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IMF Predicts Weak Recovery For Nigeria’s Economy
The International Monetary Fund has said Nigeria’s recovery from the impact of the COVID-19 is expected to be weak and gradual under current policies. IMF added that the country’s real Gross Domestic Product is expected to recover to its pre-pandemic level only in 2022. In the report titled “IMF executive board concludes 2020 Article IV…
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Nigeria’s Oil Output Drops By 15%
According to the Organisation of Petroleum Exporting Countries, OPEC, the average Nigeria’s oil output dropped Year-on-Year, by to 1.5 million barrels per day, mb/d (excluding condensate), in 2020. This, when compared, is a15 percent drop from 1.7mb/d recorded in the corresponding period of 2019. On Quarter-on-Quarter, QoQ, the nation’s oil output stood at an average…
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Nigeria’s Mobile Internet Subscription Drops By Over 500,000 Subscribers
Figures released by the Nigerian Communications Commission have shown that Nigeria’s mobile internet subscribers decreased by 563,837 in December 2020. The total number of Internet users dropped to153.87 million from 154.43 million in November 2020. The report also showed that broadband subscription fell by 0.12 per cent, from 86 million in November to 85.9 million…
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COVID-19 Killed 405 Persons In two Months
The Presidential Task Force in COVID-19 reported that 405 deaths have been recorded in two months, between November and January. PTF Chairman and Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, said the fatality rate is 34 percent higher. COVID-19-related deaths increased from 1,173 as of last November 29 to 1,578 on…
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Nigeria’s Foreign Capital Inflow Drops $9.68bn, Lowest In Four Years
The foreign capital flow into Nigeria reduced by more than half in 2020 to $9.68 billion. According to the National Bureau of Statistics, it is the lowest level obtained in four years. The NBS, in its capital importation report for the fourth quarter and full-year 2020, said the total value of capital importation into the…
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Nigeria Records 7 Cases of UK Variant Of COVID-19
Nigeria has reported seven cases of the new UK variant of COVID-19. The new variant has been identified in Osun, Kwara and Abuja. The Federal Government stated that the Africa Centre for Excellence in Genomics in Ede identified five cases in Osun, one in Kwara, and one in Abuja. However, of the three states, Abuja…
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Nigeria Records $5.1 Billion Portfolio Investments In Three Quarters
Nigeria’s portfolio Investments between January to September 2020 totalled $5.1 billion. Figures obtained from the National Bureau of Statistics showed that while there was a significant investment of $4.3 billion investments in the first quarter, investments in the second and third quarters reduced to $385.32 million and $407.25 million respectively. The portfolio investment, in the…
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TETfund Increased Research Fund In Three Years
The Tertiary Education Trust Fund disclosed that it increased its funding volume for research in the last three years, totalling N15.5 billion naira. In 2018, TETfund funding was N3 billion but moved up to N5 billion in 2019 and N7.5 billion in 2020. It is also foresighting N8.5 billion for 2021. This was disclosed by…
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Economy: Highlights Of CBN Intervention In 2020
The Central Bank of Nigeria’s Monetary Policy Committee accessed the economic growth of Nigeria for the purpose of projecting a recovery plan for 2021. In its assessment, MPC recognised the dampening effect of the pandemics on the economy in terms of GDP, inflation, food price index, forex, PMI and crude oil sales. However, the committee…
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Nigeria Generated N1.4 Trillion From CIT In 2020
A sum total of N1.409 trillion was earned by the Federal Government from Company Income Tax in 2020. This is according to a report released by the National Bureau of Statistics on the sectoral distribution of company income tax data. According to the report, “Sectoral distribution of Company Income Tax data for Q4 2020 reflected…