IMF says Dangote Refinery, Supportive Credit Facility, Can Accelerate Nigeria’s Economic Recovery Process

 

The International Monetary Fund (IMF) has noted that the non-oil sector of the Nigerian economy could be stronger, benefitting from its recent growth momentum, higher production from the new Dangote Refinery, and supportive credit policies.  

 In IMF’s Executive Board 2021 Article IV Consultation with Nigeria released recently, the global organisation added that Nigeria’s ratification of the African Continental Free Trade Agreement could also yield a positive boost to the non-oil sector while oil production could rebound, supported by the more generous terms of the Petroleum Industry Act.  

 According to the IMF, Nigeria exited the recession in the fourth quarter of 2020 and its output rose by 4.1 per cent (y-o-y) in the third quarter, with broad-based growth except for the oil sector, which is facing security and technical challenges.

 While growth was projected at 3 per cent for 2021, it stated that headline inflation rose sharply during the pandemic, reaching a peak of 18.2 per cent year-on-year (y-o-y) in March 2021, but has since declined to 15.6 per cent in December.

The institution attributed this to the new harvest season and opening of land borders, although it noted that the reported unemployment rates (end 2020) have yet to come down. It, however, confirmed that more recent COVID-19 monthly surveys have shown that employment was back at its pre-pandemic level.

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Rising Debt Burden: We are mindful of our borrowings, says FG

Rising Debt Burden: We are mindful of our borrowings, says FG

Posted on April 22, 2019 Authornewsheadline247

Mrs Zainab Ahmed, the Minister of Finance,  has said government borrows to deliver on its promises, it was also mindful of rising debt burden, which eats up about 25 per cent of the country’s annual earnings. Ahmed said this in an interview with the News Agency of Nigeria (NAN) on the side-line of the IMF/World

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Nigerians getting poorer, need ‘urgent and coherent’ economic policies – IMF

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Nigerians getting poorer, need ‘urgent and coherent’ economic policies – IMF

March 1, 2018

The International Monetary Fund (IMF) says Nigerians are getting poorer and that “coherent and comprehensive” economic reforms are urgently needed in the country.

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Gov’t is lying on the State of public finances - Bawumia

Dr. Bawumia is former deputy Governor of the Bank of Ghana

A few months ago, during a lecture I gave to students at the Kwame Nkrumah University of Science and Technology (KNUST), I made a statement that the supposed fiscal consolidation that the government claims to be taking place following the implementation of the IMF program over the last two years is not credible. Developments since then have only reinforced this view and today it is now much clearer that the Ghana’s fiscal consolidation under the IMF program is actually a sham.

Sierra Leone GDP to recover to 4.3 pct as Ebola shock subsides -IMF

Sierra Leone's President Ernest Bai Koroma

Sierra Leone’s economic growth should reach 4.3 percent this year as it recovers from the twin shocks of an Ebola epidemic and a slump in iron ore prices that shrank its economy by 21.1 percent in 2015, the IMF said on Friday.