MoM growth from N96.18 trillion in December 2023.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, revealed last Month that the country may tap the Eurobond market later in the year if rates move sufficiently lower.
“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.