The Nigeria’s economy recovery path remains blurry despite improved projection, Afrinvest said while reviewing the World Economic Outlook report.
Following positive macroeconomic direction recorded in the fourth quarter of year 2020, analysts have explained that Nigeria’s purchasing manager index has shed light that economic recovery is underway, albeit slow.
The Nigeria’s local currency, Naira, was stable across the foreign exchange (FX) markets as foreign currency inflow slightly raised external reserves week on week as oil prices remained high.
African countries need strong policies and further support from the international community to avert a debt crisis and protracted low growth, says the United Nations.
Cititrust Financial Services, an investment firm, has perfected arrangements to list by introduction on the nation’s bourse before the end of the second quarter.
President Muhammadu Buhari says his administration will fully utilize the enormous gas resources in the country to uplift the economy and drive industrialization.
Dr Uchechukwu Ogah, Minister of State, Mines and Steel Development, says the Federal Government has begun development of mineral resources across the six geopolitical zone of the country.
Deepening foreign currencies scarcity to meet productive demand has impacted all the facets of the Nigerian economic sectors and analysts have started to projecting possible Eurobond call in 2021.
Mr Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), has attributed the country’s rising inflation to worsening insecurity in parts of the country. Emefiele stated this on Tuesday while presenting the communique from the Monetary Policy Committee (MPC) meeting which started on Monday.
Oil prices rose more than one per cent, on Wednesday, as investors sought bargains following the previous day’s slump. But the recovery was stunted by fears of a slow recovery in demand due to new pandemic lockdowns in Europe and a build in U.S. crude stocks.