Thursday, September 23, 2021
29.1 C
Abuja
Thursday, September 23, 2021

CBN shifts MPC meeting to Thursday

Must read

Africa Data Centres unveils its latest world

Africa Data Centres (www.AfricaDataCentres.com), the only pan-African network of interconnected, carrier-and cloud-neutral data centres on the continent, has completed its new Johannesburg data centre,...

Daily Crunch: New PayPal ‘super app’ offers consumers a suite of personal finance features

To get a roundup of TechCrunch’s biggest and most important stories delivered to your inbox every day at 3 p.m. PDT, subscribe here. Hello from...

How Africa can benefit from Int’l digital economy — MainOne

Africa requires access to global submarine network infrastructure to fully benefit from an international digital economy bearing in mind that submarine cables carry close...

Africa can’t outsource its health to others

Published 23 September 2021 The President of the African Development Bank, Akinwumi Adesina, has cautioned against Africa’s dependence on foreign countries for healthcare support, stating...

The Nigerian economy is expected to record negative growth as it slides into recession, due to the outbreak of the coronavirus pandemic and crash in oil prices.

This was disclosed by the Minister for Finance, Budget and National Planning, Zainab Ahmed, during a press briefing after the first virtual meeting of the National Economic Council (NEC), which was chaired by Vice President, Yemi Osinbajo.

UBA ADS

The minister said that the ravaging coronavirus pandemic is not only affecting the country economically, but also affecting the health sector, as the resources to fight this appear inadequate.

She admitted that the crash in crude oil prices would negatively affect the country’s revenue and foreign exchange earnings.

(READ MORE: Industries with low exposure to COVID-19)

GTBank 728 x 90

This oil price crash and coronavirus pandemic outbreak has also affected the economic growth of the country and weakened the naira.

According to the Finance Minister, “Net oil and gas revenue input to the federation account in the first quarter of 2020 amounted to N940.91 billion. This represents a shortfall of N125.52 billion.

‘’But with the work that the Economic Sustainability Committee is doing bringing up a stimulus package, we believe that we can reduce the impact of that recession.”

Going further,Zainab Ahmed said, “And if we apply all that have been proposed and we are able to implement it we might end up with a recession that is -0.4%. But in any case, we will go into recession but what we are trying to do is to make sure that it is shallow so that we will quickly come out of it come 2021’’ 

READ ALSO: External reserves to fall below $30 billion, more forex restrictions expected

app
Wealth.ng

READ MORE: Emefiele insists CBN will not sell forex for importation of items produced in Nigeria

According to news from Channels Television, Ahmed also disclosed that the economic growth in Nigeria could contract by as much as -8.94% in 2020 in the worst-case scenario. She also said that in the best-case scenario, it could be a contraction of -4.4%, if there was no stimulus and 0.59% contraction if there was a fiscal stimulus package.

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest article

Africa Data Centres unveils its latest world

Africa Data Centres (www.AfricaDataCentres.com), the only pan-African network of interconnected, carrier-and cloud-neutral data centres on the continent, has completed its new Johannesburg data centre,...

Daily Crunch: New PayPal ‘super app’ offers consumers a suite of personal finance features

To get a roundup of TechCrunch’s biggest and most important stories delivered to your inbox every day at 3 p.m. PDT, subscribe here. Hello from...

How Africa can benefit from Int’l digital economy — MainOne

Africa requires access to global submarine network infrastructure to fully benefit from an international digital economy bearing in mind that submarine cables carry close...

Africa can’t outsource its health to others

Published 23 September 2021 The President of the African Development Bank, Akinwumi Adesina, has cautioned against Africa’s dependence on foreign countries for healthcare support, stating...

Who is building the tech infrastructure for African businesses?

API fintech startups are thriving in Africa’s tech ecosystem as they build the infrastructure to facilitate payments, banking, e-commerce, and insurance. By creating the...