1. IMF blames Nigeria’s N18trn public debt on policy adjustment delay
2. Nigerian officials speak as IMF forecasts 2.6 per cent growth in economy in 2017
3. IMF seeks strong, sound policy measures to restart Nigeria, Sub-Saharan Africa’s growth
4. Nigeria seeks $5.2b World Bank facility to boost electricity
5. N’Assembly jacks up budget by N143bn, passes estimates Thursday
6. Agip plans 150,000 bpd refinery for Nigeria
7. Deepening worry over relocation of Computer Village to Katangowa
IMF Blames Nigeria’s N18trn Public Debt On Policy Adjustment Delay
The International Monetary Fund, IMF, has said Nigeria’s huge public debt was due to government’s delay in implementing necessary adjustments to fiscal policy. According to the National Bureau of Statistics, NBS, Nigeria’s public debt rose by 43 per cent to N18 trillion in 2016. The IMF stated this in its 2017 Sub-Saharan Africa Regional Economic Outlook released, yesterday, noting that insufficient policy adjustment was impeding economic growth in oil exporting countries as Nigeria and Central African nations.
Nigerian Officials Speak As IMF Forecasts 2.6 Per cent Growth In Economy In 2017
The federal government on Tuesday said it was optimistic of a modest recovery from recession and growth in the economy, as the International Monetary Fund, IMF, predicted a 2.6 per cent growth in the economy in 2017. Nigeria has witnessed a mixed fortune in her earnings from oil in the last three years either as a result of cuts in production in the wake of attacks on oil production facilities by militants in the Niger Delta region, or massive drop in crude oil prices at the international market.
IMF Seeks Strong, Sound Policy Measures To Restart Nigeria, Sub-Saharan Africa’s Growth
The International Monetary Fund (IMF) has advised Nigeria and other countries in sub-Saharan Africa to implement strong and urgent policy actions to bolster growth in the region. It foresees a subdued outlook for the region in the near-term if pressures on sovereigns and spillovers to the private sector intensify. The IMF, in its latest Regional Economic Outlook, titled: ‘Restarting the Growth Engine; pointed out that growth in sub-Saharan Africa as a whole dropped to 1.4 per cent in 2016—its lowest level in two decade, with a projection that it would record a modest recovery of 2.6 per cent in 2017.
Nigeria Seeks $5.2b World Bank Facility To Boost Electricity
The Federal Government is seeking $5.2 billion from the World Bank to expand the country’s electricity generation, the Minister of Power Works and Housing, Mr. Babatunde Fashola, has said. Fashola who made this disclosure to Bloomberg, said the fund is expected to help the country recover from its first recession in 25 years. According to him, the World Bank’s private-sector lending arm, the International Finance Corporation (IFC), is set to invest about $1.3 billion in power projects and electricity Distribution Companies, DISCOs.
N’Assembly Jacks Up Budget By N143bn, Passes Estimates Thursday
The size of the 2017 budget has risen by over N143bn, a report of the House of Representatives’ Committee on Appropriations indicated on Tuesday. President Muhammadu Buhari’s original estimates, laid before a joint session of the Senate and the House on December 14, 2016, tallied at N7.298tn.
Agip Plans 150,000 bpd Refinery For Nigeria
Nigeria’s petroleum products refining capacity is set to rise by additional 150,000 bpd as the Nigerian Agip Oil Company, NOAC, has concluded plans to construct a new plant in the nation. The planned project is expected to increase the nation’s refining capacity from the current 445,000 barrels per day, bpd, to 595,000 bpd in 2020. Minister of Petroleum Resources, Dr. Ibe Kachikwu, who disclosed this in Abuja after leading the oil firm’s management team to a meeting with the Acting President, Prof. Yemi Osinbajo, at the Presidential Villa, Abuja, said a Memorandum of Understanding, MoU, on the new refinery was already being prepared to pave way for the execution and completion of the refinery.
Deepening Worry Over Relocation Of Computer Village To Katangowa
The recent push by Lagos State Government to relocate the largest ICT market in Africa, Computer Village, Ikeja, to Katangowa in Agbado/Oke Odo Local Government of the state, may not have gone down well with ICT traders. Although the relocation of the market is a long term project, the fresh plan to relocate it has left traders scared and worried. Some of the traders, it was gathered, whose tenancy has expired, have been apprehensive to renew same due to uncertainty, while the concern of others is that their investments in the market will eventually lose value.