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

MF forecasts higher GDP growth for Nigeria at 2.5%

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…

Read more

Fresh W’Bank, AfDB, IDB loans may raise Nigeria’s debt to N31.7tn

Fresh loan disbursements expected from the World Bank, African Development Bank and Islamic Development Bank may raise Nigeria’s total public debt stock to N31.699tn in coming months. Nigeria currently expects about $1.844bn (N699.1bn at N379/$ official exchange rate) from the three financial institutions, Sunday PUNCH gathered from the Debt Management Office in Abuja. On September 10, 2020, Sunday PUNCH reported that Nigeria’s public debt stock, as released by the DMO, rose to a total of N31.01tn at the end of June, indicating that in the last five years under the…

Read more

Sad! Why million more Nigerians will be poor in 2020

debt profile

  As global economy contracts by 5.2% The year 2020, being the turn of another decade, was expected to bring many fortunes due to individuals’ personal resolve to make the twin year worth everything. Little was it known that what the year has in stock were in sharp contrast with the high hope of businesses to grow their bottom line; aspirations of organizations to expand their influence and individuals’ dream to record landmark achievements. The Coronavirus pandemic had heralded an era of dashed hopes and despondency as the fallout of…

Read more

Our Democracy and Insecurity

Democracy, Nigeria, Buhari

By Muhammad Yakubu We usually shower oceans of praises on heroes of democracy of our country during special times. Today, designated as Democracy Day by the Federal Government, is likely to witness torrents of such encomiums for our heroes past and present. Unfortunately, this year’s democracy day is being celebrated amidst unprecedented degeneration of security situation in the country. Yesterday, a brother who is well known on this platform(Facebook), Barr Shettima Danazumi forwarded a suggestion that we should use the day to call the attention of our leaders towards the…

Read more

Nigerian equities resume week on N118bn loss; profit-taking to blame

Bears stage comeback as stocks shed N157bn in four days

The equities wing of the Nigerian capital market is resuming activities today Monday June 8, 2020 on N118 billion loss recorded by investors to close last week. The weekly lost was propelled by profit-taking stands of many equities investors who seized the opportunity of earlier advancement in share prices to make capital gains, which eventually led to sell pressure. Collectively, investors parted with N118 billion of their stakes in equities as market capitalization slipped by 0.9 per cent to close at N13.05 trillion from the previous week’s close value of…

Read more

AfDB approves Nigeria’s new 5-year Country Strategy Paper

African Development Bank, AfDb, Nigeria, CSP, ERGP, Olufemi Terry,

The African Development Bank (AfDB) on Friday, announced the approval of Nigeria’s Country Strategy Paper (CSP) 2020-2024 by its board of directors. The approval granted on May 27, 2020, according to a statement by the bank, builds on the successes and challenges of the 2013-2019 strategy, while incorporating emerging developmental realities and opportunities shaping the nation’s politico-economic landscape, including in the post-COVID-19 period. A statement by Olufemi Terry of the AfDB’s Communication and External Relations Department, quoted Ebrima Faal, senior director for the bank in Nigeria, as re-affirming its support…

Read more

Stanbic IBTC forecasts 3.3% contraction for Nigeria’s economy

Nigerian recession and contraction of economy

Analysts at Stanbic IBTC Bank have projected that Nigeria’s economy would sustain its recessionary trend in the second quarter of this year based on its current micro and macroeconomic indices. Anchoring some of their projections on the present purchasing managers index (PMI) which fell to 42.4 in May, amongst other indices, analysts at the bank foresee that the PMI picking in the months ahead but albeit at a level still below the 50 mark. In a statement issued by an economist with the bank, Gbolahan Taiwo, the lender predicted: “We…

Read more