Business

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

Published

2 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

Okonjo-Iweala Reveals How Nigeria Can Dominate AfCFTA

Published

10 hours ago

September 23, 2025

Editor

The Director-General of the World Trade Organisation, WTO, Ngozi Okonjo-Iweala, says Nigeria has what it takes to lead Africa’s new era of trade if it tackles high logistics costs, develops efficient payment systems, and invests in value addition.

Okonjo-Iweala, who was speaking on the sidelines of the WTO Public Forum in Geneva, Switzerland, said Nigeria and other African economies must speed up the implementation of the African Continental Free Trade Area, AfCFTA, and build stronger infrastructure to unlock billions of dollars in opportunities in manufacturing, services, and digital trade.

“The AfCFTA is a great step, but Africa trades only about 15–20 percent within itself — far below the European Union, EU’s 60 percent. We (Nigeria) need to speed up implementation so Africans trade more with each other.

“Take Lesotho: it exports around $200 million worth of textiles (jeans, etc.) to the U.S. — about 10 percent of its GDP — while Africa imports $7 billion of similar goods. Why not absorb Lesotho’s products within Africa? To unlock intra-African trade, we (Nigeria) need efficient payment systems (Afreximbank and others are working on this), better infrastructure and lower trade costs. It shouldn’t take longer to ship goods from Cape Town to Lagos than from China to Lagos.

“With critical minerals, energy, and new supply chains, plus opportunities in services and digital trade, there’s huge potential — if we invest in connectivity and implementation,” she said.

The former Nigeria’s Minister of Finance also cautioned that negative narratives about global commerce risk overshadowing recent successes achieved through multilateral cooperation.

Business

French Media Giant Canal+ Takes Over S.Africa’s Multichoice

Published

1 day ago

September 22, 2025

Editor

French media giant Canal+ said Monday it had taken effective control of South African television and streaming company MultiChoice, creating a group present in nearly 70 countries in Africa, Europe and Asia.

The companies said in a joint statement that the combined group will have a workforce of 17,000 employees and serve more than 40 million subscribers.

The acquisition is “the largest transaction ever undertaken” by Canal+, the statement said.

Canal+, which is already the sector’s leader in French-speaking African countries, now controls what it described as the leader in the continent’s English- and Portuguese-speaking regions.

“This acquisition allows us to strengthen our position as a leader in Africa, one of the most dynamic pay-TV markets in the world,” Canal+ chief executive Maxime Saada said in the statement.

The buyout was given a final green light by South Africa’s competition authority in late July, more than a year after Canal+ launched its bid.

Canal+ offered 125 rand ($7.2) per share for MultiChoice when it launched its offer last year, valuing the South African firm at around $3.0 billion.

Canal+ is present in 25 African countries through 16 subsidiaries and has eight million subscribers.

MultiChoice operates in 50 countries across sub-Saharan Africa and has 14.5 million subscribers.

It includes Africa’s premier sports broadcaster, SuperSport, and the DStv satellite television service.

AFP

Business

BREAKING: Nigeria’s GDP Grows By 4.23% In Q2 2025 – NBS

Published

2 days ago

September 22, 2025

Editor

Nigeria’s Gross Domestic Product grew by 4.23 per cent (year-on-year) in the second quarter of 2025, the National Bureau of Statistics revealed in its Q2 2025 GDP Report.

According to the report released on Monday on its website, the figure shows a significant improvement compared to 3.48 per cent recorded in the second quarter of 2024 and the 3.13 per cent recorded in Q1 2025.

The figures signal a strengthening economy, driven by recent rebasing, rebound in oil production and a resilient non-oil sector.

The report said, “Following the rebasing of the Gross Domestic Product using 2019 as the base year, previous quarterly GDP estimates were benchmarked to the rebased annual estimates to align the old series with the new rebased estimates

“This procedure provided a new quarterly GDP series, which is compared to the 2025 second quarter estimates. Gross Domestic Product grew by 4.23% (year-on-year) in real terms in the second quarter of 2025.

“This growth rate is higher than the 3.48 per cent recorded in the second quarter of 2024. During the quarter under review, agriculture grew by 2.82%, an improvement from the 2.60% recorded in the corresponding quarter of 2024.

According to NBS, “The growth of the industry sector stood at 7.45% from 3.72% recorded in the second quarter of 2024, while the Services sector recorded a growth of 3.94% from 3.83% in the same quarter of 2024.”

The report said in terms of share of the GDP, “the Industry sector contributed more to the aggregate GDP in the second quarter of 2025 at 17.31% compared to the corresponding quarter of 2024 at 16.79%.”

It added, “In the quarter under review, aggregate GDP at basic price stood at N100,730,501.10 million in nominal terms. This performance is higher when compared to the second quarter of 2024, which recorded an aggregate GDP of N84,484,878.46 million, indicating a year-on-year nominal growth of 19.23%.”

Details later…