IMF says investors’ wait-and-see attitude and depressed private consumption keep Nigeria’s economic recovery at a slow pace

IMF says investors’ wait-and-see attitude and depressed private consumption keep Nigeria’s economic recovery at a slow pace

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IMF says investors’ wait-and-see attitude and depressed private consumption keep Nigeria’s economic recovery at a slow pace
<ul><li>A slow economic recovery is continuing, inflation is falling, and external buffers are declining in the face of increased portfolio outflows.</li><li>Elevated fiscal deficits rely on central bank financing, which complicates monetary policy.</li><li>IMF says Nigeria needs to take action on a coherent and coordinated set of policies to reduce vulnerabilities and increase growth over the medium […]
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<ul><li>A slow economic recovery is continuing, inflation is falling, and external buffers are declining in the face of increased portfolio outflows.</li><li>Elevated fiscal deficits rely on central bank financing, which complicates monetary policy.</li><li>IMF says Nigeria needs to take action on a coherent and coordinated set of policies to reduce vulnerabilities and increase growth over the medium term.</li></ul>

<p class="">The<strong> International Monetary Fund</strong> (IMF) on Wednesday said the investors’ wait-and-see attitude and depressed private consumption continue to put <a href="https://www.pulse.ng/bi/finance/growth-in-sub-saharan-africa-remains-fragile-heres-how-african-economies-performed-in/4fqydln" id="2a1a80fb-6da5-4279-a488-a0d5b4567857">Nigeria’s economic growth</a> at a slow pace.</p>

<p class="">At 2% in the first half of 2019, the Bretton Woods Institution said the rate was significantly below population growth.</p>

<p class="">Nigeria’s booming population grows at 3%, currently with over 200 million people. A former CBN governor, <strong>Emir Muhammadu Sanus</strong>i (II), recently <a href="https://www.pulse.ng/bi/politics/key-highlights-from-the-25th-nigeria-economic-summit-in-abuja/4l1jtfs" id="73226a02-8259-4ee6-bff3-2bea5cddf067">described </a>it as a liability rather than an asset.</p>

<p class="">This formed part of the outcome of the IMF’s visit to Nigeria led by <strong>Amine Mat</strong>i, Senior Resident Representative and Mission Chief for Nigeria, to discuss recent economic and financial developments, update macroeconomic projections and review reform implementation.</p>

<figure class="image" align="center"> <img src="http://ocdn.eu/images/pulscms/Nzk7MDA_/4c94d840-49be-4cc9-a5f0-b8c56edf1330.jpeg" alt="undefined"> <figcaption>undefined</figcaption> </figure>

<p class="">“<em>Carryover from 2018 to 2019 helped increase public investment spending in the first half of 2019, but revenue underperformed significantly relative to the budget target in the first half of 2019. Over-optimistic revenue projections have led to higher financing needs than initially envisaged, resulting in overreliance on expensive borrowing from the CBN to finance the fiscal deficit. Federal Government interest payments continue to absorb more than half of revenues in 2019.</em></p>

<p class="">“<em>The outlook under current policies remains challenging. Growth is expected to pick up to 2.3 percent this year on the strength of a continuing recovery in the oil sector and the regaining of momentum in agriculture following a good harvest. Revenue initiatives planned under the 2020 budget—including a VAT reform that increases the rate, introduces a minimum registration threshold and exempts basic food products—will help partially offset declining oil revenues and the impact of higher minimum wages, thus keeping the overall consolidated fiscal deficit elevated.</em></p>

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<p class=""><em>“The current account’s shift to a deficit is expected to persist while the pace of capital outflows continues to weigh on international reserves. Inflation will likely pick up in 2020 following rising minimum wages and a higher VAT rate, despite a tight monetary policy,” </em>the statement added.</p>

<p class="">The IMF team, however, advised that a comprehensive package of measures – whose design and implementation will require close coordination within the economic team and the newly-appointed Economic Advisory Council – is urgently needed to reduce vulnerabilities and raise <a href="https://www.pulse.ng/bi/finance/africas-largest-economy-is-returning-back-to-flourishing-days-as-nigerias-gdp-stands/z4td9zr" id="64a50e4e-efaa-4e12-98b4-e5a6c840ec6c">growth</a>. </p>

Ycee Unveils Cover Art & Tracklist For Forthcoming Debut Album, “Ycee Vs Zaheer,” Shares Release Date Too

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Ycee Unveils Cover Art & Tracklist For Forthcoming Debut Album, “Ycee Vs Zaheer,” Shares Release Date Too
Ycee has unveiled the cover art and tracklist to his much anticipated debut album; “Ycee VS Zaheer.” The rapper/singer made this public via all his social media pages a few hours ago and also used that medium to thank fans for their support throughout his music journey. Ycee also revealed the album would be dropping […]
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The Ghanaian government has cleared $300m of legacy debt

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The Ghanaian government has cleared $300m of legacy debt
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Floods kill 10, destroy 2714 houses in Niger state in 2019

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Floods kill 10, destroy 2714 houses in Niger state in 2019
<p class=""><strong>Inga </strong>disclosed this when he appeared before the Niger State House of Assembly to brief it on the agency’s activities in 2019.</p> <h1>Mr Ibrahim Inga, the Director General, Niger State Emergency Management Agency (NSEMA), on Wednesday said the 2019 floods destroyed 2,714 houses and claimed 10 lives in the state.</h1> <p class=""><strong>Inga </strong>disclosed this […]
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Falana withdraws false claim against Moghalu

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Falana withdraws false claim against Moghalu
<p class="">Falana apologises to Moghalu over false claim regarding appointment offer from Federal Government.</p> <h2>Human rights lawyer, Femi Falana has withdrawn his claim that Kingsley Moghalu, who was a presidential aspirant in the last general election under the Young Peoples Party (YPP), accepted an appointment from the incumbent administration.</h2> <p class="">Recall that on Monday, October […]
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Ben Enwonwu’s “Christine” sells for $1.4 million thanks to Google Search

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Ben Enwonwu, a master of African modernism, meeting the acquaintance of Christine Elizabeth Davis in 1971, painted a portrait of her and gifted it to her. The painting was exhibited once in Lagos, before it left the shores of Nigeria to live with a family in Texas. Unaware of its significance, the family recently decided to […]
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Oil prices edge higher as OPEC hints at deeper output cuts

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Oil prices edge higher as OPEC hints at deeper output cuts
Oil prices rose on Wednesday, tracking gains in equities, as investors pinned hopes on a potential Brexit deal between Britain and the European Union and on signals from OPEC and its allies that further supply curbs could be possible. Continue reading Oil prices edge higher as OPEC hints at deeper output cuts at Vanguard News. […]
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National Health Dialogue: NPHCDA official seeks autonomy for healthcare facilities
The National Primary Health Care Development Agency (NPHCDA) official says granting health facilities autonomy would improve their services The post National Health Dialogue: NPHCDA official seeks autonomy for healthcare facilities appeared first on Premium Times Nigeria. Related
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APC Is A Party Notorious For Lies: Gov Ayade

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APC Is A Party Notorious For Lies: Gov Ayade
Governor of Cross River State, Ben Ayade, has said that the All Progressives Congress, APC is notorious for lies. The governor was reacting to a statement by the APC chairman in the state, John Ochala on his return to school to pursue a Master’s degree in law at UNICAL was as laughable and pathetic. Ochala […]
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Chaos As Youths Disrupt INEC Meeting in Bayelsa

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Chaos As Youths Disrupt INEC Meeting in Bayelsa
Yakub Mahmood, INEC Chairman A meeting with officials of the Independent National Electoral Commission (INEC) in Yenagoa, Bayelsa state capital was disrupted by youths on Wednesday. The chairman of the commission, Mahmood Yakubu, INEC chairman, and no choice but to quickly end the session after attempts to calm the restive youth failed. Abdulmajid Ali, the […]
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Breaking!!! G-Worldwide Set To Rekindle Legal Battle Against Kizz Daniel, Consult Legal Wizard

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G-WorldWide Entertainment Limited (GWW), the Record Label through which Kizz Daniel rose to fame and became positioned to attract fortune, has reignited its legal battle against Kizz Daniel, who is now its former signee. The Label in pursuit of this course, has engaged the law firm of Olisa Agbakoba Legal, led by Senior Counsel, Dr. […]
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Monochrome is the rave and here’s how to rock it like style blogger – Ranti Onayemi
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