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Financial Stability Report – June 2022

Dec 13, 2022   •   by   •   Source: CBN   •   eye-icon 226 views

The Russia-Ukraine crisis and the resurgence of Covid-19 in China disrupted the global supply chains, heightened commodity prices, and fuelled inflationary pressures. Furthermore, rising inflation prompted the adoption of tight monetary policy stance by most central banks which led to tightening financial conditions with attendant risk to financial stability. Consequently, growth of the global economy earlier projected at 4.40 per cent for 2022 was revised to 3.20 per cent, lower than 6.10 per cent recorded in 2021. 

 

Growth in Sub-Saharan Africa was estimated at 3.80 percent in 2022, a moderated from 4.60 percent achieved in 2021. In Nigeria, growth for the first half of 2022 declined to 3.32 per cent, from 4.02 per cent in the second half of 2021. This was due mainly to the lingering effects of the Russia-Ukraine crisis, which disrupted supply chains and heightened prices of raw materials and operational costs. Consequently, annual growth was projected to moderate to 3.40 per cent in 2022, from 3.60 per cent in 2021. 

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