The Central Bank of Nigeria governor, Godwin Emefiele, says the closure of Nigeria’s land borders by the Federal Government is yielding positive economic results for the country. He said before the borders are reopened, “there must be concrete engagements with countries that are involved in using their ports and countries as landing ports for bringing in goods […]
Overall, the 25th Nigerian Economic summit has highlighted vital areas the Nation needs to fix and grow to set it on a path of growth and leapfrog into the Fourth industrial age.
Looking at the cut in Repo rate and Monetary Policy rate between India & Nigeria respectively, we can see that India has opted to reduce its repo rate thus trying to boost its economy in response to global economic shocks to GDP. This allows banks to lower interest rates for consumers and offer lower equal monthly instalments on home loans, car loans and personal loans which all points to an increase in supply of money