Tag: Nigerian Economy

Unemployment to push more Nigerians into poverty – NESG

Aminu Imam

The Nigerian Economic Summit Group, (NESG), has said that many Nigerians are expected to fall into the poverty trap amid rising unemployment in the country. The NESG, a private sector-led think-tank, noted in its economic report for the first quarter of 2021, that the country’s economic growth in the period under review was relatively weak. The group noted that the World Bank estimated an increase in the number of poor Nigerians to 90 million in 2020, from 83 million in 2019. According to the report, huge dependence on proceeds from…

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Covid-19: IMF says Nigeria’s economy ‘gradually’ recovering

Aminu Imam

A team from the International Monetary Fund, (IMF), has said that the Nigerian economy was “gradually” recovering from the negative effects of the Covid-19 pandemic. The IMF disclosed this on Thursday, in its end-of-mission statement, issued from its Washington, DC, headquarters, USA, on preliminary findings following virtual meetings of its teams with the Nigerian authorities from June 1-8. The IMF team, led by Ms. Jesmin Rahman, discussed recent economic and financial developments and outlook and noted that “real gross domestic product (GDP) is recovering but unemployment and inflation remain high”.…

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Nigeria’s economy grows 0.51% in Q1-2021 on oil recovery – NBS

Aminu Imam

The nation’s Gross Domestic Product (GDP) increased by 0.51 percent in the first quarter of 2021. This is according to the first-quarter GDP report released by the National Bureau of Statistics, (NBS), yesterday. Nigeria had recorded an increase of 0.11 percent in the fourth quarter of 2020. With the latest figure, the country has recorded its second consecutive quarter growth since the economy fell into recession in 2020. The NBS report further stated that, “Nigeria’s GDP grew by 0.51% (year-on-year) in real terms in the first quarter of 2021, marking…

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Nigeria’s inflation rate surges to 18.17% in March – NBS

Aminu Imam

…Highest in over 4 yrs Nigeria’s Consumer Price Index, (CPI), which measures the rate of increase in the price of goods and services, increased to 18.17 percent in March 2021. This is according to the March 2021 consumer price index/inflation report released by the National Bureau of Statistics, (NBS), yesterday. This is 0.82 percent points higher than the rate recorded in February 2021 (17.33 %). The March figure is the highest since January 2017 when it climbed 18.72 %. The food inflation figure also increased by 1.16 % on a…

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‘FG printed N60bn to share in March’, Edo Gov. Obaseki reveals

Aminu Imam
Governor Godwin Obaseki of Edo State

The Edo State governor, Godwin Obaseki, has disclosed that Nigeria is in huge financial trouble. According to the PDP governor, the Federal Government printed N60 billion as part of federal allocation for March. This disclosure was made by the governor while speaking at the Edo State Transition Committee stakeholders’ engagement on Thursday. According to Obaseki, the economy is no longer what it used to be. He expressed worry that the country has continued to borrow despite unclear means of refunding payments. The governor said the government must live up to…

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IMF increases Nigeria’s 2021 economic growth forecast to 2.5%

Aminu Imam

…To recommend debt repayment relief The International Monetary Fund, (IMF), has revised upward its growth forecast for the Nigerian economy for 2021 to 2.5 percent, from its earlier projection of 1.5 percent it announced in January. The IMF announced the new projection in its World Economic Outlook update released yesterday. The new growth projection is 1.0 percent higher than the multi-lateral institution’s 2021 forecast in January, which was a downward review from the forecast it shared in October 2020. This is just as there are strong indications that Nigeria may…

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‘Nigeria moved out of recession earlier than expected’ – World Bank

Aminu Imam

The World Bank has disclosed that Nigeria made an early exit out of recession than projected in its October 2020 forecast for sub-Saharan Africa. This disclosure was made by the bank in its latest Africa Pulse Report for April 2021 titled: ‘Covid-19 and the Future of Work in Africa: Emerging Trends in Digital Technology Adoption’. The Bank said Nigeria’s oil sector weakened in the fourth quarter of 2020 despite an increase in oil prices. Recall that Nigeria had slid into its worst economic recession in over three decades (33 years)…

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Nigeria records highest trade deficit since 1981 – NBS

Aminu Imam

Nigeria has recorded its biggest foreign trade deficit since 1981 as the trade balance stood at a deficit of N7.38 trillion in 2020. This is according to available data obtained from the National Bureau of Statistics, (NBS).  According to the recent foreign trade report, total imports in the year 2020 was valued at N19.9 trillion surpassing the total exports of N12.52 trillion, indicating a trade deficit of N7.38 trillion. This is the second time Nigeria is recording a negative trade balance in the past 10 years.  In 2016, during a…

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Nigeria’s economy exits recession as GDP grows by 0.11% in Q4 2020 – NBS

Aminu Imam

…GDP contracts by 1.92% Nigeria’s Gross Domestic Product (GDP) grew by 0.11% (year-on-year) in real terms in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters. This is contained in the Nigerian Gross Domestic Product report, published yesterday by the National Bureau of Statistics (NBS). The growth was driven largely by positive growth recorded in the information and communication sector (15.9%) and agriculture (3.42%). The NBS further said that the country’s Gross Domestic Product (GDP) contracted by 1.92% in real terms in 2020,…

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IMF says Nigerian economy at ‘critical juncture’

Aminu Imam

Ø  Urges VAT hike The International Monetary Fund, (IMF), yesterday said the Nigerian economy is at a critical juncture, having been weakened by falling per capita income, double-digit inflation, limited buffers, significant governance vulnerabilities, and the global pandemic. The IMF said plunging oil prices and sharp capital outflows in the first quarter of 2020 significantly increased balance of payments pressures that caused output contraction, thus, exposing the economy to risks. In a report released yesterday, which follows consultation with authorities in Nigeria, the IMF emphasised the need for urgent policy…

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