• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Friday, August 12, 2022
Leadership News
Read in Hausa
  • Home
  • NewsLatest
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast
No Result
View All Result
  • Home
  • NewsLatest
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast
No Result
View All Result
Leadership News
No Result
View All Result
Home News Business

Analysts Reduce Nigeria’s 2022 Economic 2022 Growth Forecasts Downwards To 3.27%

by Bukola Idowu
2 weeks ago
in Business
0
Economic 2022 grwoth
Share on WhatsAppShare on FacebookShare on TwitterTelegram

Analysts at B. Adedipe Associates Ltd. (BAA Consult) has reviewed downward its growth forecast for the Nigerian economy in 2022 to 3.27 per cent from its earlier projection of 3.74 per cent announced in January.

Founder and chief consultant, BAA Consult, ‘Biodun Adedipe, announced the new projection at the roundtable session on the Mid-Year review of Economic Outlook for 2022.

The event was organised by the Chartered Institute of Bankers of Nigeria (CIBN) in collaboration with BAA Consult, yesterday in Lagos.

“So for us in BAA Consult, we have dampen our expectation when we started the outlook at the beginning of the year.

“We projected between 3.74 per cent growth, at that time, both the Internal Monetary Fund (IMF) and the World Bank had 1.5 per cent by April. IMF increases its own from 1.5 to 3.4 per cent.

“But as at today based on the first half year, what we see as the likely outcome of our GDP growth this year is 3.27 per cent; no longer 3.74 per cent because of what has happened (insecurity).

RELATED

WAPP

WAPP Plans Liquidity Enhancement Fund, Seeks Lauds Financial Transparency

8 hours ago
Task Before The New Chief Justice

Underpaid Entitlements: FCTA Pensioners Appeal For Buhari’s Intervention

9 hours ago

“So, we must therefore, take concrete actions with respect to insecurity which is the measure hobbler of economic growth as of Nigeria today

“And of course, our policies with export promotion, fiscal discipline must be structurally addressed, the issue of fuel subsidy and the obvious corruption in that as well,’’ Adedipe said.

He added that the volume of refined petroleum Nigeria consume and the amount paid on subsidy, if compared together, would tell that something was missing somewhere.

He said, “Of course I’m not in government, so I don’t have access to all the data. But for us as analysts, we interpret what we see and within the limit of what we see. It is clear that talking of fuel subsidy, the trillions of Naira in Nigeria today, there must be some fraud somewhere .

“But we must develop the courage to address it; if we do that, then we’ve started the process of getting the economy in the direction it should go’’.

He said that tremendous energy in Nigerians and our corporate entities would make the economy work, `only if we get the right signals from the policy authority’.

Director, Research Department, Central Bank of Nigeria (CBN) Michael Adebiyi, said, “against the backdrop of the prevailing headwinds to the positive outlook of the economy, the future looks optimistic.

According to Adebiyi, this is based on the various efforts of the CBN at repositioning the financial and real sectors of the economy for sustainable development.

“However, more still needs to be done, particularly in the agricultural sector and Information Communication Technology,’’ he said.

Adebiyi, represented by assistant director, CBN, Adeniyi Adenuga, therefore called on the fiscal authorities to support the intervention efforts of the apex bank.

This, he added, can be achiebed by providing competitive tax incentives for the importation of large-scale and high-impact technology as well as innovation.

The director noted that this would help to enhance agricultural yield and efficiency in the entire value chain.

He also said that efforts at addressing the persisting insecurity challenges, should be accelerated to help address food-supply disruptions, thereby mitigating the rising food inflationary pressures in the short-term.

Adebiyi expressed optimism that the apex bank would sustain its current credit support facilities to the real sector to boost agricultural output, for improved value chain and export value.

This, he said, would restore relative stability in the foreign exchange market.

He urged banks to sustain the 100-for-100 Policy for Production and Productivity (PPP) and the Naira-4-dollar scheme and enhance the Foreign Exchange position in the Investors and Exporters window.

He suggested that could be attained by encouraging the participation of top 100 non-oil exporters in the RT200 FX programme.

According to him, these would help in stabilising the exchange rate and boost reserves accretion in the short-to-medium term.

He called on stakeholders to come up with useful recommendations that would improve and boost the growth of the Nigerian economy and policy options that could be adopted to tame inflation in the economy.

Earlier, president of CIBN, Ken Opara, said that the event, a brainchild of the CIBN Research Committee, was designed to evaluate the performance of the Nigerian economy in the prior half of the year, while providing an outlook for the second half of the year.

“More specifically, the event would assess the trends of macroeconomic indicators in the first six months of 2022 as well as the performance of key sectors of the economy.

“The maiden edition was successfully held on August 13, 2021 with participants across the globe.

“This second edition of the mid-year Economic Review and Outlook is intended to be a follow up on the National Economic Outlook event usually held at the beginning of each year whereby actual performance/trends of economic indicators are compared with predictions asserted at the beginning of the year.

“Ultimately, it offers yet another prospect to deliver value to our stakeholders while they navigate the rudiments of a relatively demanding year,’’ Opara said.

 

 


7 Incredible Health Benefits Of Strawberries And Why You Should Eat More... Click Here For Details

Tags: Economic growthNigeria
SendShareTweetShare
Previous Post

Lack Of Automation, Single Window Fuel Cargo Diversion To Benin Republic, Togo

Next Post

How We Used Hajj Saving Scheme TO Sponsor Pilgrims To Saudi Arabia – Board ES

ANOTHER GOOD READ

WAPP
Business

WAPP Plans Liquidity Enhancement Fund, Seeks Lauds Financial Transparency

8 hours ago
Task Before The New Chief Justice
Business

Underpaid Entitlements: FCTA Pensioners Appeal For Buhari’s Intervention

9 hours ago
BPE, NERC Restructure Kano, Benin, Kaduna, Ibadan, PH DisCos
Business

Federal Govt Begins Transmission, Substations Project In Ekiti, To Add 204MW

12 hours ago
A-Z Petroleum Seeks Recovery Of N30bn Subsidy Debt From Federal  Govt
Business

A-Z Petroleum Seeks Recovery Of N30bn Subsidy Debt From Federal Govt

16 hours ago
Great Nigeria Insurance Commits To Gender Equality, Female Inclusion
Business

Old Mutual Nigeria Unveils Digital Platform To Deepen Insurance Penetration

17 hours ago
Asharami Synergy Promotes Downstream Sustainability, Receives 3 ISO Certifications
Business

Asharami Synergy Promotes Downstream Sustainability, Receives 3 ISO Certifications

17 hours ago
Next Post
ISLAM : Hajj And Saudi Arabia’s Success In Difficult Test

How We Used Hajj Saving Scheme TO Sponsor Pilgrims To Saudi Arabia – Board ES

LATEST UPDATES

Ekweremadu

Why Federal Govt Won’t Interfere In Ekweremadu’s Case –AGF

August 12, 2022
Best Movie Scores Of 2022

Best Movie Scores Of 2022

August 12, 2022
Ekiti Election: IGP Deploys DIG, 4 AIGs, 4 Helicopters

[EDITORIAL] Police Character Certificate Fee

August 12, 2022
Kenyan Election: It’s Still Photo Finish For Odinga, Ruto

Anxious Kenyans Await Next President After Tight Vote

August 12, 2022
Kaduna Remits Entitlements Of 383 Pensioners

Terrorists Creating Parallel Government In Kaduna – El-Rufai

August 12, 2022
Akeredolu, Malami Differ On Restructuring, State Police

Governors Can’t Stop $418m Paris Club Payment To Consultants – Malami

August 12, 2022
Tinubu: Igbo Group Organises Tour

Tinubu: Igbo Group Organises Tour

August 11, 2022
JUST-IN: Fire Incident At National Assembly Complex 

JUST-IN: Fire Incident At National Assembly Complex 

August 11, 2022

© 2022 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast

© 2022 Leadership Media Group - All Rights Reserved.