The International Monetary Fund said it expects Africa’s largest economy to contract by 1.8 percent this year, after having forecast in April a 2.3 percent expansion. Nigeria’s stall, and sluggish activity in the number two economy, South Africa, is expected to pull down economic growth across sub-Saharan Africa, the IMF said, forecasting a “dramatic implication.”
“In 2016, regional output growth will fall short of population growth, implying declining per capita incomes,” it said.
Nigeria’s economy has been battered hard by the plunge in oil prices, the main source of the country’s income, as well as prices of other key commodities. In addition, rebels in the southern oil region have forced crude production cutbacks, and internal unrest, especially attacks by the Boko Haram group in the north, has also hurt the economy.
Inflation hit an 11-year high of 16.5 percent in June as prices of food and energy jumped after the government freed up the naira currency in April, allowing it to plummet against the US dollar.
Also weighing on output have been electricity shortages due to rebels’ sabotage of the gas pipelines that fire power plants.
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Hahahahaha! The dividend of APC clueless and incompetent government
ReplyDeleteYet they say we are making progress. Hmmm... Someone must be saying the truth and the other lying. Which is which?
ReplyDeleteSincerely considering we have just had a CHANGE from the PDP Era of Treasury Plundering and Leadership Impunity, I would say the following;
ReplyDelete1. It's not strange nor is it a surprise that any Nation that it's Treasury have been plundered and looted the way Nigeria's Treasury was subjected to by the likes GEJ/PDP/Fayose/Obanikoro/Onikoro/Sambo Dasuki et al will indeed have to experience an aftermath period of possible recession due to the effect cum consequence of the irresponsible and callous actions of the past administration.
2. It's natural for any Nation that it's Treasury have been plundered and looted the way Nigeria's Treasury was subjected to by the likes GEJ/PDP/Fayose/Obanikoro/Onikoro/Sambo Dasuki et al will indeed have to experience an aftermath period of possible recession due to the effect cum consequence of the irresponsible and callous actions of the past administration.
3. The key thing going forward is that Nigeria is now blessed with an effective Crises Manager cum President who is also adjudged to be an Honest person even by the Head of the Church of England.
Summary, since the Majority of Nigerian Electorate have successfully initiated CHANGE, thus a move in the right direction, I submit that indeed Nigeria is making progress in the right direction.
Within a few months from now, I know the so called IMF report will change to much better conclusion and assessment.
This Change shall work when we all work together.
May God complete the deliverance of Nigeria from utter backwardness in the mighty name of Jesus, Amen.
May the Lord continue to frustrate and reduce to oblivion all the known and secret enemies of Nigeria in the mighty name of Jesus Christ, Amen and Amen.
May the Lord erase all the known and secret enemies of Nigeria like human fart in the mighty name of Jesus Christ, Amen and Amen.
MUMU! faith without works no go help you.
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