Economy
Major Indicators That Will Shape Nigeria in 2023
The year 2022 has been an eventful one. As we close out on all activities of the year and look forward to a new one, it is important that we begin to envisage what the new year portends and be better prepared. The outgoing year has been marked with some remarkable incidences: President Muhammadu Buhari signed the Electoral Act 2022, the CBN issued a string of controversial announcements, the Nigerian government plans to wean off the subsidy regime starting next year, and 5G made it to Nigeria; however, rollouts have been slow.
These and many more are the highlights that shaped 2022, but in this article, we will be focusing on major events that have been projected to shape Nigeria in 2023.
General Elections
The upcoming general election in February 2023 will be Nigeria’s seventh democratic election. It has been recognized as one of the most significant electoral events in the country’s history of elections as there are more candidates contesting for the presidential seat, with more Nigerians becoming politically aware and involved.
And in a historic move, Nigeria will be transmitting its election results electronically for the first time in the upcoming elections, as is contained in the Electoral Act 2022, that promises of a credible election. Political analysts have praised the signing of the Act, as it foretells a more transparent electoral system to allow for the smooth running of the country’s democratic processes. The outcome of the elections will, in no small measure, determine the extent of the economic growth of the country.
CBN’s Domestic Card
The Central Bank of Nigeria (CBN) had announced plans to develop a National domestic card scheme which it expects to take off in January 2023. Among its reasons for the card scheme launch, the CBN listed financial inclusion, consumers’ data sovereignty and Enabling banks to offer differentiated products and services.
The big question, however, is, does the CBN need to launch a domestic card to achieve these? Currently, in Nigeria, there are existing local and international card schemes that are meeting these needs already. These card schemes, notably Mastercard, Visa, and Verve cards, are enabling banks to offer enough differentiated products and services, among other card payment benefits.
The Verve card particularly is a Nigerian home-grown domestic card scheme and one of Africa’s most successful indigenous payment cards. It has grown its value proposition and market base to be accepted in over 180 countries and issued in countries across Africa, providing secure and ubiquitous payment options.
Not only are these card schemes delivering on the goals of the proposed domestic card scheme, telecommunication operators, Payment Service Banks (PSBs), Fintechs, Commercial banks, and Microfinance banks are playing in this space to create a more financially inclusive, data secure, and product differentiated payment ecosystem.
Another question the CBN will be forced to answer in the new year while launching its domestic card is the ethical question of fairness. Will the CBN be playing fair now that the regulator has also become a player? There has been widespread concern over the ethical disposition of this move. Experts believe the CBN will want to coerce the banks and even Nigerians (cardholders) to subscribe to the government-owned card.
CBN’s entry into the card business; experts project it will effectively crowd out competition and directly compete with homegrown cards as well as other international card companies. They further suggest that instead of playing in the field, the apex bank should remain in its role as a regulator while providing institutional support for existing players, ensuring that they meet the set standards for the benefit of the domestic economy. 2023 will decide.
Slow Economic Growth
The World Bank adjusted its projection for Nigeria’s economic growth for 2023 from 3.3 per cent to 3.2 per cent. The global financial institution noted that the slow growth would be propped by an increase in private consumption, which will be driven by subsiding inflationary pressures.
2022 saw Nigeria record its highest inflation figure since 2005 at 21.15 per cent. This inflation was majorly instigated by; disruptions in the food distribution network resulting from insecurity, high importation costs, currency depreciation, and a bump in the cost of production.
As the new year unveils, keen expectations will be for the government, through the CBN, to be more intentional about its fiscal and monetary policies and proffer business-friendly initiatives that will help tackle the challenges affecting macroeconomic growth.
5G Rollout
It’s the era of the 5th generation mobile network, which sets to drive faster and enhanced communication. As of June 2022, about 70 countries have deployed the 5G technology, with projections that more users will be onboarded. Earlier this year, Nigerians joined the list of 5G users after an auction process was announced by the National Communication Commission (NCC) for the 3.5GHz 5G spectrum.
With this, the NCC will enable licensed operators with existing infrastructure to provide 5G services to Nigerians while providing a regulatory framework that will guide these providers of the 5G network on how to protect users.
Although the rollout is not as extensive yet, experts believe the technology holds a trove of benefits for Nigerians, both individuals and businesses. It is expected that the adoption of this technology will increase opportunities and throw up new businesses with the evolution of blockchain in 2023, which will determine just how much work needs to be done to ensure that advanced technologies are accessible to more Nigerians.
2023, as with any election year, holds a lot of uncertainties, but the hope is that the theme of collaboration endures. Collaboration between the government and private sector players, and collaboration between the government and the citizens to create a robust and efficient economy.
Growth in the Oil Sector
As Europe completely wane itself off the Russian energy and the promises the recently passed Petroleum Industry Act (PIA) holds, Nigeria poses as a more attractive destination for foreign direct investment for oil and gas.
The government has recently redesigned its security strategy along the Niger Delta corridor to curb installation vandalization and oil theft. The new strategy of engaging the militants in addition to the military operations in the Niger Delta is expected to increase the daily oil production from 1.22m b/d towards the OPEC stipulated 1.7m b/d.
The government has also speculated it will be removing oil subsidies from its spending in the new year.
Other growth indicators in the oil sector include the recent commercialisation of the government-owned Nigerian National Petroleum Company (NNPC) Limited, which will further liberalise the sector. The completed Dangote Refinery, with its 650,000 b/d is expected to meet Nigeria’s fuel requirement, provided domestic oil prices are cost-effective, and fuel imports are lowered.
With all these efficient components brought together; expected foreign investment, increased security, increased daily oil production, removal of oil subsidy and the take-off of the Dangote refinery- the oil sector is going to be a major contributor to the economy’s balance of payment.
The new year indeed looks viable; the supposition is that the key players, government, businesses, and individuals will take their roles assiduously and deliberately work towards making the new year a productive and prosperous one for all.
The crypto market is no longer being dictated by speculation and trends of trading in the short run. With the evolution of digital assets, investors demand more structured, data-driven and technology-supported strategies that are more stable, transparent, and have long-term potential. With all these changes, platforms with built-in artificial intelligence, cloud computing, and high-end hashing infrastructure are altering the way crypto participation operates.
SJMine is at the heart of this change. Created to empower the modern investors, SJMine offers an up-to-date and polished crypto-investing experience of automation, smart analytics, and adaptable investment design to enable users to strategically engage in the digital economy.
A New Standard for Strategic Crypto Participation
The investors of today require a higher level of access to digital assets than just a basic one. They desire systems that are capable of responding to market signals, adapting the conditions of the network, and functioning on a large scale. To satisfy this need, SJMine implements AI-based market intelligence within its operations.
The platform dynamically manages the allocation of hashing and computing performance by the use of continuous data analysis. This smart automation provides freedom to the users to control hardware, technical measurements, or manually react to market changes. Rather, the investors have access to a professionally managed environment whereby technology labors tirelessly behind the scenes to bring about consistency and efficiency.
How SJMine Redefines Investor Experience
SJMine is a building that is planned to be very accessible and sophisticated. The platform eliminates any technical obstacles in tradition and supports infrastructure at an enterprise level. The cloud computing system allows it to perform smoothly and its AI-based systems would make sure that the resources are used optimally at any given time.
Key strengths of the SJMine ecosystem include:
- AI-Driven Optimization: Intelligent algorithms analyze performance data and adjust operations dynamically.
- High-Performance Hashing Systems: Advanced infrastructure supports efficient blockchain participation.
- User-Friendly Interface: A clean, intuitive dashboard provides real-time insights into earnings and contract status.
- Sustainability Focus: Optimized energy usage and modern data centers support responsible long-term operations.
- Transparent Returns: Clearly defined contract terms with visible daily earnings.
This mixture is what renders SJMine appropriate to simple new investors as well as sophisticated investors who want efficiency and scalability.
Flexible Contracts Built for Diverse Investment Goals
SJMine has diverse flexible contracts that can be used to meet various budgets and investment schedule. Long-term strategic decisions or short-term plans are well developed with simple and predictable results.
Below is an overview of the flexible contract plans available on SJMine:
| Contract Amount | Contract Duration | Daily Earnings | Total Income (Principal + Profit) |
| $15 | 1 Day | $0.60 | $15 + $0.60 |
| $100 | 2 Days | $4.00 | $100 + $8.00 |
| $600 | 6 Days | $7.68 | $600 + $46.08 |
| $1,200 | 10 Days | $16.32 | $1,200 + $163.20 |
| $3,200 | 22 Days | $45.44 | $3,200 + $999.68 |
| $9,000 | 30 Days | $147.60 | $9,000 + $4,428.00 |
For the most accurate and up-to-date contract information, investors are encouraged to refer directly to the official SJMine website: http://sjmine.com.
Getting Started: Simple Registration with a Welcome Bonus
SJMine puts a lot of emphasis on ease of access, and the process of onboarding is quick and simple. It can take a few minutes before new users start getting acquainted with the platform.
How to register on SJMine:
- Visit the official website at http://sjmine.com
- Click on Register and create your account by entering basic details
- Complete the verification process and log in to your dashboard
- Register now and receive a $15 welcome bonus, allowing you to experience the platform with minimal initial risk
- Select a contract that matches your investment strategy and activate it
AI-Powered Market Intelligence: The Core Advantage
SJMine is a unique company with its AI-based market intelligence that is constantly analyzing the performance of the blockchain and the conditions of the network. This dynamic flexibility leads to better utilization of resources, minimization of inefficiencies, and a more intelligent, and sturdier approach to investing in the crypto market of the current era that is rapidly changing.
Conclusion
SJMine is a new view of strategic crypto investment in a world where intelligent automation is the new competitive advantage. The platform provides a modern and visionary solution to the current investors by integrating AI-related analytics, cloud computing infrastructure, flexible contract choice, and user-friendly design.
SJMine is an attractive proposal to invest in with confidence in the new technology-driven approach provided that investors are willing to abandon the old paradigm and shift to a smarter approach to crypto economy investment.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange fell by 0.39 per cent on Monday, January 12, after it closed higher in every trading day of last week.
The loss recorded yesterday took out N8.5 billion from the unlisted securities market, closing at N2.184 compared with the preceding session’s closing value of N2.193 trillion.
In the same vein, the NASD Unlisted Security Index (NSI) went down by 14.2 points during the session to 3,651.48 points from the 3,665.68 points it finished last Friday.
The decline was influenced by three securities, with Afriland Properties Plc down by N1.55 to end at N14.75 per unit compared with the previous N16.30 per unit, and NASD Plc declining by N1.00 to N59.00 per share from N6.00 pr share, as Food Concepts Plc slid by 34 Kobo to finish at N3.06 per unit versus N3.40 per unit.
On the flip side, three securities gained weight, with FrieslandCampina Wamco Nigeria Plc appreciating by N6.23 to N68.70 per share from N62.47 per share, Central Securities Clearing System (CSCS) Plc added 45 Kobo to close at N43.07 per unit versus N42.62 per unit, and Geo-Fluids Plc gained 2 Kobo to settle at N6.84 per share versus N6.82 per share.
During the session, the trading volume soared by 826 per cent to 4.03 million units from 434,845 units, the trading value skyrocketed by 579.1 per cent to N46.8 million from N6.9 million, and the number of deals jumped by 118.2 per cent to 48 deals from 22 deals.
When trading activities closed for the day, CSCS Plc remained the most active stock by value on a year-to-date basis with 1.5 million units exchanged for N57.6 million, followed by Geo-Fluids Plc with 6.4 million units valued at N43.3 million, and FrieslandCampina Wamco Nigeria Plc with 379,749 units worth N24.4 million.
In terms of volume, Geo-Fluids Plc led with 6.4 million units sold for N43.3 million, trailed by Industrial and General Insurance (IGI) Plc with 2.9 million units traded for N1.9 million, and CSCS Plc with 1.5 million units valued at N57.6 million.
By Adedapo Adesanya
The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, January 12 by N1.71 to trade at N1,421.46/$1, in contrast to the preceding session’s N1,423.17/$1.
However, the local currency further depreciated against the Pound Sterling in the same market window yesterday by N3.81 to close at N1,915.84/£1 compared with last Friday’s price of N1,912.03/£1 and lost N3.55 on the Euro to quote at N1,661.68/€1 versus N1,658.13/€1.
In the same vein, the domestic currency depleted against the Dollar at the GTBank FX desk during the trading session by N4 to to settle at N1,431/$1 compared with the previous trading day’s rate of N1,427/$1 and closed flat in the black market at N1,490/$1.
The appreciation of the Nigerian currency against its American counterpart in the official market was supported by foreign portfolio investors’ inflow with support from non-bank corporate supply, leaving it within the N1,350/$1 – N1,450/$1.
“We anticipate that the CBN will emphasise exchange rate stability over rapid appreciation through 2026, supported by prudent policy execution and effective reserve management,” Coronation Merchant Bank research said in an update.
Despite a differential against other currencies, market analysts noted that stronger external inflows from FPIs, improving current account dynamics, and more disciplined FX management by the authorities, will give the Naira stronger footing.
As for the cryptocurrency market, most tokens tracked by this newspaper were largely down with traders seeing the market settle into equilibrium after leverage was flushed and liquidity thinned.
Market analysts noted that with spot demand soft and no clear institutional catalyst, price discovery continues to shift to where thinner liquidity and narrative trades can overwhelm fundamentals.
Litecoin (LTC) lost 4.6 per cent to trade at $76.25, Solana (SOL) depreciated by 1.6 per cent to $140.23, Cardano (ADA) slid by 1.4 per cent to $0.3914, Ripple (XRP) slumped by 0.9 per cent to $2.05, Ethereum (ETH) went down by 0.8 per cent to $3,128.74, and Dogecoin (DOGE) decreased by 0.5 per cent to $0.1392.
On the flip side, Binance Coin (BNB) appreciated by 0.3 per cent to $908.87, and Bitcoin (BTC) increased by 0.1 per cent to $91,916.73, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
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