The World Bank on Thursday projected a five per cent growth for emerging market and developing economies in 2021. Nigeria is a developing economy and the financial institution’s projection was contained in its January 2021 Global Economic Prospects report.
 
“Growth in emerging market and developing economies is envisioned to firm to five per cent in 2021, but EMDE output is also expected to remain well below its pre-pandemic projection,” the bank said.
 
The January 2021 Global Economic Prospects report projected a return to global growth, but stated that risks would remain as economic activity and incomes were likely to stay low for an extended period.
 
It stated that although the global economy was emerging from the collapse triggered by the pandemic, the recovery was projected to be subdued…
 
More details through:
https://punchng.com/wbank-projects-5-growth-for-nigeria-others-in-2021/

The Federal Government has projected that Nigeria’s population would hit 411 million by 2050 with 65 per cent of the population under the age of 35.
 
Speaking at the 23th Conference of Intergovernmental Committee of Senior Officials and Experts for West Africa, in Abuja, the Minister of State for Budget and National Planning, Clem Ikanade Agba, expressed concern over population explosion, saying that all efforts should be geared towards creating jobs for the huge population.
 
“The high population growth rate is, therefore, a matter of concern as there is need to cater for the rising population by stimulating the economy that engenders growth and creates jobs. To achieve this, we need to create economic activities that open up productive sectors and take full advantage of the African Continental Free Trade Area (AfCFTA) Agreement,” he said…
 
More details through:
https://www.sunnewsonline.com/nigerias-population-to-hit-411m-by-2050-says-minister/
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Nigeria has overtaken South Africa as the highest-ranked African country. While Nigeria is in 40th position, South Africa is in 47th position. BDLive reports that Nigeria has, however, recorded a brand value loss, down 15 per cent to $217 billion as a result of the near halt in economic activity, lower oil export volumes and a steep drop in oil prices.
 
South Africa, on its part, has lost 26 per cent of its brand value as its economy continues to contract, exacerbated by the Covid-19 outbreak. The pandemic has wiped more than $13-trillion off the top nation brand values, according to a recent Brand Finance report. Only 14 African nations feature in its “Nation Brands 2020” ranking of the 100 most valuable nation brands, and only two featured in the top 50. Ethiopia, on the other hand, has emerged as the shining star of the continent, growing its nation brand value 19 per cent to $61 billion, according to the report. 
 
Brand Finance Africa, MD Jeremy Sampson, says despite many African countries being praised for their responses to the pandemic, which led to fewer cases and deaths than many other nations experienced, this has not protected African economies from the widespread and severe damage that has ensued…
 
More details through:
https://www.newtelegraphng.com/brands-nigeria-overtakes-south-africa-in-ranking/

Nigeria’s central bank has backtracked on a rule that banned companies from sourcing imports from third parties other than manufacturers after the naira extended losses in the black market due to rising demand.
 
A circular by the regulator to banks this week explained that importers can open bills of collection in favor of agents and third parties to import goods, a softening of restrictions introduced in August.
 
The directive forced importers to redirect their dollar demand to the parallel market, resulting in a weakening of the local unit to a three-month low of 480 naira to the dollar on Friday. The naira traded at 385.50 to the greenback on the importer and exporter window as of 4:22 p.m. in Lagos, with the spot rate at 383…
 
More details through:
https://www.bloomberg.com/news/articles/2020-11-20/nigeria-backtracks-on-currency-rules-after-naira-weakens?srnd=premium-africa
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Nigeria’s investments in the 44 free trade zones across the country currently stand at over $27 billion, the Managing Director, Nigeria Export Promotion Zone Authority (NEPZA), Prof. Adesoji Adesugba, has said .
 
He said the investments are expected to further spur economic diversification and job creation for the youths, adding that but for the outbreak of the COVID-19 pandemic, the Dangote Refinery would have commenced operations and opened up the economy quicker and better.
 
Adesugba, who made this known when Taraba State Governor, Dairus Ishaku visited him in Abuja, said the Authority has concluded arrangements to establish the NEPZA/Taraba State Committee…
 
More details through:
https://guardian.ng/business-services/investments-in-44-free-trade-zones-in-nigeria-nets-27billion/
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The Federal Government on Tuesday declared that contracts not above $13.16m (N5bn) would no longer be awarded to any foreign firms in the country.
 
It said the decision was part of a way of patronising the indigenous firms in line with the planned local content laws in the country. The Minister of State, Works and Housing, Abubakar Aliyu, stated this at a public hearing organised by the National Assembly joint committees on local content…
 
More details through:
https://punchng.com/fg-excludes-foreign-firms-from-contracts-below-n5bn/

Fitch, a global credit rating agency, has upgraded the outlook on Nigeria’s long-term foreign-currency issuer default rating (IDR) to ‘stable’ from negative and affirmed the IDR at ‘B’. 
 
The outlook released Wednesday showed a decrease in the level of uncertainty surrounding the impact of the global pandemic shock on the Nigerian economy. 
 
Fitch said the ‘B’ rating reflects weak fiscal revenues, comparatively low governance, and development indicators, high dependence on hydrocarbons, and a track record of subdued growth and high inflation…
 
More details through:
https://www.vanguardngr.com/2020/09/breaking-fitch-upgrades-nigerias-outlook-to-stable/
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The two neighbouring South-West states of Lagos and Ogun took 72 percent of all the manufacturing investments made in Nigeria in 2018 and 2019, leaving the remaining 34 states scrambling for 28 percent, according to data from the Manufacturers Association of Nigeria (MAN)…
 
More details through:
https://businessday.ng/lead-story/article/lagos-ogun-take-72-investments-in-2-years-as-34-states-lag/
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Nigeria expects to save as much as one trillion naira ($2.6 billion) a year after it abolished subsidies paid to guarantee cheap gasoline in Africa’s top oil-producing country.
 
“Already, we have taken off the budgetary provision for subsidy which is about 500 billion naira,” Petroleum Minister of State Timipre Sylva told reporters Thursday in Abuja, the capital. “It will save us up to a trillion naira and more every year.”
 
Nigeria relies on oil exports for more than 90% of foreign earnings and 50% of of government revenue. As oil prices fell to a record with the coronavirus pandemic, the authorities used the opportunity to end the subsidies that have been in place since the 1980s…
 
More details through:
https://www.bloomberg.com/news/articles/2020-09-10/nigeria-sees-savings-of-2-6-billion-a-year-with-subsidies-gone

The Special Adviser to the President on Media and Publicity, Mr Femi Adesina, has said the Federal Government will spend $6bn (₦2.3tn) to revive the nation’s economy as part of the Nigeria Economic Sustainability Plan (NESP) to ameliorate the effects of COVID-19, Daily Times gathered.
 
Adesina disclosed the information in a presentation at the 2nd Annual Conference and General Meeting of the International Islamic University Malaysia Alumni Association, Nigeria chapter, held on Saturday but issued the statement on Sunday.
 
Adesina said the NESP comprised ₦500bn COVID-19 Crisis Intervention Fund meant to upgrade health facilities nationwide and finance a national Special Public Works Programme; ₦1.1tn structured lending from the Central Bank of Nigeria; ₦334bn to be derived from external bilateral and multilateral sources; and ₦302.9bn from other undisclosed sources…
 
More details through:
https://dailytimes.ng/fg-will-spend-%e2%82%a62-3tn-to-revive-the-economy-adesina/
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