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

…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

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%

…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

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

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

…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’

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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Don’t Kill Nigeria economy with COVID-19, Senate warns

The upper chamber of the National Assembly in a meeting with stakeholders in the Aviation and Health sectors on Tuesday, warned against killing the nation’s economy with the adopting of European style of fighting COVID-19 pandemic. The Senate Committees On Aviation and Health gave this warning during interactive session with the stakeholders on safety measures put on ground in the wake of commencement of International and domestic flights in the country. The Chairman, Senate Committee on Aviation, Senator Smart Adeyemi (APC Kogi West), in his remarks at the interactive session,…

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