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The International Monetary Fund (IMF) has projected growth of 2.5 per cent for Nigeria this year indicating an increase from the one per cent it had predicted for the country in January.
The IMF in its latest World Economic Outlook titled: “Managing Divergent Recoveries,” also projected a 2.3 per cent economic growth for the country in 2022. The Fund also anticipated a growth rate of 3.4 per cent for Africa this year, higher than the 0.2 per cent in its earlier forecast. It noted that the pandemic continues to exact a large toll on sub-Saharan Africa (especially, for example, Ghana, Kenya, Nigeria, South Africa)… More details through: https://dailytrust.com/imf-projects-2-5-growth-for-nigeria
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The World Bank has said Nigeria moved out of last year’s recession faster than expected. Nigeria slipped into recession in the second quarter of 2020 amid the economic fallout of the COVID-19 pandemic but emerged from it in the fourth quarter.
The bank, in its newly released Africa’s Pulse report, said real GDP in West and Central Africa was estimated to have contracted by 1.1 per cent in 2020, less than projected in the October 2020 Africa’s Pulse forecast, partly owing to a less severe contraction than expected in Nigeria in the second half of the year… More details through: https://punchng.com/nigeria-exited-recession-faster-than-expected-world-bank/ The International Monetary Fund is likely to revise higher its growth forecast for Nigeria, its mission chief said on Tuesday. Jesmin Rahman, the IMF mission chief to Nigeria, said the country’s surprise exit from recession in the fourth quarter would aid its economic outlook for the coming year.
“It wasn’t as bad as we expected,” Rahman said of the country’s 2020 recession… More details through: https://www.reuters.com/article/idUSKBN2BF1YL The Lagos Free Zone (LFZ) which already has a committed investment of $2 billion is poised to attract an additional $5 billion over the next four years.
This was disclosed by the Chief Executive Officer, LFZ, Mr. Dinesh Rathi, at the headquarters of the company in Ibeju-Lekki during the official visit of Governor of Lagos State, Mr. Babajide Sanwo-Olu and his cabinet members to the zone at the weekend. Rathi, further explained that the zone, which was established in the year 2012 was being promoted by Tolaram Group, a leading conglomerate in Nigeria – who have already attracted about $2 billion committed investment to the Zone currently… More details through: https://www.thisdaylive.com/index.php/2021/03/22/free-zone-lagos-to-attract-additional-5bn-in-4-years/ The International Monetary Fund (IMF) has projected Nigeria’s real Gross Domestic Products (GDP) to rise to 3.3 per cent this year.
It however, hinged the growth on the implementation of Economic Recovery and Growth Plan (2017–20), which emphasises economic diversification. The Fund also noted that Nigeria is indebted to it to the tune of N31. 01 trillion. In May last year, IMF released over $1 trillion to poor members nations including Nigeria. The Managing Director of IMF, Kristalina Georgieva, added that the fund was a response to several distress calls by members who are in dire need of support. “We have $1 trillion in lending capacity and are placing it at the service of our membership. We are responding to an unprecedented number of calls for emergency financing—from over 90 countries so far… More details through: https://www.sunnewsonline.com/we-have-1-trillion-in-lending-capacity-and-are-placing-it-at-the-serv/ Nigeria’s economy unexpectedly came out of a recession in the fourth quarter as restrictions to curb the spread of the coronavirus were eased.
Gross domestic product grew 0.11% in the three months through December from a year earlier, compared with a decline of 3.6% in the third quarter, the Abuja-based National Bureau of Statistics said on its website on Thursday. The median estimate of five economists in a Bloomberg survey was for a quarterly decline of 1.86%. The economy contracted 1.92% for the full year, the most since at least 1991, according to International Monetary Fund data. The surprise rebound means Africa’s largest economy may recover faster than expected as the oil price and output increase this year. It could also point to the growing dominance of the non-crude sector, according to Joachim MacEbong, a senior analyst at SBM Intelligence in Lagos… More details through: https://www.bloomberg.com/news/articles/2021-02-18/nigeria-unexpectedly-exits-recession-with-0-11-growth-in-4q The Nigerian Economic Summit Group has predicted a growth rate of 2.9 per cent for the Nigerian economy in 2021, higher than the 1.5 per cent growth rate suggested by the International Monetary Fund. The NESG identified eight key policies and events that will help shape the outlook of Nigerian economy in 2021.
This is contained in the group’s 2021 Macroeconomic Outlook Report titled, “Four Priorities for the Nigerian Economy in 2021 and Beyond,” launched virtually on Tuesday. According to the report, for Nigeria’s economy to get back on track, the economy needs a high, robust and sustained economic growth that will deliver a significant reduction in unemployment and poverty… More details through: https://www.premiumtimesng.com/business/business-news/440189-nesg-predicts-nigerian-economy-to-beat-imf-forecast-for-2021.html Notwithstanding anticipation of slow growth, reflecting the lingering effects of the COVID-19 pandemic on the economy and prospects of stricter containment measures amid a new strain of the virus, the Lagos Chamber of Commerce and Industry (LCCI), has projected a return to positive growth in the second quarter (Q2) of this year.
According to the Chamber, Nigeria’s economic growth trajectory is hinged on effective management of the pandemic locally and globally; widespread vaccine rollout; direction of global oil market, and quality of fiscal, monetary, trade and regulatory policies. Indeed, LCCI noted that accelerating the pace of economic recovery requires the fiscal and monetary authorities to be well-coordinated to promote growth-enhancing and confidence-building policies that will encourage more private capital inflows into the economy… More details through: https://guardian.ng/business-services/economy-projected-to-recover-in-q2-in-absence-of-major-shocks/ Nigeria’s central bank will probably devalue the naira by as much as 10% this year amid a lingering dollar shortage in Africa’s top oil producer, according to a Bloomberg survey of investors and analysts.
Of the 17 survey participants, eight forecast a devaluation of between 5% and 10% this year. Five saw a devaluation of more than 10% and the remaining four predicted a markdown of as much as 5%. The median of analysts’ estimates project the naira at 426.5 per dollar by the end of 2021, from around 393 on Wednesday. A dollar squeeze continues to weigh on the naira even after the Central Bank of Nigeria was forced to weaken its official rate twice last year after a sharp drop in the price of oil, the country’s main export and source of greenbacks… More details through: https://www.bloomberg.com/news/articles/2021-01-28/nigeria-seen-devaluing-naira-by-as-much-as-10-in-2021-survey The African continent recorded a total Foreign Direct Investment (FDI) of $38 billion in 2020, representing a drop of 18 per cent from $46 billion recorded in 2019.
Data obtained from the United Nations Trade Association (UNCTAD)’s investment trend monitor showed that Egypt continued to become the top destination for FDI in Africa despite the total inflow of $5.5 billion representing a whopping 38 per cent drop. Nigeria on its own part attracted a total FDI of $2.6 billion in 2020 down from the $3.3 billion it attracted a year earlier while South Africa, a major competitor for FDI inflows in sub-Saharan Africa attracted less with $2.5 billion… More details through: https://www.sunnewsonline.com/fdi-nigeria-ahead-south-africa-with-2-6-bn/ |
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