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Tag: gdp

‘Infrastructure sector grossly underdeveloped’

‘Infrastructure sector grossly underdeveloped’

Business
Requires properly-regulated market to bridge gapNigeria’s infrastructure sector is grossly underdeveloped and has limited access to social services and significantly increased cost of production and trade. This was the submission of the Former Chief Executive Officer of The Infrastructure Bank Plc, Adekunle Oyinloye, at the 2020 stockbrokers’ conference in Lagos. According to him, the value of Nigeria’s infrastructure, which is about 35% of the nation’s gross domestic product (GDP), is low when compared to 70% contributions from peers in other emerging economies, with public infrastructure expenditure valued at 3.5% of total GDP. He argued that the infrastructure deficit in Nigeria cannot be bridged through public resources alone as it will cripple the economy amid current...
OPS demands account for N35tr debt in 10 years

OPS demands account for N35tr debt in 10 years

Business
The Organised Private Sector (OPS), has challenged the Federal Government to give a proper account for over N35 trillion accumulated debt in the last 10 years. They argued that just over a decade after Nigeria got debt relief from the Paris Club, the nation was again, plunged neck-deep into another round. The Guardian gathered that the nation’s debt stock has continued to rise progressively from N8.32 trillion in September 2013, to N22.7 trillion in March 2017, and N33 trillion in March 2020. While the Senate raised an alarm in March over the N33 trillion, it still went ahead to approve a loan request of $22.7billion, and another $5.5billion in June. The OPS, under the auspices of the Nigeria Employers’ Consultative Association (NECA), averred that borrowing is a source of fina...
Economists worry about rising inflation, unemployment as rates stagnate

Economists worry about rising inflation, unemployment as rates stagnate

Economy
With the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) retaining the Monetary Policy Rate (MPR) and other key rates, economists and analysts have urged the apex bank not to lose sight of rising inflation and unemployment. Indeed, the monetary authorities are caught between dealing with the expected negative gross domestic product (GDP) growth for the second and third quarters, as well as rising inflation that has put consumers on the edge and pressure on currency in circulation. While inflation uncertainty has become a growing concern for investors, savers and consumers alike, the need to the GDP to counter the rise in jobless rate may have put authorities on the ledge, thus making a choice to retain rates and observe trends. The MPC held the Monetary Po...
Many Nigerians struggle to survive as safety nets, incomes weaken

Many Nigerians struggle to survive as safety nets, incomes weaken

Business
Although the working situation seems to be improving with the easing of the lockdown, Nigerian workers and consumers still face challenges in all sectors of the economy, the second round of the COVID-19 National Longitudinal Phone survey (COVID-19 NLPS) conducted In June, by the National Bureau of Statistics (NBS), has shown. According to the survey, millions of Nigerians have been struggling to survive, as there has not been any significant improvement in safety nets or other sources of income assistance from institutions and/or remittances. The Guardian had on Monday, reported that the last three months of the lockdown imposed to check the spread of the novel coronavirus have been hectic for most Nigerians, as they struggle to find a balance between dipping incomes and rising i...
“Nobody eats GDP” says African Development Bank President as he calls for inclusive growth

“Nobody eats GDP” says African Development Bank President as he calls for inclusive growth

Economy
The 2020 African Economic Outlook (AEO) showed that the continent’s economies are growing well “Nobody eats GDP” says African Development Bank President as he calls for inclusive growth frica’s economies are growing strongly, but growth alone cannot meet the needs of the continent’s poorest citizens, because “nobody eats GDP,” the African Development Bank’s (AfDB.org) President, Akinwumi Adesina, said as he unveiled the Bank’s flagship economic report on Thursday. The 2020 African Economic Outlook (AEO) (http://bit.ly/2vABQFU) showed that the continent’s economies are growing well, higher than the global average. The report projected a steady rise in growth in Africa from 3.4% in 2019 to 3.9% in 2020 and 4.1% in 2021. According to the report, these figures do not tel...