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World Bank Raises Nigeria Growth Projection to 1.8%

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World Bank Raises Nigeria Growth Projection to 1.8%

The World Bank says Nigeria’s economy is expected to expand at a moderate rate of 1.8 percent this year and edging up to 2.1 percent in 2022.

The bank stated this in its June 2021 Global Economic Prospects, released on Tuesday.

In January, the Bretton Wood institution had projected a 1.1 percent growth rate for the country in 2021, after the Covid-19-induced sharp recession in 2020. The economy’s gross domestic product contracted by 1.92 per cent.

The World Bank said the new projection for Nigeria is on the assumption that oil prices will continue to rise, a gradual implementation of structural reforms in the oil sector, and a market-based flexible exchange rate management.

“The expected pickup is also predicated on continued vaccinations in the second half of this year and a gradual relaxation of Covid related restrictions that will allow activity to improve,” the report said.

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In Sub-Saharan Africa, economic activity is projected to rise by 2.8 percent in 2021 and 3.3 percent in 2022 as countries continue to struggle with the COVID-19 pandemic and its aftermath.

“While there are welcome signs of global recovery, the pandemic continues to inflict poverty and inequality on people in developing countries around the world,” David Malpass, World Bank Group president said.

Read Also: Nigeria Begins Gas Flare Reduction with Award of 45 Licenses in June

 

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Finance

Legislators Query Whereabouts of $44 Million Ikoyi NIA Recovered Funds

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Legislators Query Whereabouts of $44 Million Ikoyi NIA Recovered Funds

The House of Representatives on Tuesday queried the whereabouts of the 44 million dollars recovered from the Nigeria Intelligence Agency (NIA) by the Economic and Financial Crime Commission (EFCC) in 2017.

The Office of the National Security Adviser had stated that it was not in custody of the money.

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The Director of Finance and Admin in the Office of the National Security Adviser, Brig. General Ja’afaru Mohammed told the House Adhoc committee investigating the management of recovered fund between 2002 and 2020 that the ONSA had nothing to do with recovered funds and assets.

The Chairman of the adhoc Committee Rep. Adejoro Adeogun had quoted the Chairman of the nation’s anti-graft agency, EFCC as saying that the fund recovered from the NIA office in Okoyi was in the custody of the Office of the National Security Adviser.

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Finance

NNPC to Supply Oil to Indonesia, Subsidiary Eyes $70m Profit

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NNPC to Supply Oil to Indonesia, Subsidiary Eyes $70m Profit

The Nigerian National Petroleum Corporation (NNPC) through its subsidiary, Duke Oil has sealed a pact to supply 30,000 barrels per day of crude oil supply to Indonesia’s state oil corp, Pertamina, and Indian Oil Corporation.

The move, which signals the nation’s attempt to capture market share in Asian countries may push the profit of the entity to about $70 million in the 2021 trading year.

Managing Director of NNPC Trading Company Limited, Lawal Sade, who disclosed this in the latest edition of NNPC Quarterly Magazine revealed that its oil trading entity, Duke Oil, has diversified its trading portfolio and adopted alternative trading strategies to increase its volumes and profitability.

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The subsidiary is expected to expand into bitumen and base oil importation in the 2021 trading year.

Sade disclosed that the move has already seen the gross revenue of the entity growing to 28 billion naira against a budgeted figure of 16 billion naira. Despite the Covid-19 pandemic last year, the development led to an additional 12-billion-naira income.

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World Bank States that Nigeria’s Inflation Rate Will Rise to 5th Highest in Sub-Saharan Africa

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World Bank States that Nigeria’s Inflation Rate Will Rise to 5th Highest in Sub-Saharan Africa

World Bank States that Nigeria’s Inflation Rate Will Rise to 5th Highest in Sub-Saharan Africa by End of 2021

The World Bank says Nigeria’s inflation rate is expected to rise to 5th highest in Sub-Saharan Africa by the end of 2021, behind only Zimbabwe, Zambia, South Sudan and Angola.

The World Bank expects the Nigerian inflation rate in 2021 to be 16.5%. The forecast for sub-Saharan Africa, excluding Nigeria, is 5.9%.
The bank’s Lead Economist for Nigeria, Macro Hernandez, stated this on Tuesday during a presentation of Nigeria’s Development Report for the first six months of 2021, in Abuja.

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Hernandez also said that the inflation is set to push 7 million more Nigerians into poverty due to falling purchasing power, while over 11 million more Nigerians are expected to lose their jobs.

According to him, insecurity and conflict as well as the covid-19 pandemic are responsible for the challenges. He added that it was critical for the government to maintain reform momentum, but that some important reforms had stalled.

Read Also: We Are Ready to Meet with Nigerian Govt.- Twitter

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#COVID19NIGERIA Situation Report

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

@Africa CDC

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

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Gallant Officer
"Also found worthy of honour was Bashir Abubakar, an Asst Comptroller-General of Customs, who rejected a bribe of $412,000 per container offered him by drug traffickers seeking to bring 40 containers of Tramadol into Nigeria. A fine example of incorruptibility, worthy of emulation"

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