Economy | BusinessMetricsNg

At N1.26trn, Chinese products top Nigeria’s imported goods list – NBS

Oct 26, 2020 Omobayo Azeez

A total of 31.41 per cent of goods imported into Nigeria are from China, National Bureau of Statistics (NBS) has revealed. The NBS stated in its report on ‘Foreign trade in goods statistics’ for second quarter of 2020, that Spain topped the list of Nigeria’s exported goods. Part of the report read, “Nigeria’s imports, by country of origin, shows goods were imported mainly from China (N1.26tn or 31.41 per cent), United States (N428.9bn or 10.66 per cent), India (N322.3bn or 8.01 per cent), and the Netherlands (N202.9bn or 5.04 per…

CBN plans direct interface with GIFMIF platform

Oct 26, 2020 Omobayo Azeez

The Central Bank of Nigeria (CBN)has revealed its plan to interface directly with the Government Integrated Financial Market Information System (GIFMIS) Platform. In addition, the apex said it envisages making the Treasury Single Account (TSA) payments instant within the fiscal years of 2020/2021, as part of effort to promote transparency in the management of public funds. This is contained in its report titled, ‘Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for Fiscal Years 2020/2021.’ The Government Integrated Financial Management Information System (GIFMIS) is an IT based system for budget…

Nigerian economy lost N700bn in 12 days to #EndSARS protests – LCCI

Oct 20, 2020Oct 20, 2020 Business Metrics

With EndSars protests hindering the movement of people and goods across the country due to the numerous roadblocks, the Lagos Chamber of Commerce and Industry (LCCI) has put the economy’s estimated loss to the action at N700billion in the past 12 days. According to the Chamber, while citizens’ engagement and the demand for accountability which the EndSARS protest essentially represents are in consonance with democratic norms and also form vital ingredients for good governance, the disruptions, blockades and barricades around our major cities and interstate highways have far-reaching effect on…

FG restates commitment to hasten Nigeria’s digital economy

Oct 15, 2020Oct 16, 2020 Omobayo Azeez

FG restates commitment to hasten Nigeria’s digital economy The minister of communications and digital economy, Isa Pantami, has re-emphasized the resolve of the Federal Government, through the Ministry, to continually advance the digital economy agenda of the country. Pantami stated this while delivering a keynote address at the maiden edition of the National Dialogue on Telecoms and Information and Communications Technology (ICT) Sectors in Nigeria held at the NAF Conference Centre & Suites, Abuja on Thursday. The event was organised by the Association of Telecommunications Companies of Nigeria (ATCON) in collaboration…

Nigeria’s inflation hits 30-month high at 13.71%

Oct 15, 2020 Omobayo Azeez

Soaring food prices to blame Rate beats analyst’s forecasts ______________________ Inflation rates for the month of September in Nigeria soared above analysts’ expectations, attaining its peak since March 2018 at 13.71 per cent year-on-year (YoY) after climbing 49 basis points up from 13.22 per cent in August. The rate recorded in the month is above analysts’ expectations at many quarters. Specifically, the latest rate inflation rate was caused chiefly by the soaring prices of food. According to latest report by the National Bureau of Statistics (NBS), food inflation stood at…

5G to add $8trn to global GDP by 2030

Oct 14, 2020 Banjo Olaniran

5G-enabled industries have the potential to deliver $8 trillion in value to the global economy by 2030, a new research from Nokia and Nokia Bell Labs has projected. The 5G Business Readiness Report surveys 5G adoption among businesses around the world, providing a cross-sector view of the path to full 5G deployment. This landmark report from Nokia underlines the potential for 5G to drive sustainable economic growth and define the next decade of innovation. The COVID-19 pandemic is forecast to further increase the value creation potential of 5G in the medium and…

IMF downgrades Nigeria’s economic outlook, projects 4.3% contraction in 2020

Oct 14, 2020 Banjo Olaniran

Ceda Ogada from Kenya named IMF Secretary

The International Monetary Fund (IMF) has projected that Nigeria’s economy will contract by 4.3 per cent in 2020. It disclosed this in its World Economic Outlook report for October 2020 which was released on Tuesday. The IMF had earlier in April predicted a 3.4 per cent contraction of the economy. It also predicted 5.4 per cent contraction in June. It however projected that the economy would recover by 1.7 per cent in 2021. According to the report, global growth was projected to contract by 4.4 per cent in 2020, a…

W’Bank Group reveals least developed nations’ debt hits $744bn in 2019

Oct 13, 2020 Omobayo Azeez

World Bank: COVID-19 to push over 100mn people into extreme poverty in 2020

The World Bank Group has again raised concerns over the bloating debt burden of the globe’s 73 least developed countries, which rose by 9.5 per cent to $744 billion at the end of 2019, from the previous year according to the latest edition of the International Debt Statistics (IDS) report. It is a response to an urgent need for greater debt transparency, a statement by the World Bank noted. The statement recalled that in response “to a call from the World Bank and the International Monetary Fund, the G20 endorsed…

PwC’s update on Nigeria’s 2021 budget

Oct 13, 2020 Business Metrics

Nigeria’s 2021 Budget of Economic Recovery and Resilience Following the approval of the 2021 – 2023 Medium-Term Expenditure Framework and Fiscal Strategy Paper, President Buhari has presented the 2021 Budget (Appropriation Bill) to the joint session of the National Assembly. Below are the other highlights: The 2021 Finance Bill will be forwarded to NASS for consideration Tax expenditure statement for 2019 to be provided Inclusion of the revenue and expenditure of 60 State Owned Enterprises Provision for the payment of allowances to 5,000 teachers under the Federal Teachers Scheme…

FDC analysts forecast 14% inflation rate for September

Oct 12, 2020 Banjo Olaniran

Inflation will maintain its upward trajectory and increase to 14 per cent for the month of September, from the 13.22 per cent recorded in August, Financial Derivatives Company (FDC) has predicted. The Chief Executive Officer, FDC, Mr. Bismarck Rewane, who made the forecast at the Lagos Business School (LBS) Executive Breakfast Session, presentation for October 2020, obtained by Business Metrics on Sunday, said he also expected inflation to further rise to 15 per cent in October, adding that inflation in 2020 could rise beyond the Central Bank of Nigeria’s (CBN)…