Business

Why We’re Happy With IMF Growth Forecast For Nigeria – Emefiele

Published

3 years ago

April 14, 2023

Editor

Against the backdrop of a flat rate forecast by the International Monetary Fund, IMF, for Nigeria’s economic growth rate in the 2023 and 2024, the Central Bank of Nigeria, CBN, seems to be impressed, and is set to sustain its recent policy directions.

While the IMF retained its 3.2 percent forecast for 2023 it dropped the 2024 forecast to 3.0 percent from 3.1 percent. The World Bank dropped its forecast to 2.8 percent from 3.0 percent.

Speaking to the journalists on the sidelines of the on-going World Bank and IMF Spring meetings in Washington DC, USA, today, the CBN Governor, Godwin Emefiele, said that by retaining its 3.2 percent forecast for 2023 it means the IMF is endorsing the policies the monetary and fiscal authorities have put in place in recent months to address the adverse fallouts from the global economic challenges arising from the war in Ukrain and the global financial crises.

He stated: ‘‘We are delighted that in Sub-Saharan Africa, the growth levels in Nigeria, even though by our assessment is still sub-optimal, that the IMF would, among all the countries in Africa, say that growth in Nigeria should be retained at 3.2%; it gladdens our heart.

‘‘It means we are doing certain things that are correct, and we’ll continue to do those things that are right.

‘‘But it also means that we are not going to remove our eyes on monetary policies, which is to focus extensively on how to moderate inflation, but at the same time, ensure that banking system stability remains resilient and then strong as it is right now’’.

Reflecting on the current challenges in the Nigerian economy, Emefiele also stated: ‘‘The forecast at the meeting remains that yes, a lot of work has been done in 2022, and growth is gradually returning again, but it is still at the sub-optimal level.

” Inflationary pressures continues, and even though inflation is coming down as a result of measures being taken by monetary authorities to bring down the inflation rate, it still remains at very high levels globally to the extent that even as global inflation is projected at 7 per cent it remains very high.

“And the high point of all the consequences of what we’ve seen in 2022 is that poverty which was very well discussed here has risen quite astronomically and over 700 million people are being struck by poverty.

‘‘Food insecurity has also risen quite tremendously to the extent that over 350 million people globally are hit by extreme food crises.

‘‘The IMF also talked about the fact that the debt portfolios and lending portfolios have reached all-time highs. In two decades, this is the highest level of debt portfolio that the IMF has seen in its books and unfortunately warning that they may not be in a position to do much for countries that really require more money to be able to restructure the balance sheet and then keep going on.

‘‘So, the focus remains that monetary policy authorities must continue to focus on inflation so as to continue to bring it down.

‘‘While monetary authorities are doing their work, to bring down inflation, they must also keep their eyes on banking systems’ stability, through monitoring, supervision, and regulatory frameworks and the rest of them.

‘‘For the fiscal, of course, because of the limited fiscal space, the IMF insists that countries need to reduce their spending but, in my case, I will say, well if you want to spend then raise revenue to be able to spend.

“I think it’s important that we must raise revenue and not get ourselves constrained in an environment where there is no debt, where financial market conditions are very tight and very limited, and where interest rates are high and could create a lot of burden for economies and the only option for fiscal in this case is to expand the revenue base so as to be able to spend’’.

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

1 day ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

6 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.