[size=14pt]NIGERIA TO MAINTAIN 7.4% GROWTH RATE TILL NEXT YEAR – IMF[/size]

Friday, 8 Oct 2010

[size=14pt]Nigeria will sustain a 7.4 per cent output growth from 2010 till 2011, the International Monetary Fund has said.
The IMF said in its World Economic and Financial Survey made available to journalists on Thursday in Washington DC, that Nigeria’s output (real Gross Domestic Product) growth was expected to accelerate from seven per cent in 2009 to 7.4 per cent in 2010 and 2011.
The Fund’s growth forecast for Nigeria is stronger than sub-Saharan Africa’s estimates,[/size] which it put at five per cent and 5.5 per cent for 2010 and 2011, respectively.

[size=13pt]It said continued strong growth in Nigeria’s non-oil sector was being supported by increasing oil production, adding that this was as a result of reduced instability in the Niger Delta region.[/size]
According to the Bretton Woods institution, the recovery in global demand and the strengthening of oil prices are supporting growth in Africa’s oil-exporting economies.

[size=14pt]Meanwhile, the World Bank said that 3.4 million beneficiaries from Nigeria’s agricultural sector were able to increase their income by about 63 per cent between 2004 and 2009,[/size] through its International Development Association’s funding.
It said that 385,000 borrowers and 1.2 million customers were also able to access medium, small and micro-enterprise facilities.

http://www.nigerianbestforum.com/generaltopics/?p=71348

Breath of fresh air, tired with the okah conspiracy stories.
Unfortunately this story isn't good news enough to the FG's year 20 - 20 plans. If that plan is to be realised a growth of atleast 10% annually is required for the next 10 or more years.

The tricky thing with GDP growth is that it won't translate to much if the population growth is not curbed. What is the high reproduction rate for ? Anyways like you said if the power problem is solved and manufacturing restored, who knows ?

Great news!!!

The Economic miracle has already started,under the able leadership of Uncle JEGA

Goodluck Nigeria. . .

i arrived abuja last wk to witness your mirage economic miracle, berra stay in the u.s 4 a whilie cos there is no economic miracle on the ground.at this point in time its dire. trust me.

ode remo:


i arrived abuja last wk to witness your mirage economic miracle, berra stay in the u.s 4 a whilie cos there is no economic miracle on the ground.at this point in time its dire. trust me.

na wa

NIGERIA TO MAINTAIN 7.4% GROWTH RATE TILL NEXT YEAR – IMF

7.4% growth after just over 10 years of a rather fickle democratic dispensation is great news indeed, It can and will only get better.

ppl like paddy lo annoys me to the bone, armchair economics, come down from your high horse and see that yeye miracle you are postulating about.
at this time , i only see nigerian putting in only 4 hrs of work cos of trafic mismanagement every where.
from construction to ordinary pure water buss, it strangulation.
berra stay in your nice appt overthere, your gej is finally failing.

I bet that if we can get some stable electricity and a few more laws and policies in place, we'll be able to hit over 10% growth yearly

ode remo:

ppl like paddy lo annoys me to the bone, armchair economics, come down from your high horse and see that yeye miracle you are postulating about.
at this time , i only see nigerian putting in only 4 hrs of work cos of trafic mismanagement every where.
from construction to ordinary pure water buss, it strangulation.
berra stay in your nice appt overthere, your gej is finally failing.

Where in Abuja are you?

paddy_lo:

The Economic miracle has already started,under the able leadership of Uncle JEGA

Goodluck Nigeria. . .

you are stupid for saying such rubbish

good

paddy_lo:

Ol boy no let bad belle finish u now. . .These are IMF figures not mine. . na wah o. . .

anyway why not sell your property and go join kobojunkie in poverty stricken ohio. . .lol

I dey laugh silly. I think these numbers are mind blowing and conspiratorial. Definitely, the 2nd Bomb Blast after our Independent Bomb Blast experience.
Its sad Paddy_lo is the MEND agent who detonated the bomb this time, Seun, abeg ban this guy ASAP for committing an intellectual attack on NL!

Maybe paddlo means GEJ wife distribution of rice, such as this.
i will be a fool to ever think this slowpoke of a president is the solution for my country's progress
the nerc thing, and light ish are just plain politics since thats how he can appeal to atrophied sense of nija.
and hell no, im not an IBB fan. i hope that criminal called ibb joins his wife soon.
see what improvement GEJ and his wife has brought to naija,


this was called the GREAT PATIENCE RICE SCRAMBLE.
how on earth would Jonathan allow this? shows hes a complete slowpoke. no offense.

Agreed
[img]http://s04.flagcounter.com/count/ZbQh/bg=FFFFFF/txt=FFFFFF/border=FFFFFF/columns=2/maxflags=1/viewers=0/labels=0/pageviews=0/[/img][img]http://2.s04.flagcounter.com/count/ZbQh/bg=ffffff/txt=ffffff/border=ffffff/columns=2/maxflags=1/viewers=0/labels=0/[/img]

Paddy Lo,

Bros, wt all due respect withdraw d attribution to GEJ's acumen. Everything we c now were not done in 7 months of his rule. Rather they r results of painstaking manoeuvres for years. Dts y I frown when people attribute d improved electricity to d current president's singular effort. Ds things r complex projects dt require careful executions and d effects r mostly not immediate. So if we only starts seeing d effects now, then look backward to knw when d works were done.

On d economy forecast, note dt its reflecting majorly oil production increase. What happens to non-oil real sector? Isn't it true dt while d exploitation is increasing (due to amnesty program) d non-oil manufacturing industries r fast shrinking? I am involved so I talk authoritatively. D govt is doing next to nothn to improve d economy my brother. Rather, her look-away stance is compromising d survival of non-many dt r still surviving. My friends who r into trades r crying about hw govt ineptitude is ruining business for them at d expense of foreigners. I can't go on my dear. Pls wake up from ur revelry on GEJ, he talks too much and hasnt been there long enough to claim any glory sincerely.

D IMF report looks so good from outside but Soludo's report is more detailed wt on ground realities. If d militants shld go back to bombing pipelines tomorrow, within six months our economic unclothedness will b too ugly to behold. I think we should look beyond d facade, reality is bitter.

[size=13pt]@homerac 7

Well Jonathans policies are all encompassing and credit should go to him. . .Heres a lil taste of them below in case u have amnesia[/size]



[B][size=14pt]THE BUSINESSDAY ARTICLE BELOW PUTS IT IN PERSPECTIVE[/size][/B]

[B][SIZE=13pt]FG requires N31trn for economic reforms, says Jonathan [/SIZE][/B]

[B][SIZE=13pt]Tuesday, 14 September 2010 [/SIZE][/B]01:19

•Submits sovereign wealth bill to National Assembly

[B][SIZE=13pt]President Goodluck Jonathan’s N31 trillion economic reform package announced yesterday in Abuja targets key sectors of the economy including the Independent Electoral Commission (INEC), power, oil and gas, banking as well as the capital market. [/SIZE][/B]

[B][SIZE=14pt]These are all key sectors that have come into renewed public focus in recent times. The electoral commission has come up with a final time table for the 2011 general elections scheduled to hold in January, 2011 and is set to commence voter registration[/SIZE][/B].

The power sector, on its part has continued to be seen as a let down over many years, with the government unable to provide steady electricity supply to citizens and industry. [B][SIZE=14pt]But the government recently issued a roadmap that will resuscitate the power sector, spelling out the roles of the private sector in the exercise. [/SIZE][/B]

[B][SIZE=13pt]Speaking at the opening session of the 10th meeting of the Honorary International Investor Council (HIIC), held at the Presidential Villa, Abuja, President Jonathan said the achievement of the goals would also enable the country position itself as one of the greatest economies by the year 2020[/SIZE][/B]. “Current estimates indicate that we require about N31 trillion or approximately $200 billion in investments to realise the economic transformation that we envision,” the president said but noted however, that funding gaps exist in the financial estimate.

[B][SIZE=14pt]“One of the ways we can fill this gap is through increased international investment and we are taking all the steps necessary to improve Nigeria as an investment destination,” he said. The president also told the gathering that he had sent a bill to the National Assembly to create a sovereign wealth fund, and that federal and state governments had set aside $1 billion as seed capital[/SIZE][/B].

[B][SIZE=13pt]The sovereign wealth fund is to divert more of Nigeria’s revenues towards badly-needed infrastructure development, save for future generations, and set aside a financial reserve to weather any economic downturn[/SIZE][/B]. The fund would replace the current system by which the Federal Government is meant to save oil revenues above a benchmark price into an excess crude account (ECA), a pillar of reforms backed by the International Monetary Fund and launched in 2003.

[B][SIZE=13pt]“I have forwarded a bill to the National Assembly to create a national sovereign fund to ensure that we have the legal underpinning for national savings,” Jonathan said. He told the meeting that the government was “committed to a stable macroeconomic framework” based on sustainable public debt levels and fiscal deficits[/SIZE][/B].

[B][SIZE=14pt]The president said: “We have a new Electoral Act which significantly improves INEC’s ability to conduct free and fair elections. We have also appointed globally acclaimed men and women of integrity to conduct the elections. All that is now required is the support and cooperation of everybody. I believe that we are now at the tipping point of Nigeria’s social, political and economic transformation. We will however have to work more closely in order to bridge the funding gap that we see as an impediment to meeting our target of placing Nigeria among the 20 largest economies in the world by 2020.” [/SIZE][/B]

Jonathan said [B][SIZE=14pt]as a key factor in re-engineering the economic policies of the nation, “we recently launched the electric power roadmap and have forwarded the list of appointed Nigerian Electricity Regulatory Commission to the Senate to signpost the diligent implementation of the Electric Power Sector Reform Bill of 2005”. He said the move “will enhance the provision of stable electricity based on a model that has worked here in Nigeria in the telecommunications sector and elsewhere in the power sector.” [/SIZE][/B]

[B][SIZE=13pt]The president also said the government has taken a far reaching step to reform the oil and gas sector with the enactment of the Petroleum Industry Bill and the Nigeria Content Development Law, stressing that the government is “aware of some concerns raised by a few of the international oil companies and we are addressing some of these concerns within the context of fairness and our national interests”. [/SIZE][/B]

President Jonathan said that the global economic crisis revealed significant weakness in the nation’s financial regulatory framework as well as corporate governance, and noted further:[B][SIZE=13pt] “We have enacted the Asset Management Corporation of Nigeria (AMCON) bill. AMCON will ring-fence a significant portion of the impaired assets of our banks and help restore the financial health of the banks”. [/SIZE][/B]

[B][SIZE=14pt]Speaking further on the reform agenda of government, Jonathan said: “The Debt Management Office (DMO) has continued to restructure our public debt and to develop our bond market, thus creating new opportunities for corporate access to long term debt finance.” [/SIZE][/B]

[B][SIZE=12pt]“I am convinced that with the reforms and strengthening of our public institutions, we are effectively eliminating the key foundations and support systems that have allowed corruption to thrive in Nigeria,”[/SIZE][/B] he said.

http://www.businessdayonline.com/index.php?option=com_content&view=article&id=13487:fg-requires-n31trn-for-economic-reforms-says-jonathan&catid=1:latest-news&Itemid=18

7.4% indeed. A picture paints 1000 words.
The difference between textbook and reality is clear. Our brothers and sisters in the picture and millions of others are certainly not feeling 7.4 or any other percentage growth. Suffer still dey, so slow down with the propaganda.

@ paddy Lo

Oya start to clap for yaself as per say na u know book pass. Na u sabi reference useless media propaganda meant for gullible simpletons. As per say u no dey arena, u come wan feel among com start to Google irrelevant info with realities on ground dey spew okpata. Hw much do u even knw about d realities of ds screwed system? U must b very slow minded to believe dos media propaganda. R u so numb to realize dt its a mixture of facts and fallacies? U must b gullible.

I respect ur positive mindedness on Nigeria matters. Dt shldnt limit ur use of common sense to seek d truth about 'facts'.

If u still believe in 20:20:20, u r either grossly misinformed or unsalvageably marooned in Alpha Centauri.

Next time u want to open a thread, u must b ready to acccomodate divergent opinion without resorting to insultive terms or else don't bother, d world wont stop without ur propaganda. Wish u well in ur support for ur master, GEJ.

Finally, I hail u!

Emmm, paddy lo, I also meant to tell u dt d info in d news u cited r not new to me, I think u need to review dos submissions against similar grandiose works under OBJ's regime. Anyway sha tnx for taking d pain to post am even though e dey useless.

Peace be unto u.

Paddy lo,

I hav no problem wt u over ur stance. I dont think either of us is more Nigerian dn d other, we surely share same sentiments. My explanation is dt only oil output increase is d big factor in d projected growth, other sectors r suffering and shrinking badly. So d news is not a true reflection of d micro economics. It is an unbalanced,delicate and unsustainable growth. It is not exactly d kind of stuff we should happily rest upon. Without bias, I keep insisting dt Obasanjo's administration also had sound policy frameworks on economic infrastructures development wc were in good motion until Yar'Adua started halting and in some cases reversing some of them. While I ain't saying dt dos GEJ plans aren't good, I only imply dt dey aren't grander dn OBJ's. Everything raised in d posting were under OBJ xcept d reformation of ECA to sovereign wealth fund. D power road map is a resuscitation of electricity whateva whateva act of 2005 dt detailed a roadmap on power sector reform, a program Yar'Adua truncated. D improved power is due to some of completed NIPP projects and not GEJ walking into power stations to turn on switches. My brother, summary of d matter is dt nothing is exactly new under GEJ, he is only recycling existing programs with plenty propaganda.

Truly there r some steady developments in certain areas, but majorly through private efforts and nothing revolutionary by govt. If u want to know d truth about d current micro economics, listen to Soludo.

Peace b unto u.

paddylo and his textbook analysis - What is on ground is the one that really matters - If everything is that glossy when are you going to relocate from watching cnbc or reading IMF reports in the U.S to the rough terrain retrogressive Nigeria.