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Nigeria’s economy grows by 4.03% in Q3, 2021

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Nigeria’s economy grows by 4.03% in Q3, 2021

The Statistician-General of the Federation and Head of the National Bureau of Statistics, MR SIMON HARRY, has declared that the nation’s economy grew by 4.03 percent in the Third Quarter of 2021. The announcement was made on Thursday in Abuja at a media conference on the present state of the nation’s Gross Domestic Product (GDP).

Harry explained that the negative GDP figures recorded in 2020 as a result of the COVID-19 pandemic had serious base effects on the GDP figures for quarters two and three of 2021. He stated that the improvement being seen in the output growth over the last four quarters depicts steady progress made in stemming the Covid-19 pandemic and the associated negative impact on livelihood, well-being, and the economy.

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It was reported that GDP helps to determine the structure and dynamics of an economy, which by implication measures the performance of the economy within a given period of time.

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Finance

Transportation, Panacea For Realising AfCFTA Objectives – Amaechi

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Transportation, Panacea For Realising AfCFTA Objectives - Amaechi

Nigeria’s minister of transportation, Rotimi Amaechi, says that investment in transportation infrastructure is key to realising the major objectives of the African continental free trade area.

Amaechi, stated this at the international conference on the role of transportation in the implementation of AFCFTA, organised by the national institute of transport technology, NITT in Abuja, the nation’s capital.

According to him, transportation is essential for economic and social development as it provides vital links between centres of production and distribution.

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The minister noted that the sector was critical in implementing trade facilitation, enhancing regional integration and key to every other AFCFTA protocol.

While reiterating the commitment of president Muhammadu Buhari’s led administration towards providing an efficient transport system in the country, Amaechi said the government was embarking on huge transport infrastructure investment across the country.

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FG Launches Portal for Sale of 5,000 Housing Units

Public Transport Owners Lose N200bn To Inter-state Travel Ban

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Finance

CBN Defends Naira with $2.1bn to Halt Further Depreciation

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CBN Defends Naira with $2.1bn to Halt Further Depreciation

In an effort to keep the Naira from crashing further the Central Bank of Nigeria (CBN) pumped $2.1 billion to the Investors and Exporters (I&E) window of the foreign exchange market in the first seven months of 2021.

The amount was an increased by 238 percent when compared with the $621.1 million injected to defend it in the same window in in the corresponding period of 2020 (7mths-2020). It also represented a 47 percent increase when compared with the $1.43 billion injected in the first 7 months of 2019.

According to CBN data, the highest amount injected this year was $474.65 million in April while the lowest amount of $195.91 million was recorded in June. While the intervention helped keep Naira hovering around N412 to 414, it came at a cost of depleting reserves that was replenished with debts.

It will be recalled that last month, Vice President Yemi Osinbajo called on the Central Bank of Nigeria to allow market forces control the exchange rate. Although CBN had adopted the flexible I & E window as its official exchange rate, it remained the single source of dollar supply thereby having a significant influence on how the market turns out daily.

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World Bank Says Nigeria’s Exchange Rate Strategy Discourages Investors, Increases Inflation

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World Bank Says Nigeria’s Exchange Rate Strategy Discourages Investors, Increases Inflation

The World Bank has stated that the Central Bank of Nigeria’s exchange rate management policies continue to discourage investment and fuel inflation.

This was disclosed by the World Bank in the November 2021 edition of its Nigeria Development Update tagged “Time for Business Unusual”.

The World Bank said the whole of Nigeria’s debt burden remains manageable for the time being, maintaining sustainable debt dynamics will require curbing the use of CBN financing for the deficit and addressing fiscal pressures to break the cycle of low growth and rising public debt.

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The primary macroeconomic challenges disturbing growth, according to the World Bank, are issues around the predictability and credibility of exchange-rate management, as well as an insufficient supply of foreign exchange (FX).

The report stated, “The government’s exchange rate management policies continue to discourage investment and fuel inflation. Exchange rate stability is a key CBN policy objective, and to preserve its external reserves the CBN continues to manage FX demand and limit the supply of FX to the market.”

The World Bank stated that the Nigerian central bank’s exchange rate cannot handle external shocks to the economy, as exchange-rate management emerges as one of the key drivers of inflation.

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World Bank Approves $11.5bn Pandemic Response for Nigeria, Others

World Bank to Finance Extra COVID-19 Jabs for Poorer Nations

 

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