As the COVID-19 pandemic continues to inflict high and rising human costs worldwide, the International Monetary Fund (IMF) has projected a contraction in the global economy by -3 per cent this year. The cumulative loss to global GDP over 2020…
Category: Economy and Finance
Minimising impact of COVID-19 crisis on Nigeria’s economy
With global case currently put at 1.39 million and 101,000 deaths, Coronavirus is arguable the biggest challenge facing humanity today. In December 2019, a cluster of pneumonia cases from an unknown virus surfaced in Wuhan, China. Based on initial laboratory…
Nigeria in ‘crisis’ as oil receipts plummet
Africa’s biggest crude exporter seeks $7bn in emergency funds in face of imminent recession. In a sign of just how severely Nigeria’s economy has been affected by the coronavirus pandemic and the oil price crash, Africa’s biggest crude producer this…
COVID- 19: Gov Yahaya Taking Steps To Mitigate Economic Impacts
The ravaging coronavirus pandemic hit the world suddenly, thereby becoming one of the biggest threats to humanity, global economy and financial markets. The World Health Organization’s report revealed that the virus, first detected in the Chinese city of Wuhan late…
Coronavirus: Short-term reforms needed to reduce impacts on the Nigerian economy -NESG
The Nigerian economy has remained very weak and since exiting recession in 2017. The growth rate has only been around 2%. In the same vein, the country’s external reserves have declined from about $45 billion in August 2019 to about…
Ahmed Advocates Bold Measures to Avert Economic Recession
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, yesterday said Nigeria would have to take tough measures to stop the country from slipping into an economic recession as a result of the harmful impact of COVID-19 on…
Nigeria considers request for debt relief as debt stock climbs
There were news reports that the Ministers of Finance from African countries have requested for debt relief from bilateral, multilateral and commercial partners to cushion the negative impact of the coronavirus pandemic gradually gaining momentum in the continent. Some of…
Nigeria heading towards economic depression, not recession – Fasua
The coronavirus pandemic has devastated and thrown the global economy into disarray. The Chief Executive Officer, Global Analytics Consulting Limited, Tope Fasua, spoke with Business & Economy Editor, BASSEY UDO, on why Nigeria is facing a potential economic depression. PT:…
Covid-19 : Nigeria heading towards economic depression, not recession – Economists
The Nigerian economy is heading towards a major depression, not a recession, two economists and financial analysts have said. The two experts, Tope Fasua and Paul Aladje, spoke on Saturday in Abuja in separate interviews with insidesources magazine. Mr Fasua…
Finance Minister: Nigeria to go into recession if …
The Minister for Finance, Budget and National Planning, Zainab Ahmed, has warned that Nigeria might go into another round of recession if the Coronavirus disease persists beyond the next 6 months. The Minister stated this during her appearance on a…