The Monetary Policy Committee of the Central Bank
of Nigeria on Tuesday warned that the country’s
economy could slip into recession by next year if
proactive steps were not taken by the Federal
Government to revive key sectors of the economy.
It also reduced the Cash Reserves Requirements for
Banks from 31 per cent to 25 per cent as well
as retained the Monetary Policy Rate at 13 per cent.
The committee also retained the symmetric corridor
of 200 basis points around the MPR; and left the
Liquidity Ratio unchanged at 30 per cent.
Addressing journalists shortly after the two-day
meeting of the committee held at the CBN
headquarters in Abuja, the CBN Governor, Mr
Godwin Emefiele, noted that the economy had
remained fragile owing to various factors.
For instance, he said the country’s Gross Domestic
Product Growth Rate recorded a slow growth in the
second quarter of this year, making it the second
consecutive less-than-expected performance for the
current fiscal year.
According to the National Bureau of Statistics, real
GDP grew by 2.35 per cent in the second quarter of
2015, a significant decrease when compared with the
3.96 per cent and 6.54 per cent in the preceding
quarter and corresponding period of 2014,
respectively.
Real GDP growth is projected by the
NBS to stabilise at 2.63 per
cent in 2015, compared with the 6.22 per cent
recorded in 2014.
The committee, according to the governor, however,
noted that the impact of non-payment of salaries at
the state and local government levels had led to
reduction on consumer demand.
He said while year-on-year headline inflation
continued to trend upwards, demand pressure in the
foreign exchange market remained significant as oil
prices continued to decline.
As a result of these developments, Emefiele
said there were indications that some of the banking
sector performance indicators could be stressed if
these conditions worsen further.
Specifically, he expressed worry that liquidity
withdrawals following the implementation of the
Treasury Single Account, elongation of the tenure of
state governments loans as well as loans to the oil
and gas sectors could aggravate liquidity conditions
in banks and impair their financial intermediation
role.
These, he noted, could affect economic growth,
unless some actions were immediately taken to
ease liquidity conditions in the markets.
He said, “The committee noted that the overall
macroeconomic environment remained fragile.
“The committee noted that liquidity withdrawals
following the implementation of the TSA,
elongation of the tenure of state government loans as
well as loans to the oil and gas sectors could
aggravate liquidity conditions in banks and impair
their financial intermediation role, thus
affecting economic growth, unless some actions were
immediately taken to ease liquidity conditions in the
markets.
“Having seen two consecutive quarters of slow
growth, the committee recognized that the economy
could slip into recession in 2016 if proactive
steps were not taken to revive growth in key
sectors of the economy.”
www.punchng.com/news/nigerias-economy-could-slip-into-recession-cbn-warns/

Baba do something

djcliff:
Baba do something

dont worry dear...he is still working on his body language

We they where shouting chanjiii, we asked the type of change APC were coming with, but people were carried away by the propaganda they've read. In less than four months things are beginning get worst, instead of d govt of the day to face economic issues, they are busy chasing opposition states with police and DSS, in less than two days there have been suicide bombings killing about 130 people and we are yet to hear from presidency. God help us.

[size=18pt]That means by the time Niger Delta boys begin to show themselves, the economy go collapse kpata kpata[/size]

WITH THE ILLITERATE FULANIS IN CHARGE .,ITS OBVIOUS THE NIGERIA SHIP IS HEADING FOR THE ROCK....

ITS TIME TO RELOCATE TO MY OTHER COUNTRY USA...

Aboki ekwanomic team are busy using wrecking Nigerian economy.

The dulllard says he is going to be the finance minister because all other Nigerians except fulanis are kwarropt.
Na dem sabi. Wetin concern me? they should kill nigeria faster.

God abeg dash PMB sense!!!

We are fighting corruption. Babas body language is enough to sort the economy.

The thunder that will strike these body language propagandists is currently on a training session with Diego Costa.

O God of creation
Direct our noble cause
Guide our leaders right... Shame those who are waiting to hear us lament both politically and economically.

This Brainless Daura President will soon be impeached with d way things are going. How did we choose this kinda junta as President? Just because we hated one man from the Niger Delta land? Who did this thing to the Nigerian people?

With GEJ we were one step forward
With PMB five steps backward

jerrywool:
[size=18pt]That means by the time Niger Delta boys begin to show themselves, the economy go collapse kpata kpata[/size]

I don't know how some people think in this country.Is it bitterness or lack of common sense makes them think like a frustrated being?If FG start taking actions on them,you will be shouting foul.I'm not shaken cos Nigeria will b great once again.I believe this country will be greener 4 mi and my family.

stanech:
With GEJ we were one step forward

With PMB five steps backward

While GEJ was sugar-coating d condition of the economy while PMB telling how d economy is.PMB is not scared cos things will fallin places in due time.I believe in Nigeria.

disloman:
While GEJ was sugar-coating d condition of the economy while PMB telling how d economy is.PMB is not scared cos things will fallin places in due time.I believe in Nigeria.

These are facts my friend. Stop making excuses for a failing government. The economy is crashing

Like seriously, this is serious magana.
Recession ko? Recession kam!
O my fellow Nigerians, brace yhurself up for hard times may lay an ambush.

stanech:


These are facts my friend. Stop making excuses for a failing government. The economy is crashing

Read n comprehend.This is not an excuse.This is to tell us what's going on and what to do to avert it.We will get here.

disloman:
Read n comprehend.This is not an excuse.This is to tell us what's going on and what to do to avert it.We will get here.

Then what of the 4trillion already loss since may 29th? Is that to tell us what's coming too?

disloman:
Read n comprehend.This is not an excuse.This is to tell us what's going on and what to do to avert it.We will get here.

Then what of the 4trillion already lost since may 29th? Is that to tell us what's coming too?

If Jonathan could have been re-elected the economy will have been recessed by now.

abuayman:
Like seriously, this is serious magana.
Recession ko? Recession kam!
O my fellow Nigerians, brace yhurself up for hard times may lay an ambush.

A very good economic team would prevent the anticipated hard times

Jonathan, hope you can see the mess you put Nigeria into? Nigerians are not fools. The journey to Recession didn't start in march 2015, no no it started way back when you stole our collective money and shared it with your ministers.. posterity will never forget you....

The president is still busy fighting saraki.
The more recent economic vampirism called the halliburton scandal is there unattended with OBJ gallivanting with the president.
Our president is focused on a 12 year old alleged false asset declaration that has no bearing on the Nigerian economy.

ECONOMY GOING GOING
ILLITERATE PROBING PROBING


lalasticlala u know what it is

This is a no-brainer

The stock market has lost over 1.6 trillion since after Buhari took over

Lots of window dressing around foreign exchange as businesses cannot transact directly with Banks anymore

JP Morgan delisting Nigerian bonds and massive/ unprecedented capital flight (Investors are only keen at pulling out their funds from Nigeria)

While Buhari has not signed one single capital project, he has approved (OPEX) bail out funds to states supporting fund mismanagement

Instantaneous implementation of TSA has grossly reduced liquidity, reduced access to funds by SMEs, acute job losses and loss of investor confidence

No economic direction - everything is on a downward spiral economically; No economic index have improved since May 29

No more projects either Civil / infrastructure or power sector...... NO PLAN

Add that to the further polarization of the polity by Buhari's statements (95% and 5%)... then no sane investor will consider Nigeria at this time
Directionless probing and lip service fight against corruption has made us mockery of all nations

While Buhari is busy trying to tarnish the image of the economic pilots of the previous dispensation (Aruma Oteh, NOI, Adeshina etc), they continue to be poached by international organizations despite the noise by the inept APC and Buhari

The recession is almost inevitable unless Buhari totally surrenders the affairs of the economy to a competent team and should never attempt to interfere as it is in his nature to do so.

erunz:
We they where shouting chanjiii, we asked the type of change APC were coming with, but people were carried away by the propaganda they've read. In less than four months things are beginning get worst, instead of d govt of the day to face economic issues, they are busy chasing opposition states with police and DSS, in less than two days there have been suicide bombings killing about 130 people and we are yet to hear from presidency. God help us.

So you want to undo the rot of 16 years in 4months? No wonder Pdp was voted out if office, Get this into your head there is so much rot left by Pdp and it will take some time to clean. Recession is normal , prolonged recession is what is bad, you pdp guys should go and learn the art of opposition politics because from what you have been doing so far one can see you clearly don't know what role is expected of you as opposition, what is your solution to the problem?

Just in 3 months
just watch out as fools will start blaming gej instead of d illiter...ate

stanech:


Then what of the 4trillion already loss since may 29th? Is that to tell us what's coming too?

4 trillion lost by who? Stock market? But nobody remembered to tell us when they were making trillions in days and pocketing all, so we should now pity them cos they lost? That is the type of business they decide to engage in and they know the risks

Phear not my feful, let as pite kwaraption pirst