Days after President Muhammadu Buhari sent the first tranche of his ministerial nominees, it is becoming clearer to Nigerians that the hope of fixing the economic challenges and setting a pathway for industrialization may not go beyond sheer “Body language” of the President, as yet again the International Monetary Fund, IMF, has downgraded Nigeria’s economic growth forecast for 2016.

This is coming just after the senate on Tuesday unveiled Buhari’s list of ministers, whom foreign and local investors have long anticipated, but to the surprise of many, it was without any glimpse of economic direction and further darkening the vial of the administration’s economic direction.

Notable amongst the 21 nominees for ministers are; Alhaji Lai Mohammed, Abdulrahman Dambazzau, Rotimi Amaechi, others include Audu Ogbe, (Former PDP chairman) Kayode Fayemi, among others.

Few hours after the masquerades were finally unveiled, the IMF released a damming report about the Nigerian economy and other emerging economies, predicting a rather slow and sluggish growth pattern in 2016, and sending dark hopes to Nigerians and reaffirming the possibility of a recession as predicted by the Central bank of Nigeria, CBN, in its last Monetary Policy Committee meeting.

The IMF had earlier predicted a growth rate of 3.3 per cent in July for the rest of the year and 3.8 per cent for 2016. But in a report released Tuesday 6th (the day ministers were unveiled), it further reduced those figures to 3.1 per cent and 3.6 per cent respectively.

“The risk of an outcome worse than its forecast are more pronounced than they were just a few months ago”, the report declared.
IMF pointed out clear economic challenges facing the Nigerian economy as well as other emerging markets to include; See more: http://www.post-nigeria.com/buhari-ministers-imf-confirms-nigeria-heading-for-recession/

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Interesting

Body language is needed here please.

whereisthechange ?

Which one be "Post Nigeria" again?

Buhari and his 'Faces Of Corruption. The funniest thing he is making us the laughing stock in the comity of nations . God help us

There was no way Nigeria's economy will had it good in 2015,and her growth rate not slowed down considerably, given that it failed to diversify from her oil dependence. low crude oil price was going to hit the economy hard, and so it is at the moment. This is not necessarily about the Buhari Administration, there was a reason Okonjo Iweala said Nigerians should prepare for tough times in 2015. The New administration has a herculean task of diversifying the economy, it must considerably achieve that in the coming years. Any one playing cheap politics with the current situation is an idiiiot. The past administration failed to do much diversifying the economy, it was more of lip service.

PassingShot:
Which one be "Post Nigeria" again?

A brother of breakingtimes...

For your anti govt propaganda, you know where to go.

D way bad news yafuyafu these days be like say d zoo go soon collapse.

This illiterate with F9 in mathematics his forged waec result will dabalu this country!!! Chai how did we get here!!

And so is the rest of the world, the last time I checked...

The one chart that shows the world is on the brink of a new recession

Tuesday 6 October 2015 17:05 BST

The world is dangerously close to plunging into a new recession, according to the latest report by the International Monetary Fund.

The IMF has cut its 2015 forecasts for world output to 3.1 per cent, only 0.1 per cent above the 3 per cent threshold for a recession.

China and other emerging markets are partly behind the lowest annual growth rate since 2009, the IMF said. Fluctuating commodity prices, such as the cheap oil price, and foreign currency exposure on company balance sheets have also played a part.

Fears over economic instability after the Greek crisis and persistently low inflation have also played a role in dampening growth in developed countries, the IMF said.

The IMF has created a graph showing that recession risks have increased for most developed economies and Latin America, relative to estimates from April.

A longer-term projection, drawing on past shocks over a time, show there is a small decrease in the probability of recession in developed countries. Latin America and other developing economies are still at risk, the IMF said.

Source: http://www.independent.co.uk/news/business/news/the-one-chart-that-shows-the-world-is-on-the-brink-of-a-new-recession-a6683416.html

This is the more reason I expected people of sound economic minds to have made Buhari List. Not politicians.

When the country is in dire need of economic direction all we see are compasation list.how can these guyz pull us out of this mess . Why is Soludo, Pat utomi not there. Who is going to pilot agriculture, mining and other critical sectors. I'm totally disappointed eventhough one of the ministers inclusion favours me.