25

May

The CBN Increases Interest Rates To 18.5% In Order To Tame Inflation

The monetary policy rate (MPR), which measures interest rates, has been increased by the policy-setting committee of the Central Bank of Nigeria (CBN) from 18 percent to 18.5 percent. Nigeria’s inflation rate increased to 22.22 percent last week as a result of the spike in food costs. Every other interest rate employed in an economy is based on the monetary policy rate (MPR), which serves as its foundation. The revelation was disclosed to the media on Wednesday following the committee meeting at the CBN headquarters in Abuja by Godwin Emefiele, governor of the federal bank. The apex bank would increase[…]

25

May

The AfDB Has Approved A $11 Million Budget Allocation To Increase Fertilizer Finance For Smallholder Farmers

The AfDB has approved a $11 million budget allocation to increase fertilizer finance for smallholder farmers. The African Development Bank’s (AfDB’s) board of directors has approved a budgetary allocation of $11.7 million for the African Fertilizer Financing Mechanism’s (AFFM’s) 2023 operations, with the goal of enhancing fertilizer supply and production while facilitating smallholder farmers’ access to inputs and technical assistance. The approval included $4.7 million that was carried over from the previous year to strengthen the fertilizer sector through access to finance, supporting the development of long-term policy reforms and $16.4 million that was extended to the facility to support[…]