Page 2 - Ibrahim Shelleng News Today

Mixed reactions have followed Nigeria’s exit from recession in the fourth quarter (Q4) of 2020. While the slight improvement in Gross Domestic Product (GDP) recorded in Q4 is good news, analysts say it is not significant enough to mark economic recovery. The belief in professional circles is that even as the economy has turned the corner, earlier than predicted, it is time to focus on achieving strong and inclusive growth. The National Bureau of Statistics (NBS) recently declared that the cou...

While the slight improvement in Gross Domestic Product (GDP) recorded in Q4 is good news, analysts say it is not significant enough to mark economic recovery.

James Emejo in Abuja and Nume Ekeghe in Lagos Analysts yesterday called on the federal government to implement the 2021 budget to boost infrastructural development, ensure policy consistency and proper management of the COVID-19 pandemic in order to sustain the gradual recovery of the economy. The advice came on a day the National Bureau of Statistics (NBS) in its ‘Nigerian Gross Domestic Product Report – Q4 & Full Year 2020,’ released yesterday, showed that the country’s Gross Domestic...

•Advises FG to raise VAT to 10% by 2022 By Obinna Chima, Nume Ekeghe in Lagos, Emmanuel Addeh and James Emejo in Abuja Analysts yesterday forecasted a faster economic recovery for Nigeria as crude oil prices, at $60 per barrel, hit a new high since February 2020. The International Monetary Fund (IMF) has also stressed the need for the federal government to intensify revenue mobilisation in order to reduce fiscal sustainability risks. The analysts, however, urged the federal government to be p...

•Tariff increases to continue till Discos cover costs, says NERC Ndubuisi Francis, Chuks Okocha, James Emejo, Onyebuchi Ezigbo, Emmanuel Addeh in Abuja and Dike Onwuamaze and Peter Uzoho in Lagos Analysts, the Organised Private Sector (OPS), labour and the Peoples Democratic Party (PDP) yesterday decried a review, by the federal government, in electricity tariffs, especially amidst the current economic challenges occasioned by the COVID-19 pandemic. They faulted the timing of the tariff adjus...

Business/MONEY Kunle Aderinokun and James Emejo aggregate analysts perspectives on the performance of the Central Bank of Nigeria in its regulatory and developmental functions – and conclude that though the apex bank had exceeded expectations particular in the role it played to sustain the economy amidst the impact of the COVID-19 pandemic last year, more strategic interventions are still required to boost the real sector and set the economy on the path of recovery and growth amidst the curre...

Remittances are perceived as one of the key benefits that migration bring to originating countries. According to the United Nations Conference on Trade and Development (UNCTAD), remittances are private flows of resources mostly intended for direct consumption and household support. In fact, a report by UNCTAD titled: “Maximising the Development Impact of Remittances,” stated that there is solid evidence that remittances can and have assisted many developing countries and least developed cou...