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Top 7 Tips For Effective Time Management

Managing your time effectively is essential to achieving personal and professional success in today’s fast-paced world. With numerous tasks and endless distractions, mastering time management can significantly boost productivity, reduce stress, and help you accomplish your goals more efficiently.

Here are the top 7 tips for improving your time management skills.

1. Set Clear and Specific Goals

The first step to effective time management is setting clear and achievable goals. Whether personal or professional, having well-defined goals provides you with direction and purpose. Break down larger goals into smaller, manageable tasks with specific deadlines. Using the SMART (Specific, Measurable, Achievable, Relevant, Time-bound) framework can help you stay focused and organized, preventing procrastination and ensuring that you’re working toward meaningful objectives.

2. Prioritize Your Tasks

Not all tasks are created equal, so it’s essential to prioritize them based on importance and urgency. One of the most effective methods is using the Eisenhower Matrix, which helps you categorize tasks into four groups:

  • Urgent and Important: Must be done immediately.
  • Important but Not Urgent: Critical tasks for long-term goals.
  • Urgent but Not Important: Can be delegated to others.
  • Neither Urgent nor Important: Tasks that can be eliminated.
    By focusing on what truly matters, you can avoid wasting time on less significant activities and ensure you meet deadlines.

3. Use Time-Blocking for Focused Work

Time-blocking is a technique where you allocate specific blocks of time for particular tasks or activities. This method helps minimize distractions and ensures you stay focused on one task at a time. Whether it’s writing reports, attending meetings, or simply brainstorming, assigning a dedicated time slot for each task allows you to work without interruption. Additionally, it provides a clear structure for your day, making it easier to manage your time effectively.

4. Avoid Multitasking

While it might seem efficient to juggle several tasks at once, multitasking can actually reduce productivity. Studies show that switching between tasks leads to mistakes and wasted time as the brain works harder to refocus. Instead, concentrate on completing one task at a time and then move on to the next. This approach improves the quality of your work and ensures that you remain productive.

5. Learn to Say No

One of the most important time management skills is the ability to say no when necessary. It’s easy to overcommit, but taking on too many tasks can overwhelm you and spread your attention too thin. Assess each new opportunity or request and ask yourself if it aligns with your priorities and goals. Saying no doesn’t mean you’re being unhelpful, it means you’re respecting your time and focusing on what matters most.

6. Minimize Distractions

Distractions are a major time thief, especially in the digital age. Social media, email notifications, and constant interruptions can derail your productivity. To combat this, turn off non-essential notifications, set boundaries with coworkers or family, and create a distraction-free workspace. Consider using apps that block distracting websites or set timers to help you stay focused for specific periods.

7. Take Breaks and Rest

It may sound counterintuitive, but taking regular breaks can actually boost your productivity. Continuous work without rest can lead to burnout and decreased performance. Schedule short breaks throughout the day to recharge, whether it’s a walk outside, a coffee break, or a few minutes of stretching. These moments of rest help clear your mind, reduce stress, and maintain your energy levels so you can tackle your tasks more effectively.

Final Thoughts

Effective time management isn’t about working harder; it’s about working smarter. By setting clear goals, prioritizing tasks, and minimizing distractions, you can make the most of each day. Incorporating time-blocking, focusing on one task at a time, and ensuring you take breaks will enhance your productivity and help you maintain a balanced life. Time is a precious resource—how you manage it can make all the difference in achieving success and maintaining well-being.

Foreign Portfolio Investors Rally Behind Nigeria’s Eurobonds Amidst U.S. Rate Cuts

Foreign portfolio investors have shown renewed interest in Nigeria’s Eurobonds, as improved market sentiment has driven demand for the country’s dollar-denominated assets. Analysts attribute this optimism to a combination of recent U.S. Federal Reserve decisions and Nigeria’s ongoing economic reforms.

Following the Federal Reserve’s recent rate cut of 25 basis points, which brought rates to a range of 4.50%–4.75%, markets saw a bullish shift that attracted investors to high-yield assets, including Nigeria’s Eurobonds. Elevated yields on these bonds have continued to appeal to foreign investors, enhancing demand across all bond tenors.

This market momentum also reflects optimism around Nigeria’s economic policies and strengthened confidence in the nation’s ability to repatriate funds, though the market is still awaiting a reclassification by the MSCI Index to restore Nigeria’s status in the frontier market.

AIICO Capital Limited highlighted a marked buy pressure across short, mid, and long ends of the yield curve, causing the average yield to fall by 24 basis points to settle at 9.31% by the week’s end. Nigerian, Angolan, and Egyptian bonds were among the African assets benefiting from this trend, with Nigeria’s Eurobonds witnessing gains of up to $2.

 However, toward the close of the trading week, a round of profit-taking followed a sustained period of buying interest.

TrustBanc Capital Limited, in a report to investors, noted that Nigeria’s yield curve exhibited significant interest, particularly at the middle segment, as traders adjusted their strategies following the U.S. election outcome.

The firm anticipates that rate cuts under the new U.S. administration may proceed at a more measured pace, impacting future bond demand.

Analysts foresee a mix of sentiments moving forward, with AIICO Capital predicting increased profit-taking at the start of the new trading week as investors react to the recent gains.

Lagos State Moves To Demolish Illegal Structures On Bourdillon Road, Ikoyi

The Lagos State Government begins a cleanup operation to remove shanties and unauthorized structures around the NIPOST area on Bourdillon Road in Ikoyi, as part of an ongoing urban regeneration project. Led by the Lagos State Building Control Agency (LASBCA), the operation launches on Sunday, aiming to address environmental and security risks posed by these unapproved developments.

In a statement on LASBCA’s official social media, Adu Ademuyiwa, Director of Public Affairs, emphasizes the government’s commitment to a safer and more organized urban landscape. “The Lagos State Government, through LASBCA, is actively removing shanties and illegal structures around Bourdillon Road to support urban renewal and public safety,” the statement says.

LASBCA General Manager, Arc. Gbolahan Oki, explains that all affected occupants receive quit and demolition notices well in advance, allowing ample time for compliance. He states that the demolition is necessary due to the continued appearance of unapproved structures despite repeated warnings, which present significant safety hazards.

“Despite multiple warnings, illegal structures keep emerging in these areas, disrupting the city’s orderliness and putting public safety at risk. We remain dedicated to enforcing building standards and will not overlook these issues,” Oki adds, noting that similar actions will extend to other areas across Lagos in line with the agency’s sustainable urban development objectives.

Additional Context

The Lagos State Government is intensifying enforcement of building standards, with a focus on safety, health, and long-term accessibility. Recently, LASBCA issues a two-week ultimatum to residents of 15 distressed buildings in Iponri Housing Estate, Surulere, due to concerns over structural integrity. LASBCA also takes action against developers violating approved plans, suspending AEOS Engineering Services for constructing a 10-floor building in Somolu L.G.A., exceeding the sanctioned height.

In a similar move, LASBCA shuts down Ikeja Golf Club due to public safety concerns following incidents of golf balls damaging vehicles, as the club fails to install protective netting or adjust play areas.

Bitcoin Surges To $81,000, Market Cap Crosses $1.6 Trillion

Nigeria Emerges 5th Most Interested Country In Bitcoin

Bitcoin, the leading cryptocurrency, reaches a new milestone as its price hits $81,000, pushing its market capitalization beyond $1.6 trillion. The cryptocurrency has gained 17.6% over the past week, now trading around $80,891 after a slight dip.

Following Donald Trump’s recent election victory, Bitcoin maintains an upward trajectory, breaking previous records and setting fresh all-time highs almost daily. This rally drives Bitcoin’s market dominance to 55.4% and boosts its daily trading volume to $92 billion.

With this surge, Bitcoin’s market cap now ranks above Meta, valued at $1.48 trillion, making it the ninth-largest asset globally. The ongoing bullish trend draws in more institutional investors, increasing investment across the crypto market.

The total crypto market valuation rises by 3% over the past 24 hours, now surpassing $2.9 trillion—a level not seen since November 2021. Coingecko data shows an 80% rise in trading volume, currently at $306 billion, reflecting heightened interest from retail and institutional investors alike.

What Drives Bitcoin’s Recent Price Spike

A month ago, Bitcoin trades around $60,000. This recent surge adds over $20,000 to its value in just the first week of November, largely driven by the U.S. Presidential election results, which see Donald Trump, a pro-crypto candidate, winning the race. Trump’s favorable stance on cryptocurrency sparks optimism, as investors anticipate a shift in the regulatory approach toward digital assets.

Crypto whales—large holders of Bitcoin—also play a key role in this rally. Data from IntotheBlock shows that whales accumulate nearly 32,000 BTC on November 10, maintaining steady buying activity since November 6, the day after the election.

Key Market Insights

Bitcoin’s rapid price rise triggers significant market liquidations. CoinGlass data shows $121 million in Bitcoin liquidations, with $38 million from long positions and $83 million from shorts. Across the crypto market, total liquidations reach $630 million over the past 24 hours.

In the crypto space, liquidation refers to the forced closing of a position by converting a crypto asset to fiat or stablecoins, often triggered when a trader lacks the funds to sustain a leveraged trade.

Vandals Strike Lokoja-Gwagwalada Power Line, Damaging Three Towers

The Transmission Company of Nigeria (TCN) confirms another act of vandalism, with three towers on its 330kV Lokoja-Gwagwalada transmission line severely damaged. According to TCN spokesperson Ndidi Mbah, the incident took place early Saturday, disrupting bulk power flow along the line.

The affected towers, labeled T306, T307, and T308, were found damaged by TCN’s inspection team after an attempt to re-energize the line tripped. The vandals not only damaged the structures but also stole two spans of aluminum conductor from the line. Despite the setback, TCN continues to deliver power to the impacted regions via an alternative line.

Mbah highlights that the incident follows a worrying trend of vandalism targeting Nigeria’s power infrastructure. Previous attacks on lines like the Gwagwalada-Kukuwaba-Apo in December 2023 and the Gwagwalada-Katampe line in February 2024 have hindered efforts to stabilize the national grid, causing frequent outages.

“This destruction undercuts national progress and delays our efforts to restore reliable power supply,” Mbah stated, calling on communities and security agencies to support efforts in deterring such sabotage. TCN is urging Nigerians to stand against this recurring infrastructure threat to ensure stable electricity for all.

Nigerian Government Redirects N5.4 Trillion Fuel Subsidy Savings To National Development Projects

Tinubu Authorizes Appointment Of New CEOs

The Nigerian government confirms that it is redirecting an estimated N5.4 trillion in savings from the removal of fuel subsidies in 2024 towards critical infrastructure and social intervention programs designed to improve living standards for citizens and support nationwide development.

According to a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, these savings are being actively invested in key sectors such as transportation, healthcare, and education, with a focus on enhancing infrastructure in both urban and rural areas.

“The N5.4 trillion saved from the removal of fuel subsidies is being allocated to infrastructure projects and social programs that will benefit all levels of government and improve Nigerians’ quality of life,” Onanuga reveals.

Strategic Economic Reinvestment Under Tinubu Administration

This reallocation aligns with President Bola Tinubu’s strategy of reinvesting revenue into projects that drive economic growth. The administration aims to use these funds to address critical socio-economic challenges and support sustainable development across the country.

Response to Opposition Criticisms

Onanuga also responds to recent criticisms from Atiku Abubakar, former Vice President and presidential candidate of the People’s Democratic Party (PDP), urging him to recognize the government’s efforts in enhancing revenue generation and using subsidy savings for national progress.

“It is essential for opposition leaders like Atiku Abubakar to acknowledge the administration’s commitment to generating revenue and investing in transformative initiatives,” Onanuga states, calling for constructive engagement instead of political distractions.

Focus on Refinery Revitalization for Energy Independence

Onanuga highlights that the Tinubu administration prioritizes the revitalization of Nigeria’s refineries to reduce reliance on imported fuel. The government supports the development of modular refineries and aims to optimize operations at the new Dangote Refinery to boost local fuel production.

“The strategy involves leasing fully rehabilitated refineries to private sector managers under agreed terms, which is more sustainable than outright privatization to entities lacking the technical capacity to run them,” Onanuga explains.

These efforts are set to enhance Nigeria’s fuel production capacity, strengthen energy security, and reduce the burden on foreign exchange reserves.

Impact on Fuel Pricing and Market Dynamics

Since the removal of subsidies, fuel prices have gradually increased due to market forces. The Nigerian National Petroleum Corporation (NNPC) Limited has adjusted petrol prices multiple times, citing market realities. The Dangote Refinery currently sets its petrol prices between N970 and N990, reflecting current economic conditions.

The government’s comprehensive strategy to use subsidy savings for national development and refinery revitalization aims to build a resilient economy and improve living conditions for all Nigerians.

CBN Raises Over N2.07 Trillion through Treasury And OMO Bill Auctions

Tinubu Orders Osayande To Investigate CBN, Related Affairs

The Central Bank of Nigeria (CBN) has generated more than N2.07 trillion from the financial markets through sales of Treasury and Open Market Operations (OMO) bills, according to recent auction results.

The CBN’s sale of OMO and Treasury bills effectively withdrew over N2 trillion from circulation in an effort to curb excess liquidity in the financial system.

Nigeria’s persistently high inflation continues to weigh on macroeconomic stability, exacerbated by the naira’s depreciation. To offset rising inflation, investors have shown strong demand for Nigerian debt instruments due to the elevated yields on naira assets. Last week, the CBN responded by initiating large OMO sales in the primary market on Tuesday.

The high demand for OMO bills from local banks and foreign portfolio investors led the CBN to increase its offering. According to investment banks, the CBN allocated N1.447 trillion worth of OMO bills, far exceeding the N300 billion initially offered.

Following this, Nigeria’s Debt Management Office (DMO), on behalf of the CBN, also conducted a Treasury bills auction midweek to further reduce liquidity. At this primary market auction, the DMO offered N513.43 billion in Treasury bills, with stop rates on the 91-, 182-, and 364-day papers rising compared to the previous auction.

The auction results revealed strong demand, as the DMO allocated N626.33 billion—22% above the initial offer—at higher yields. The 364-day tenor represented 97% of the total allotment. Stop rates climbed across all tenors, with increases of 100 basis points (bps) for the 91- and 182-day papers and a 235 bps rise for the 364-day paper.

In a previous auction last month, ₦81.9 billion was offered with steady stop rates of 17.00%, 17.50%, and 19.864% for the 91-, 182-, and 364-day tenors, respectively, according to AIICO Capital Limited. Analysts noted that later in October, a larger auction of ₦374.669 billion saw the 364-day rate rise to 20.65%.

Bitcoin Approaches $80,000 As Crypto Market Gains Momentum

Bitcoin

Bitcoin (BTC) neared the $80,000 mark today amid increasing buying interest across the cryptocurrency market. Ethereum (ETH), Solana (SOL), Cardano (ADA), Dogecoin (DOGE), and XRP have all experienced upward trends as well.

BTC is trading around $79,700, while ETH has climbed above $3,200, and SOL is close to $206. The recent rise in top digital asset prices has pushed the total cryptocurrency market capitalization beyond $2.7 trillion.

According to data from CoinMarketCap, the global crypto market cap rose 4.79%, reaching $2.73 trillion. Trading activity has been robust over the past week, with the 24-hour crypto market volume totaling $150.53 billion—up 19.18%.

In the DeFi sector, trading volume reached $9.26 billion, representing 6.15% of the total 24-hour market volume. Stablecoins also saw significant trading activity, with a total volume of $135.62 billion, or 90.09% of the market’s 24-hour volume.

On Friday, most major digital assets saw gains, with Bitcoin (BTC) reaching a high of $77,000, extending its rally to a new record. The CoinDesk Market Index, tracking 126 digital assets, rose 0.7% in the past 24 hours. U.S. stocks also posted gains, with the Nasdaq 100 up 0.1%, the S&P 500 up 0.4%, and the Dow Jones Industrial Average rising 0.6%.

Bitcoin rose 0.2% to $76,658 and is on track for a weekly gain of over 10%, peaking at $77,252 in the last 24 hours, according to CoinMarketCap. Bitcoin’s 24-hour trading volume declined by 12% to $57.11 billion. Meanwhile, Ethereum (ETH) climbed 1.5% to $2,933, reflecting a weekly gain of nearly 17%. Solana (SOL) was up 0.5%, while Binance Coin (BNB) slipped 0.9%.

XRP dropped 1.3%, while Cardano (ADA) surged 10%, and Dogecoin (DOGE) gained 1.6%. The U.S. 10-year Treasury yield fell to 4.306% from 4.341% on Thursday, while the five-year yield rose slightly to 4.192% from 4.188%.

Rising Inflation Rate Expected Due To Currency Instability And High Food Prices

Analysts Expect Inflation Rate To Jump To 18.2% In May
Analysts Expect Inflation Rate To Jump To 18.2% In May

Nigeria’s inflation rate is projected to continue its upward trend, driven by rising logistics costs and exchange rate pressures impacting food prices across the country. Analysts anticipate this increase ahead of October’s monthly inflation report.

Cowry Asset Limited forecasts inflation to reach 33.10% in October, attributing this rise to recent petrol price hikes and flooding in certain regions. Additional concerns stem from disruptions in food supply chains due to insecurity and currency depreciation. Analysts warn that without government intervention to address high petrol prices and reduce scarcity, core inflation may remain elevated.

Cowry Asset emphasized that absent decisive action, rising transportation costs could further impact headline inflation, which has been exacerbated by fuel price hikes, currency depreciation, and agricultural disruptions. As these factors strain household budgets, consumer spending has declined significantly.

Despite efforts by the Central Bank of Nigeria (CBN) to curb inflation through interest rate hikes and a zero-duty import policy, structural challenges—such as supply chain inefficiencies and security issues—have limited their effectiveness, Cowry Asset Limited reported.

In 2024, Nigeria’s inflation rate has been volatile, primarily due to surging fuel prices, currency devaluation, and agricultural supply disruptions. These factors have driven inflation to near 30-year highs, intensifying price pressures despite high-interest rates and targeted policy measures.

In September, inflation rose again to 32.7%, largely due to sustained high food costs, widespread flooding, and persistent currency pressure. Petrol prices rose from N980 to approximately N1,050 per liter in Lagos and higher in other states, further driving inflation. Analysts at Cowry Asset predict that headline inflation could exceed 35% by December, with food prices playing a significant role.

Data from the National Bureau of Statistics (NBS) for September showed that food inflation rose to 37.77% year-on-year, up from August’s 37.52%. The increase was largely due to insecurity, high farm input costs, and flooding in key agricultural regions.

On a slightly positive note, core inflation, which excludes food and energy, eased slightly for the first time in ten months, dropping from 27.58% in August to 27.43% in September. However, Cowry Asset Limited anticipates that recent economic challenges may push core inflation higher in October.

CBN Spends $383 Million To Support Naira, 30% Drop From September FX Sales

CBN Approves Reduction In Banks' CRR

CBN’s Move: The Central Bank of Nigeria (CBN) reduced its foreign exchange support to the naira by approximately 30% in October 2024, selling fewer U.S. dollars to authorized dealer banks. This marks a slowdown in the CBN’s efforts to support the naira amid rising pressure on the currency.

The naira has depreciated significantly in the forex market, driven by a shortage of U.S. dollars against strong demand from eligible users within the official exchange window.

In October, the CBN spent $383 million in forex interventions, purchasing naira from local banks to boost liquidity in the official window. This amount represents a 29.53% decline in foreign exchange sales compared to the $543.5 million spent in September to stabilize the naira.

Analysts observe that the CBN appears increasingly aligned with a “willing buyers, willing sellers” exchange rate model. However, challenging macroeconomic conditions have complicated a full transition to this market-driven approach.

Improved dollar liquidity in the Nigerian Autonomous Foreign Exchange Market (NAFEM) allowed the naira to trade between ₦1,540 and ₦1,697 per U.S. dollar in October, according to a report by AIICO Capital Limited. Despite the intervention, the naira depreciated overall, closing the month at ₦1,675.49—an 8.66% decline from September.

Although the CBN’s forex sales slowed and the naira weakened, external reserves continued to rise. Nigeria’s gross external reserves grew by $1.43 billion in October, ending the month at $39.79 billion. This growth was supported by reduced CBN interventions, in line with a more market-driven policy approach, according to AIICO Capital.

Further strengthening of external reserves has been supported by consistent inflows, as Nigeria prepares to launch the Electronic Foreign Exchange Matching System (EFEMS) in December 2024. This system aims to improve transparency in the forex market.

Analysts highlight that reserve accretion has been buoyed by government reforms, such as subsidy removal and production incentives, which have bolstered investor confidence. Capital importation reached $6.9 billion by August, reflecting an uptrend in foreign investment.

Finance Minister Wale Edun affirmed the government’s commitment to achieving $1 billion in monthly inflows, emphasizing transparency, improved foreign investment, and economic stability as core goals.

Meanwhile, the naira depreciated by ₦50 in the parallel market over the month, reaching ₦1,750 per U.S. dollar by the end of October.

Nigeria’s Fiscal Deficit Exceeds Budget Targets, Reaches 7.6% Of GDP

Nigeria's Economy Grows By 0.51% in Q1
Nigeria's Economy Grows By 0.51% in Q1

Nigeria’s fiscal deficit has significantly exceeded projections, reaching 7.6% of GDP as of August 2024, far above the initially approved target of 3.8% for the year. This was highlighted in statements from members of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC), who expressed concern over the growing imbalance between government revenue and expenditure.

The National Assembly had approved a 2024 budget of N28.7 trillion, with an anticipated revenue of N19.5 trillion, projecting a budget deficit of N9.1 trillion, or roughly 3.8% of GDP. However, the deficit has surged due to underwhelming revenue performance and the introduction of a supplementary budget of N6.2 trillion.

Insights from the Monetary Policy Committee

According to MPC member Aloysius Uche Ordu, Nigeria’s revenue collection fell far short of targets, achieving only 37.9% of the year’s goal by mid-2024. The revenue gap was attributed mainly to shortfalls in receipts from the Federation Accounts Allocation Committee (FAAC), limiting the federal government’s ability to meet its obligations. Even with a reported 33.31% improvement in retained revenue from January to June over the same period in 2023, revenues still lagged by 62.1% against targets, underlining the country’s fiscal challenges.

Another MPC member, Lamido Yuguda, emphasized the fiscal pressure caused by Nigeria’s low revenue base, which has contributed to weak fiscal performance. By June, the fiscal deficit had already reached 91.94% of the full-year target, raising concerns about how the federal government will finance remaining expenditures without further increasing the deficit.

Ordu further noted that Nigeria’s spending heavily favors recurrent costs, especially debt servicing, while capital expenditures—critical for long-term economic growth—remain limited. This focus on recurrent spending has been exacerbated by a reluctance to prioritize capital projects that could drive sustained economic progress.

Calls for Policy Adjustments and Economic Stability

CBN MPC member Muhammad Sani Abdullahi highlighted the need for proactive monetary policy to counter the fiscal deficit’s potential impact, especially as discussions about implementing a new minimum wage continue. Abdullahi pointed out that, while the deficit stands at 7.6% of GDP, efforts to improve revenue collection and reduce spending could gradually help stabilize Nigeria’s fiscal situation. A narrowing deficit, he noted, would enhance macroeconomic stability and ease current pressures on the economy.

The MPC also noted the fiscal authority’s restraint in avoiding Central Bank “Ways & Means” financing, though concerns remain about how long this stance can be maintained amid revenue shortfalls and rising obligations. Heavy dependence on FAAC distributions has strained liquidity within the banking sector, impacting the naira exchange rate.

Encouraging Signs in the External Sector

In contrast to domestic fiscal challenges, Nigeria’s external sector has shown resilience. A reduction in import bills, driven by the CBN’s tight monetary stance, has resulted in a balance of payments surplus of $2.47 billion. External reserves increased to $37.44 billion by September 2024, providing over seven months of import cover, and further grew to $40 billion by November. This growth in reserves has supported the naira’s slight appreciation, buoyed by improved reserves and reduced import demand.

Implications for Policy and Market Stability

Nigeria’s fiscal challenges reveal structural issues in its financial framework, mainly due to revenue volatility and imbalances in expenditure. While strong external reserves and a positive balance of payments position offer some buffer, the domestic fiscal environment remains fragile.

The MPC’s commitment to tight monetary policy has helped manage import demand and mitigate external shocks. However, if the federal government does not address revenue generation and spending discipline, sustained fiscal deficits could undermine these efforts, impacting economic stability in the long run.

Money Market Rates Surge Amid Liquidity Shortfall In Banking Sector

How Much Money Is Spent On Groceries In Nigeria, Other Countries?

Money market rates surged last week due to a liquidity deficit in the banking sector. The market began on a strong note but was impacted by outflows from auction sales, which tightened liquidity further.

Additional debits related to cash reserve requirements also reduced available funds, prompting some banks to seek funds from the Central Bank of Nigeria (CBN) to cover shortfalls. According to AIICO Capital Limited, the financial system opened last week with a positive liquidity balance of ₦398.31 billion, but significant outflows, especially from auctions, resulted in a net liquidity deficit of ₦525.49 billion by week’s end.

Analysts attributed the sharp decline in liquidity to settlement obligations for Open Market Operations (OMO) auctions totaling ₦1.447 trillion, combined with cash reserve ratio (CRR) debits. Although substantial Remita inflows were credited to the system, these could not offset the negative impact, pushing the market into deficit, according to a report from AIICO Capital Limited.

Data from the FMDQ platform showed that short-term benchmark interest rates rose sharply, reaching double-digit levels, indicating tightening liquidity. The Nigerian Interbank Offered Rate (NIBOR) increased across most maturities, reflecting this liquidity strain, according to Cowry Asset Limited. Specifically, the repo rate rose 12.73% to 31.95%, while the overnight lending rate jumped 12.80% to 32.48% on a weekly basis.

AIICO Capital analysts noted, “We expect rates to remain high, even with inflows from SWAP maturities and FGN bond coupons.”

At the start of the week, banks were in a favorable liquidity position with over ₦200 billion in credit, as obligations were limited, according to TrustBanc Capital Limited. However, from Wednesday onward, settlements for OMO and NTB auctions totaling ₦1.54 trillion swept the system into a deficit, lasting for three consecutive days. Interbank rates, which hovered around 19% early in the week, surged past 30% midweek due to these increased funding obligations.

“Given the tight liquidity conditions expected to persist in the coming week, we foresee elevated interbank rates,” analysts commented.

In October, Nigeria’s interbank market faced persistent liquidity pressures, largely driven by CBN’s foreign exchange interventions, CRR debits, and frequent OMO auctions. The month began with a sizable credit of ₦709.32 billion, but liquidity declined sharply over the period, resulting in an average debit of ₦579.71 billion.

This was a steep increase from the average negative liquidity balance of -₦26.13 billion recorded in September, despite significant inflows during that month. Mid-October saw temporary relief from FAAC disbursements and other state inflows, bringing interbank rates down to 19%-25% by month’s end.

However, funding pressures persisted, pushing rates as high as 34% during peak OMO settlements before settling around 26%-27% following FAAC inflows.

By the end of October, the open repo rate and overnight lending rate (OVN) rose by 2.92% and 2.78%, reaching averages of 30.59% and 30.99%, respectively.

NLC Issues December 1 Ultimatum For Minimum Wage Implementation

NLC Threatens Nationwide Strike Over Fuel Scarcity, Cash Crunch

The Nigeria Labour Congress (NLC) has issued a December 1, 2024, deadline for all state governments to implement the newly approved minimum wage. Additionally, the NLC has accused fuel marketers of price gouging, asserting that current petrol prices are much higher than actual market values.

According to the NLC, Nigerians are being exploited and pushed deeper into hardship due to government policies that exacerbate poverty and economic strain.

In a communique released on Sunday after its National Executive Council (NEC) meeting, the NLC emphasized the severe economic challenges facing the country and demanded an urgent overhaul of what it called “anti-people” policies.

The NLC also instructed its state councils to prepare for an indefinite strike from December 1, 2024, in states where the minimum wage remains unimplemented.

President Bola Tinubu approved an increase in the national minimum wage from N30,000 to N70,000 in July 2024. However, implementation has been uneven, with some states yet to adopt the new standard.

While many states have agreed to pay the N70,000 minimum wage, some have pledged even higher amounts. By early November, more than 20 states had confirmed adoption of the new wage structure.

The NLC announced plans to form a National Minimum Wage Implementation Committee to assess and mobilize nationwide efforts, educating workers and citizens on the importance of upholding fair wage standards.

“Furthermore,” the NLC’s communique stated, “all non-compliant states will face industrial actions, and state councils where the minimum wage remains unimplemented by the end of November 2024 are directed to commence strike actions on December 1, 2024. Nigerian workers demand justice, and they shall have it.”

The communique underscores the NLC’s concerns over the economic hardship faced by Nigerians and its commitment to ensuring accountability from both fuel marketers and the government.

The NEC expressed deep frustration over alleged manipulation of petrol pricing, noting that the current pump price is likely inflated beyond the real market rate.

“The padding of costs and excessive profit margins appears prevalent, as evidenced by the ongoing issues between fuel marketers and the Dangote Group,” the NLC said. “It’s plausible that Nigerian workers and citizens are being exploited by influential players in the industry, which may explain delays in reviving public refineries.”

The NLC called for fair petrol pricing and urged the swift reactivation of the public refineries in Port Harcourt, Warri, and Kaduna.

Week 21 Pool Fixtures For Sat 23 Nov 2024 UK 2024/2025

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Pool fixture for this week: 21; Season: UK 2024/2025
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Latest Business News Roundup In Nigeria November 3rd – 9th 2024

Top Business Stories For The Week

Hello Readers, Bizwatchnigeria brings you the latest business news highlights in Nigeria for the week of November 3rd–9th, 2024.

Northern Youth Forum Endorses Federal Government’s Tax Reform Bills

The Progressive Northern Youth Forum (PNYF) voices strong support for the Federal Government’s proposed Tax Reform Bills, stating they offer a vital opportunity to reshape Nigeria’s economy. Abdulkadir Bala, PNYF’s General Secretary, announces the group’s position following a National Executive Committee meeting where they reviewed President Bola Tinubu’s decision to dismiss the National Economic Council’s (NEC) recommendation to withdraw the bills.

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Stagnant Labor Incomes Contribute To 14 Million Nigerians Entering Poverty, Reports World Bank

Stagnant labor incomes lead to an estimated 14 million more Nigerians experiencing poverty in 2024, according to the World Bank’s report, Macro Poverty Outlook: Country-by-Country Analysis and Projections for the Developing World.

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Naira Falls Amid High FX Demand as CBN Plans Automated Trading Platform

The value of the naira continues its downward slide against the U.S. dollar, with pressure mounting in Nigeria’s autonomous foreign exchange (FX) market. Data shows that demand for the dollar and other foreign currencies is outpacing available supply, causing a strain on the naira’s value.

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Nigeria, Morocco, And ECOWAS Advance Talks On $26 Billion African Gas Pipeline Project

The Nigerian government, along with the Economic Community of West African States (ECOWAS), Morocco, and Mauritania, reaffirms its commitment to advancing the $26 billion African Atlantic Gas Pipeline project.

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Money Market Rates Surge Amid Liquidity Squeeze

Money market rates have spiked significantly as liquidity tightens in the financial system following a substantial debit from a recent OMO (Open Market Operations) auction. The Nigerian Interbank Offered Rate (NIBOR) rose across all maturities, reflecting a constricted liquidity environment in the banking sector.

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Naira Gains As Nigeria’s Foreign Reserves Approach $40 Billion

The Nigerian naira strengthened in the official currency market as foreign reserves surged close to $40 billion, buoyed by sustained foreign exchange (FX) inflows. Reforms to boost investor confidence, alongside relatively high yields in Nigeria’s debt market, have spurred foreign currency inflows into the country.

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FAAC Revenue Climbs To N6.28 Trillion In Q2 2024, Driven By VAT And Import Duties Amid Oil Income Drop

FAAC revenue climbs to N6.28 trillion in Q2 2024, as robust Value Added Tax (VAT) and import duty collections offset declining oil earnings. VAT, customs, and excise duties contribute a major share, comprising 72.42% of the total federation account earnings. The Central Bank of Nigeria’s latest economic report shows that non-oil revenue reaches N4.55 trillion this quarter, marking a 32.22% increase over the previous quarter.

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Interswitch Brings Techconnect 4.0 To Abuja, Fostering Financial Growth Through Innovation

Interswitch TechConnect 4.0 has successfully concluded its third stop in Abuja, building on the impactful gatherings in Enugu and Asaba. Organised by Interswitch, one of Africa’s leading integrated payments and digital commerce companies, the series is designed to convene leading stakeholders in Nigeria’s fintech sector to explore how digital transformation is driving growth in the ecosystem across Nigeria.

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Nigeria’s Eurobond Yields Rise To 9.70% Amid Bearish Market Sentiment

Yields on Nigeria’s U.S. dollar-denominated bonds increased to 9.70% as bearish market sentiment pushed yields higher, despite mixed results in the international capital markets influenced by the U.S. election.

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Benchmark Yield Reaches 19.47% As Bond Market Activity Slows

The benchmark yield on Nigerian government bonds rose by 1 basis point to 19.47% in the secondary market, amid subdued trading activity. Traders observed mild bearish sentiment at the short end of the yield curve, where yields increased by 1 basis point.

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Money market rates showed mixed movements on Thursday as the liquidity deficit in the banking system eased. Short-term benchmark interest rates remained at double-digit levels, with analysts predicting that banks may need to start borrowing to meet their funding requirements.

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Nigeria’s Foreign Capital Inflows Surge Under Trump, Plunge During Biden’s Term

The re-election of Donald Trump as U.S. President, defeating Vice President Kamala Harris, sparks discussions on how his policies might influence global investment patterns in the years ahead.

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Nigerian Treasury Bills Rally Amid Investor Demand, Yields Ease

Nigerian Treasury bills saw a rally as investors sought to fill unmet bids from the Central Bank’s recent auction. At Wednesday’s primary market auction, the Central Bank sold fewer bills than the total bids received, although it increased allocations slightly beyond the initial offer to meet some of the demand.

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New Tax Reform Bills Seek To Centralize Revenue Collection, End NUPRC And Customs Tax Roles

The Federal Government’s new tax reform bills, currently under review by the National Assembly, aim to streamline revenue collection by centralizing the process under a single agency. These reforms propose ending the tax collection roles of multiple federal agencies, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Customs Service (NCS).

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Taiwo Oyedele Warns Against State-Level VAT Collection, Highlights Risks Of Revenue Decline And Business Disruption

Taiwo Oyedele, Chairman of the Presidential Tax Reform Committee, warns that allowing state governments to collect Value Added Tax (VAT) could lead to financial and operational challenges across Nigeria. During an interview on Friday, Oyedele emphasizes that a decentralized VAT system would likely result in reduced revenue and complicate business operations nationwide.

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U.S. Dollar Strengthens Against Major Currencies, Fed Signals Policy Stability Post-Election

The U.S. dollar showed gains against most major trading partners on Friday, with the notable exception of the yen, as markets absorbed the Federal Open Market Committee’s (FOMC) recent decision to cut the federal funds rate.

This monetary policy adjustment comes amidst anticipation over possible shifts under the incoming administration, although Federal Reserve Chairman Jerome Powell emphasized that election results will not impact the Fed’s near-term policy decisions.

Chairman Powell reassured markets that the Fed’s monetary stance remains independent, including rate adjustments expected in the upcoming December meeting. He further stated he has no intention of resigning if requested by President-Elect Trump, asserting his belief that the president lacks authority to dismiss or demote Fed officials under current U.S. law.

The U.S. dollar index, which tracks the dollar against a basket of six major currencies, failed to sustain its brief breakout above 104.719, a significant Fibonacci retracement level, closing below its high of 106.13 from early November.

Summary of Forex Activity

USD/EUR: The dollar held steady against the euro, with the exchange rate at 1.0783, down from 1.0802 on Thursday but still above the Thursday morning level of 1.0760. The next European Central Bank (ECB) meeting is set for December 12, with no Eurozone data releases scheduled for Friday.

GBP/USD: The pound softened against the dollar, falling to 1.2960 from 1.2984 on Thursday. However, it remained above its Thursday morning level of 1.2930. The Bank of England is scheduled to meet on December 19, with no new UK economic data released on Friday.

USD/JPY: The dollar declined against the Japanese yen, dropping to 152.5051 from 152.8258 on Thursday and down from 153.9396 on Thursday morning. Japan’s recent data showed a decline in household spending for September, while leading and coincident indices rebounded from previous declines. The Bank of Japan will hold its next meeting on December 18-19.

USD/CAD: The dollar edged higher against the Canadian dollar, reaching 1.3902 from 1.3862 at Thursday’s close. The Canadian employment data for October, released on Friday, may influence this pairing ahead of the Bank of Canada’s December 11 meeting.

The Federal Reserve’s continued independence in policy-making, despite changes in government, reassures markets of a steady approach to monetary adjustments. However, the dollar remains under watch, with global economic data and upcoming central bank meetings likely to introduce further volatility in the currency markets.

Oil Prices Rise Amid Anticipation Of U.S. Policy Shifts And OPEC+ Production Cuts

Oil Prices Drop, Here's Why

Global oil prices experienced gains this week as market watchers brace for potential U.S. policy shifts following the recent election. Analysts forecast that the anticipated return of Donald Trump to the White House could lead to tighter sanctions on Iran, a move that may impact the supply of Iranian oil and support further price increases.

Iran’s oil exports saw a decline in October, as shipments slowed amid heightened geopolitical tensions. Tehran held off on loading additional cargoes following a missile strike, awaiting possible repercussions from Israel. Analysts predict that Trump’s election could exacerbate the situation, potentially reducing Iranian oil sales further through stricter sanctions.

On Friday, Brent crude, the international oil benchmark, rose to $74.66 per barrel, up from $72.84 the previous week. U.S. West Texas Intermediate (WTI) also saw gains, trading at $71.07 per barrel, compared to $69.10 last week. The price increases reflect ongoing support from the recent decision by the OPEC+ coalition to extend production cuts.

OPEC+, comprising the Organization of the Petroleum Exporting Countries and allied producers, announced on November 3 a commitment to continue production cuts of 2.2 million barrels per day until December. The group had initially planned to increase production by 180,000 barrels per day but opted to delay this increase, reinforcing a tighter supply outlook and contributing to upward price momentum.

The oil market also experienced pressure from a stronger U.S. dollar as election results became clear, but prices recovered by the end of the trading week. Analysts from ING noted that the potential return of a Trump administration introduces a mix of forces, including possible increased oil and gas leasing on federal lands, which had been significantly reduced under the Biden administration. However, ING strategists caution that Trump’s policies could also signal a more aggressive stance toward Iran, potentially affecting over 1 million barrels per day of supply.

Gulf of Mexico Output Hit by Hurricane Rafael

In addition to geopolitical developments, weather disruptions further tightened oil supply as Hurricane Rafael impacted production in the Gulf of Mexico. The Bureau of Safety and Environmental Enforcement (BSEE) reported that more than 304,000 barrels per day of oil production were shut in due to the hurricane, along with 131 million cubic feet per day of natural gas production.

U.S. and Chinese Economic Indicators Show Mixed Signals

In the United States, the Energy Information Administration (EIA) released its weekly crude inventory report, showing an increase of 2.15 million barrels in commercial crude stocks. Although this was less than the 3.1-million-barrel rise reported by the American Petroleum Institute (API) earlier, it still suggests a build-up in domestic inventories.

Meanwhile, China’s crude oil imports fell in October to 10.56 million barrels per day, marking a 4.9% decline month-on-month and an 8.7% decrease year-on-year. Cumulative imports are down by 3.4% for the year, heightening concerns about softening Chinese demand amid broader global economic uncertainties.

U.S. Federal Reserve Lowers Interest Rates

In a separate development, the U.S. Federal Reserve announced a 25-basis-point rate cut this week, setting the target range between 4.5% and 4.75%. This marks the Fed’s second rate cut in four years, following a 50-basis-point reduction in September. Fed Chair Jerome Powell indicated that the election outcome would not affect near-term policy decisions, maintaining a focus on economic stability as the bank continues to navigate post-pandemic recovery.

With a combination of supply cuts, geopolitical uncertainties, and mixed economic signals, oil prices remain sensitive to emerging developments, with analysts closely monitoring shifts in U.S. policy and global market dynamics as key drivers for the energy sector’s future trajectory.

Naira Faces Decline as Central Bank Shifts Focus to External Reserves Over Currency Stability

The Nigerian naira continues to face significant depreciation as the Central Bank of Nigeria (CBN) appears to prioritise the nation’s external reserves over maintaining the local currency’s value. In a notable policy shift, the CBN, which previously argued that the naira was undervalued, has reportedly begun selling U.S. dollars to banks at around ₦1,640 per dollar.

This indicates a new valuation range between ₦1,600 and ₦1,700 per dollar as the CBN seemingly attempts to establish an acceptable range in foreign exchange (FX) rates.

At the close of the week, the naira weakened further, ending at ₦1,678.87 per dollar in the official market, with the CBN selling foreign exchange at increasingly higher rates during recent auctions. The latest data from the FMDQ Exchange trading platform revealed a notable drop of ₦39.37 in a single session, reflecting a 2.4% depreciation from the previous day’s rate of ₦1,639.50.

Increased demand for U.S. dollars has been met with a supply shortage, leading to a significant increase in total daily FX turnover to $1,403.76 million on Friday, up from $244.96 million on Thursday. Within the Investors’ and Exporters’ (I&E) window, the naira fluctuated between ₦1,698.50 and ₦1,609.00 to the dollar, reflecting ongoing volatility.

Despite slight improvement in U.S. dollar liquidity in the autonomous FX market, demand pressures persist in the interbank sector. Spot FX rates for eligible users ranged from ₦1,591.60 to ₦1,705.00 per dollar, and a limited CBN intervention, selling approximately $51 million at ₦1,640 – did little to stem the currency’s decline. By week’s end, the naira had depreciated by 0.73%, closing at ₦1,678.87 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) window.

The weakening naira has further dampened its performance among African currencies, with historical exchange rate advantages in markets like Benin Republic and Ghana eroding as the CBN grapples with economic pressures and rising FX demand.

External Market Movements: Oil Prices and Economic Stimuli

In the global commodities market, oil prices saw fluctuations with Brent crude and West Texas Intermediate (WTI) set to finish the week 2% higher, despite a recent drop. Investor concerns over Hurricane Rafael’s potential impact on U.S. Gulf infrastructure subsided, while China’s introduction of new economic stimuli added to market movement. Brent crude hovered around $73.90 per barrel, while WTI traded at $70.40.

Meanwhile, gold prices fell to $2,695.20 per ounce, marking the steepest weekly decline in over five months as investors reevaluated economic strategies.

The continued depreciation of the naira underlines Nigeria’s ongoing economic challenges as the CBN seeks to balance foreign reserves with the urgent need for currency stabilisation.

New Terror Group Strikes in Kebbi State, Killing 15 and Rustling Cattle

 A recently identified armed terror group, Lakurawa, launched a brutal attack on Mera town in the Augie Local Government Area of Kebbi State on Friday, claiming the lives of at least fifteen residents.

The group, reportedly based in Sokoto, raided the town as locals prepared for their Friday Jumaat prayers, seizing over a hundred cattle.

According to local sources, including Alhaji Bashir Mera, the attack escalated into violence when townspeople mobilized to pursue the armed assailants into the surrounding bushlands. A fierce exchange of gunfire ensued, resulting in casualties on both sides.

“Fifteen townspeople were killed during the confrontation, along with two members of the Lakurawa group,” Mera stated.

Another resident, identified simply as Yarima, revealed that the group had initially focused solely on confiscating cattle, often demanding Zakat, the Islamic obligatory charity, from local livestock owners.

 “They had been operating for about two months without any fatalities. This marks the first incident where lives have been lost,” Yarima explained. He also noted that upon learning of the attack, the governor swiftly responded by deploying armed soldiers with gun trucks and armored vehicles to secure the area.

High-ranking officials, including the commanding officer of the Dukku barracks, the Director of State Security Services, and the Commissioner of Police, mobilized combined security forces to restore order in Mera. The presence of the security forces has since brought a level of calm to the community.

The Deputy Governor of Kebbi State, alongside the Emir of Argungu, Alhaji Samaila Mera, visited the affected town on Saturday to extend condolences to the bereaved families and assure residents of heightened security measures. The deputy governor affirmed the governor’s commitment to safeguarding the community from future threats by the Lakurawa group.

Efforts to reach the Kebbi State Police Command spokesperson, SP Nafiu Abubakar, were unsuccessful as his phone was unreachable at the time of this report.

The attack follows recent statements from the Nigerian Army, which confirmed active monitoring of a newly emerging terror threat in the northwestern regions of Sokoto and Kebbi. Major General Edward Buba, Director of Defence Media Operations, disclosed that this group is believed to have affiliations with jihadist factions from Mali and Niger, raising security concerns across the northern border regions.

“The rise of this group is closely tied to the political instability in neighboring countries, facilitating extremist infiltration into Nigeria,” Major General Buba noted. He assured the public that the military is intensifying surveillance and formulating strategies to counteract the spread of these insurgent groups.

Taiwo Oyedele Warns Against State-Level VAT Collection, Highlights Risks Of Revenue Decline And Business Disruption

Taiwo Oyedele, Chairman of the Presidential Tax Reform Committee, warns that allowing state governments to collect Value Added Tax (VAT) could lead to financial and operational challenges across Nigeria. During an interview on Friday, Oyedele emphasizes that a decentralized VAT system would likely result in reduced revenue and complicate business operations nationwide.

Oyedele recalls that a similar approach in the 1980s, when states were allowed to collect sales tax, did not generate significant revenue. He argues that repeating this system with VAT would strain state resources and reduce overall tax income. “If VAT collection is handed over to the states, we will see a decline in revenue and increased burdens on businesses,” he notes.

Constitutional Oversight on VAT Collection

According to Oyedele, the omission of VAT as a federal responsibility in the 1999 Constitution was an oversight. He explains that the constitution largely replicates the 1979 version, which did not include VAT, as it was only introduced in 1994. “By 1999, VAT had become a significant revenue source, yet it was not explicitly mentioned in the constitution,” he says.

This omission has led to legal interpretations that VAT is a residual matter, which allows states to claim authority over its collection. States like Rivers and Lagos have already won court cases asserting their right to collect VAT. Oyedele cautions that if the Supreme Court upholds this position, it could lead to nationwide economic disruption, with states collecting less revenue and businesses facing compliance challenges.

Ongoing Debate Over VAT Revenue Sharing

The controversy over VAT collection comes amid discussions on the new tax bill in the National Assembly, which proposes changes to the revenue-sharing formula. The Northern Governors Forum, chaired by Gombe State Governor Muhammad Inuwa Yahaya, opposes the proposed derivation-based model for distributing VAT revenue. The Forum believes that the model disadvantages northern states and urges legislators to reject it.

Currently, VAT revenue is distributed as follows: 15% to the Federal Government, 50% to the States and Federal Capital Territory (FCT), and 35% to Local Governments, with a derivation principle of at least 20%. The formula also includes factors like equality (50%) and population (30%).

Southern states have expressed dissatisfaction with the current VAT allocation, arguing that they do not receive a fair share of the revenue. In 2021, Rivers State secured a Federal High Court ruling in its favor, allowing it to collect VAT within its jurisdiction. This decision has intensified calls for a clearer legal framework to prevent further disputes and ensure a stable tax system.

Oyedele’s remarks highlight the need for a unified tax policy that aligns with national interests while supporting economic stability. The ongoing tax reforms aim to streamline tax collection processes, promote efficiency, and enhance revenue generation to drive Nigeria’s economic growth.