Economic Outlook

The Nigeria Economic Summit Group (NESG) has advised the Federal Government to always consider its economic policy choices, before taking decision, in order to FastTrack economic growth, its recently launched 2021 Economic Outlook has said.

Oil prices dived Thursday on demand fears as more nations go into lockdown to staunch the spread of the coronavirus, while stock prices attempted a modest rebound.

Exxon Mobil and Chevron suffered losses in the latest quarter as the weakened economic outlook due to the coronavirus pandemic pressures the industry to double down on cost cuts.

The Manufacturers Association of Nigeria (MAN) says the unification of the country’s exchange rate is a welcome development that will engender increased investment inflow in the real sector of the economy.

The coronavirus pandemic could set back incomes in sub-Saharan Africa by a decade as weak oil prices, a tourism standstill and business lockdowns shrink the region’s economy 3.2 percent in 2020, an IMF official said Monday.

Kenya’s central bank cut its benchmark lending rate again on Wednesday, to 7.0% from 7.25%, saying measures to tackle the impact of the coronavirus were having an effect but it needed to do more due to the adverse economic outlook.

South Africa’s rand weakened for a third session in a row early on Friday as the growing likelihood of a global recession due to the spreading coronavirus compounded an already gloomy local economic outlook.

Zimbabwe faces a grim economic outlook this year and is also at risk of an extreme humanitarian crisis, the International Monetary Fund warned Thursday.

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, said on Monday that Nigeria’s economic outlook remained positives despite the current global uncertainties.

The International Monetary Fund (IMF) has said the sustained closure of the Nigerian land borders is hurting economies of Benin Republic and Niger Republic.

Vice-President Yemi Osinbajo has said young African entrepreneurs will change the perception about Africa and the continent’s economic outlook.

Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), on Monday in Lagos described prediction that the naira would fall to N415 to the dollar by the end of the year as speculative and act of sabotage.

Institute of Chartered Accountants of Nigeria (ICAN) have said that the delayed passage of the 2019 budget and slow investment choices that may arise as a result of expectations from the general elections may stall Nigeria’s growth prospects in 2019.

The Minister of Budget and National Planning, Senator Udoma Udo Udoma is optimistic that the Nigerian economy will continue to maintain its recovery in 2019 as the real GDP growth is expected to increase from 0.8% in 2017 to 2.1% in 2018 and 3.01% in 2019, with the sustained implementation of the ERGP.

The Manufacturers Association of Nigeria (MAN) has released its 2019 Economic Outlook report and acknowledged government’s efforts at carrying the private sector along on the issue of African Continental Free Trade Agreement (AfCFTA).

Oil fell on Wednesday as a swelling supply glut and signs of an economic slowdown weighed on crude prices a day ahead of an OPEC meeting at which the producer club is expected to decide supply cuts.

The International Monetary Fund (IMF), says Nigeria is expected to grow by 1.9 per cent in 2018, up from 0.8 per cent in 2017, mostly owing to fewer disruptions in oil production.

The Africa Investment Forum dubbed game changing event aimed at attracting multi-billion-dollar deals across the continent, kicked off on Monday in South Africa.

The International Monetary Fund (IMF) says Nigeria’s economic outlook for 2018 remains challenging as private sector lending remains low and foreign exchange inflows are mostly short-term.

Minister of Budget and National Planning says Nigeria’s economic outlook for 2018 and over the medium term is very positive.

The Lagos Chamber of Commerce and Industry (LCCI) has predicted a Gross Domestic Product (GDP) growth rate of between three and four per cent for 2018.

The Lagos Chamber of Commerce and Industry (LCCI) has predicted a Gross Domestic Product (GDP) growth rate of between three and four per cent for 2018.