‘Despites recession exit, further recovery tough for Nigerian economy’

Nigerian economy

‘Despites recession exit, further recovery tough for Nigerian economy’     Despite the recent thrilling news that the Nigerian economy has pulled out of recession, analysts at Financial Derivative Company Limited (FDC) have warned of certain lingering structural challenges capable of hindering further economic growth in the country. In its Monthly Economy Update, the analysts maintained that the recovery process in 2021 is expected to be gradual and tough, especially for sectors such as trade and manufacturing that are income elastic and forex dependent. “We expect the CBN to ease…

Read more

Recession over as Nigerian economy surprisingly records positive growth of 0.11% in Q4 2020

By Analysts at Financial Derivative Company The just released GDP growth numbers affirm the fact that the Nigerian economy is on its recovery path. Contrary to market expectations, the Nigerian economy recorded positive growth of 0.11% (year-on-year) in Q4’20 after two consecutive quarters of negative growth. This puts full year growth for 2020 at -1.92% and implies that the recession is over. The surprise recovery was driven by the resumption in most business activities. The number of sectors that expanded increased from 14 in Q2 to 21 in Q3 and…

Read more

World Bank cuts Nigeria’s 2021 growth forecast; explains why

World Bank cuts Nigeria’s 2021 growth forecast

World Bank cuts Nigeria’s 2021 growth forecast; explains why   The World Bank has revised downwards Nigeria’s 2021 growth forecast to 1.1 per cent from the 1.7 per cent it projected for the country in June last year. The bank, which made the forecast in its semiannual Global Economic Prospects report released on Tuesday, said it cut Nigeria’s growth forecast for this year by 0.6 per cent because it expects economic activity in the country to be “dampened by low oil prices, falling public investment due to weak government revenue,…

Read more

Recap & Outlook: Current facts about Nigerian  economy

Nigerian Economy

Recap & Outlook: Current facts about Nigerian  economy By Cordros  Capital Analysts According to the data released by the National Bureau of Statistics (NBS), capital importation into Nigeria in Q3-20 plummeted by 74.0 y/y to USD1.46 billion (Q2-20: USD1.29 billion), as foreign investors continue to move to limit their exposure to the country amid the low yield investment environment and FX liquidity constraints.Compared to a quarter ago, we note that capital importation increased by 12.9% (Q2-20: -77.9% q/q). We highlight that Foreign Portfolio Investment (FPI) declined by 86.5% y/y to…

Read more

Nigerian economy unstable, directionless under Buhari, says economic society

Nigerian economy unstable, directionless under Buhari, says economic society

Nigeria’s debt fast becoming unsustainable, may reach N34tn, LCCI warns Economic advisory council parades the best 11 economists – Presidency _____________________________________ The Nigerian Economic Society on Tuesday berated the regime of the President, Major General Muhammadu Buhari (retd.), over its handling of the economy, which it said was directionless and unstable. The President of the NES, Prof Sarah Anyanwu, who stated this when she led members of the society on a visit to the Senate Minority Caucus, lamented that Buhari’s regime excluded economists from its economic management team. According to…

Read more

Export Earnings Fell To $13.39bn in April — CBN

International Money Transfer Operators

The country’s total export earnings fell by 14.9 per cent to $13.39bn in April due to decline in crude oil prices. The Central Bank of Nigeria (CBN) disclosed this in its monthly economic report for the month of April, which was obtained on Friday. Part of the report read, “Because of the decline in the price of crude oil in 2020Q1, aggregate export earnings declined by 14.9 per cent and 12 per cent to $13.39bn, compared with $15.74bn and $15.22bn in Q4 and 2019 Q1 respectively. Export of crude oil…

Read more