Economy
Nigeria’s Economy to Grow by 2.7% in 2022 — IMF
The International Monetary Fund (IMF) has predicted Nigeria’s economy to grow by 2.6 per cent this year and a 2.7 per cent growth in 2022.
This is according to the October Regional Economic Outlook for Sub-Saharan Africa: One planet, two worlds, three stories, made available at the ongoing Annual Meetings of the IMF and World Bank in Washington on Thursday.
It stated that the growth would be driven by recovery in non-oil sectors and higher oil prices.
“Growth will inch up slightly to 2.7 per cent in 2022 and remain at this level over the medium term, allowing GDP per capita to stabilise at current levels, notwithstanding long-standing structural problems and elevated uncertainties.
”The IMF outlook also estimated that sub-Saharan Africa’s economic growth would be 3.7 per cent in 2021 and 3.8 per cent in 2022.
It attributed that the recovery would be supported by favorable external conditions on trade and commodity prices.
It also stated that the region had benefited from improved harvests and increased agricultural production in a number of countries.
In his opening remarks at the media briefing on the outlook, Mr Abebe Selassie, Director, African Department, IMF, said the recovery followed the sharp contraction in 2020 and was much welcome.
Selassie, however, said the growth still represented the slowest relative to other regions attributing the divergence reflected the slow vaccine rollout and differences in policy space.
“Against this backdrop, I want to highlight three areas which need concerted action by policymakers in countries and indeed the international community:
“The first of these is inequality. Policies need to be squarely focused on addressing the challenge of poverty to prevent the insecurity in the region.
“Policymakers need to navigate among three challenging pressures: pressing spending needs to address the many social, human capital, and infrastructure needs; limited borrowing capacity given already high public debt levels in most cases; and the time consuming and politically difficult nature of mobilising tax revenues.”
The director stated that countries, skillfully navigating the challenges, would have a huge bearing on the macroeconomic well-being and growth prospects.
He stressed the importance of international solidarity and support to facilitating divergent health, poverty, and economic outcomes.
He also said the global population was set to grow by about two billion people over the next three decades, with half of that increase coming from sub-Saharan Africa.
“This presents a huge opportunity: a growing pool of human talent and ingenuity that will have a telling effect on the economic, social, and political trajectory of our planet. We need to pay more heed to this phenomenal opportunity.”
Selassie further reiterated the commitment of the IMF to supporting sub-Saharan Africa tackle the broad array of challenges it faced. (NAN)
Mr Adegboyega Oyetola, the Minister of Marine and Blue Economy says upgrading the Maritime Academy of Nigeria (MAN), Oron to a university, will unlock opportunities in the maritime economy.
Oyetola made the expression at the 2024 MAN cadets graduation ceremony in Oron, Akwa Ibom on Saturday.
Represented by Mr Babatunde Bombata, the Director, Maritime Safety and Security, the minister said the Federal Government was working assiduously to unlock opportunities within the marine and blue economy.
He said that the ministry was already collaborating with the Ministry of Education and the Nigerian Universities Commission to ensure MAN’s seamless transition to a university.
“It is our hope that this upgrade will unlock new opportunities for advanced learning, cutting edge research and innovation within the marine and blue economy fields,” he said.
Oyetola urged the graduating cadets to be innovative, resourceful and forward looking in their future endeavours.
“The maritime and blue economy sectors are filled with opportunities, so your contributions to the sector will be instrumental in ensuring a brighter future.
“The government is committed to fostering excellence and innovation in these fields, and we eagerly anticipate the positive impact you will make in your careers,” he said.
He further said that the Federal Government was working on developing a national policy on marine and blue economy.
“This policy will serve as a strategic framework to drive economic diversification, attract investments, create jobs and youth empowerment.
In his remarks, Gov. Umo Eno of Akwa Ibom, said the state government would continue to collaborate with the academy to develop the maritime sector.
Represented by the Commissioner for Internal Security and Waterways, Gen. Koko Essien, (Rtd), Eno urged the graduating cadets to utilise their training in developing the maritime sector.
“I am hopeful that you will utilise the training you have acquired here to further your career as seafarers and in the development of our blue economy,” he said.
Eno commended the Acting Rector, Dr Kevin Okonna and his management team for their commitment towards repositioning the academy for greater results.
Earlier, Okonna said that graduates of the institution had contributed immensely to the growth of Nigeria’s maritime and blue economy.
“Today, we have an opportunity to celebrate a new set of well-trained personnel to the maritime and allied industries.
“We pride ourselves as the pioneer maritime training institution, this is because of the institution’s contributions to national development,” he said.
The acting rector urged the graduating cadets to made effective use of the knowledge gained during their training to make meaningful impact on the growth of the maritime sector.
Report says that awards were given to graduating cadets who distinguished themselves in character and learning. (NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
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