• Urges review of agric interventions
• Recovery burdened with structural risks, Adedipe observes
Chairman, Presidential Economic Advisory Council (PEAC), Dr. Doyin Salami, yesterday, said the economy had started the journey to recovery, warning that households and external balances face “severe pressure.”
Salami, who spoke at the virtual seventh National Economic Outlook by the Chartered Institute of Bankers of Nigeria (CIBN), noted that the “accelerating inflation and grim labour market conditions” put household sector under pressure despite the improvement in the gross domestic product (GDP) performance as shown by data of the third quarter of last year.
The headline inflation rate stood at 15.75 per cent in December, while the combined unemployment rate was 27.1 per cent as of mid-last year. The respected economist said the shocking figures have a negative implication on economic performance. He pointed out that the country’s “external imbalances are increas
By Obinna Chima and Goddy Egene
The Chairman of President Muhammadu Buhari’s Economic Advisory Council (EAC), Dr. Doyin Salami, has stressed the need for the federal government to ensure that the country achieves macroeconomic stability to attract much-needed investments.
This is coming as the Managing Director, Chief Economist Africa and the Middle East, Global Research, Standard Chartered Bank, Ms. Razia Khan, has said that Nigeria needs a new economic model and long-term policies that should consistently focus on how to formalise the informal sectors by making other key economic activities count from the revenue perspective.
Salami spoke yesterday while delivering a keynote address at the Seventh National Economic Outlook organised by the Chartered Institute of Bankers of Nigeria (CIBN) in collaboration with B. Adedipe Associates, held via a virtual platform.
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Bankers have said there is a need to consider a review of the intervention policies in agriculture as the country experiences external imbalances.
The bankers said this during a virtual presentation on Tuesday titled ‘7th BAA/CIBNCFS Economic Outlook: Implications for businesses in Nigeria for 2021’.
The presentation was made during the seventh national economic outlook event, which was organised by the Chartered Institute of Bankers of Nigeria Centre for Financial Studies in collaboration with B. Adedipe Associates Limited.
They noted that Nigeria’s external imbalances were increasingly precarious, with continuing concern over exchange rate differentials.
Nigerians should diversify income sources to fight recession – Ex-President of CIBN, Ajibola
Published 19 January 2021
In this interview with NIKE POPOOLA, a professor of Economics at the Babcock University and past President, Chartered Institute of Bankers of Nigeria, Segun Ajibola, speaks on the prospects and challenges of the Nigerian economy in the New Year
Oil price has dropped drastically since COVID-19 emerged, thus affecting the government’s revenue. What does this portend for the economy?
The drop in oil revenue is not usually a good omen for the financing of Nigeria’s national budget, because revenue from oil constitutes about 60 per cent of the Federal Government revenue and about 90 per cent of the foreign exchange earnings. This monolithic economic structure often sways Nigeria’s budget performance in line with the dictates of the global oil market. For now, the price is still doing well due to the interplay of forces within OPEC and the posture of the big