Professor Uche Uwaleke dissects IMF’s projection on Nigerian Economy

The International Monetary Fund has downgraded Nigeria’s 2020 growth projection, saying the economy will shrink by 5.4 per cent.

The IMF earlier in April projected that the country’s economy would contract by 3.4 per cent this year.

The IMF disclosed its new forecast in its overview of the World Economic Outlook for June, titled, ‘A crisis like no other, an uncertain recovery.

It stated that, ‘Global growth is projected at minus 4.9 per cent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook forecast.

The IMF notes the COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast.”

Professor of Finance and Capital Market of Nasarawa State University, Uche Uwaleke, now shares his views on this and other projections

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Professor Uche Uwaleke dissects IMF’s projection on Nigerian Economy

The International Monetary Fund has downgraded Nigeria’s 2020 growth projection, saying the economy will shrink by 5.4 per cent.

The IMF earlier in April projected that the country’s economy would contract by 3.4 per cent this year.

The IMF disclosed its new forecast in its overview of the World Economic Outlook for June, titled, ‘A crisis like no other, an uncertain recovery.

It stated that, ‘Global growth is projected at minus 4.9 per cent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook forecast.

The IMF notes the COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast.”

Professor of Finance and Capital Market of Nasarawa State University, Uche Uwaleke, now shares his views on this and other projections

Subscribe to our YouTube channel for more great videos: http://www.youtube.com/tvcnewsnigeria

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This content was originally published here.

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Nigeria’s May Inflation Hits 12.40% – Global Business Report with Rotus Odiri

Dumebi Iyeke is an analyst at Financial Derivatives.

#BusinessNews #Inflation #Nigeria #NigerianInflation #Economy
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How to sustain Nigeria’s economy after Coronavirus pandemic

Nigeria’s economic team has its task set out clear in preparing the economy for a stronger recovery process post COVID-19 and Steering the economy away from an imminent recession.

Economic watchers project a best case scenario of a V-shaped recovery which will be characterised by a quick and sustained recovery only if government moves at a fast pace with economic adjustments and stabilising macroeconomic indices that largely affect output despite a projected contraction of about 3-3.5% .

For now, the first quarter Gross domestic product report earlier released calms the mood with a GDP growth of 1.87% year on year which saw the oil sector posting a growth of 5.06% while the non oil sector grew by 1.55% in real terms compared to 2019 figures.

This isnt enough as a dip is expected in the second and third quarter largely reflecting the volatility of the oil market and lockdown leading to plunge in demand.

With the MPC reducing the monetary policy rate to 12.5% and retaining other key parameters, the charge now is on government to monitor closely increasing global headwinds such as weak aggregate demand and rising corporate debt. Away from these external shocks, increasing the local revenue base through tax collection is a major contending issue as the purchasing power of many has been largely affected and a soar in unemployment rates.

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This content was originally published here.

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Governor Sanwo-Olu underlines mission, as he begins second year – Part A

It’s arguably Nigeria’s most critical state. The gateway to the country’s economy and its commercial capital. Lagos has set the pace in every developmental parameter in Nigeria. Successive governments in the state have pursued a development masterplan to make Lagos the number one in the country. As Nigeria celebrates another Inauguration Day and 21 years of uninterrupted democracy, the current helmsman, Governor Babajide Sanwo-Olu is striding in that regard. Let us begin with a documentary on his mission to develop Lagos further. Governor Sanwo-Olu attained one year in office today, 29th of May.
Lagos State house correspondent, Adedoja Salam-Adeniyi spotlights some of the administration’s achievements so far.

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This content was originally published here.

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How to sustain Nigeria’s economy after Coronavirus pandemic

Nigeria’s economic team has its task set out clear in preparing the economy for a stronger recovery process post COVID-19 and Steering the economy away from an imminent recession.

Economic watchers project a best case scenario of a V-shaped recovery which will be characterised by a quick and sustained recovery only if government moves at a fast pace with economic adjustments and stabilising macroeconomic indices that largely affect output despite a projected contraction of about 3-3.5% .

For now, the first quarter Gross domestic product report earlier released calms the mood with a GDP growth of 1.87% year on year which saw the oil sector posting a growth of 5.06% while the non oil sector grew by 1.55% in real terms compared to 2019 figures.

This isnt enough as a dip is expected in the second and third quarter largely reflecting the volatility of the oil market and lockdown leading to plunge in demand.

With the MPC reducing the monetary policy rate to 12.5% and retaining other key parameters, the charge now is on government to monitor closely increasing global headwinds such as weak aggregate demand and rising corporate debt. Away from these external shocks, increasing the local revenue base through tax collection is a major contending issue as the purchasing power of many has been largely affected and a soar in unemployment rates.

Subscribe to our YouTube channel for more great videos: http://www.youtube.com/tvcnewsnigeria

Follow us on Twitter: https://twitter.com/tvcnewsng

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For more great content go to https://tvcnews.tv

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This content was originally published here.

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Recession looms as Nigeria’s economy grows marginally by 1.87%

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This segment reviews major headlines on national dailies with our analyst, Adekunle Akindeji, MD/CEO, Prewin.
#NewspaperReview #COVID19 #Recession
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This content was originally published here.

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COVID-19: Nigeria’s economy is heading towards a recession – Zainab Ahmed | TV360 Nigeria

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TV360 is Nigeria’s first exclusive online television news channel based in Lagos. Our focus is news. There is no limit to the kind of news we cover. Our goal is to keep the people informed at all times so that they could use the information we disseminate to form important opinions,take important decisions and ultimately help to build a better and democratic society. We strongly uphold the long established journalistic principles of TRUTH, BALANCE and FAIRNESS in our reportage because we believe there is no one side to a story.
You can follow all our stories and much more by logging onto www.tv360nigeria.com
Please subscribe to our YouTube channel:
https://www.youtube.com/user/TV360NIGERIA?sub_confirmation=1


#tv360nigeria #tv360 #news #bamboobarshow #BambooBar #deji360 #tvcnigeria #channelstv #Nigeria #Lagos #Nigerianews #Nigeriannews

This content was originally published here.

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Recession looms as Nigeria’s economy grows marginally by 1.87%

person

This segment reviews major headlines on national dailies with our analyst, Adekunle Akindeji, MD/CEO, Prewin.
#NewspaperReview #COVID19 #Recession
Subscribe to our YouTube channel for more great videos: http://www.youtube.com/tvcnewsnigeria

Follow us on Twitter: https://twitter.com/tvcnewsng

Like us on Facebook: https://www.facebook.com/tvcnewsng

For more great content go to https://tvcnews.tv

Download our mobile app for iPad, iPhone and Android at http://mobile.tvcnews.tv or go to the store

This content was originally published here.

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COVID-19: Nigeria’s economy is heading towards a recession – Zainab Ahmed | TV360 Nigeria

person

TV360 is Nigeria’s first exclusive online television news channel based in Lagos. Our focus is news. There is no limit to the kind of news we cover. Our goal is to keep the people informed at all times so that they could use the information we disseminate to form important opinions,take important decisions and ultimately help to build a better and democratic society. We strongly uphold the long established journalistic principles of TRUTH, BALANCE and FAIRNESS in our reportage because we believe there is no one side to a story.
You can follow all our stories and much more by logging onto www.tv360nigeria.com
Please subscribe to our YouTube channel:
https://www.youtube.com/user/TV360NIGERIA?sub_confirmation=1


#tv360nigeria #tv360 #news #bamboobarshow #BambooBar #deji360 #tvcnigeria #channelstv #Nigeria #Lagos #Nigerianews #Nigeriannews

This content was originally published here.

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