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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 country’s GDP showed a positive growth rate of 0.11 per cent (year-on-year) in real terms in the four...

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 Product (GDP) recorded a positive growth rate of 0.11 per cent (year-on-year) in real terms in the ...

•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 prudent in the utilisation of the extra revenue that may accrue to its purse. They also cautioned tha...

•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 adjustment, considering the economic hardship and recession which have eroded the purchasing power of Nig...