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Nigeria's Economy To Grow By 3.78% - Politics - Nairaland

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Nigeria's Economy To Grow By 3.78% by UrennaNkoli(f): 1:59pm On Feb 05, 2016

Dr Yemi Kale, Statistician-General and CEO National Bureau of Statistics
Nigeria’s economy, reeling from the drop in oil prices, is expected to grow by 3.78 percent this year, up from 2.97 percent in 2015, as it tries to confront its worst crisis in decades, the national bureau of statistics said on Thursday.

The statistics office expected growth to reach an average of 5.41 percent yearly between 2017 and 2019 as infrastructure development provide support for both the oil and non-oil sectors, it said.

“Output in the oil and non-oil sectors are expected to perform marginally better relative to 2015,” the bureau said in a report, explaining its forecast.

Africa’s top oil producer has been hit hard by a slump in oil prices, which has eroded public finances and weakened its currency.

The naira currency has weakened 35 percent below its official level on the black market, weighed down by sinking oil prices and speculation that Africa’s biggest economy will have to formally devalue.

President Muhammadu Buhari is against devaluation, backing the central bank’s stance of keeping rates unchanged in the face of sharp falls against the dollar on the black market.

“Speculative pressure on the naira is likely to exist in 2016 in light of the current state of foreign reserves and inflation may rise to 10.16 by year end,” the report said.

Last week, Nigeria’s foreign reserves fell to $28.2 billion, its lowest level since 2005.

The statistics office expects the central bank’s adjustment of the foreign exchange management framework to be steadied this year thus helping prices to gradually ease beyond 2016. Over the 2017 to 2019 period, inflation is expected to average 9.01 percent, it said.

The outlook hit investments. Last year foreign inflows fell to $9.64 billion, down 53.5 percent from $20.75 billion in 2014. The bureau expected the Nigerian economy to benefit from central bank stimulus worth 300 billion naira.
lalasticlala
http://www.pmnewsnigeria.com/2016/02/05/nigerias-economy-to-grow-by-3-78/
Re: Nigeria's Economy To Grow By 3.78% by TippyTop(m): 2:03pm On Feb 05, 2016
Not with Buhari in charge it won't. Did he grow his own business since getting sacked in '85?

1 Like

Re: Nigeria's Economy To Grow By 3.78% by sdindan: 2:04pm On Feb 05, 2016
Wake me up when it comes to reality.
Re: Nigeria's Economy To Grow By 3.78% by veraponpo(m): 2:04pm On Feb 05, 2016
It might even be more. We now have a government that operates in reality.

OBJ, Yar adua and GEJ operated with oil money. The only one among them that can be praised is OBJ who:

Paid our debts $12b

He saved $45b in foreign reserve

He had over $20b in excess crude oil account

He constructed Abuja stadium with oil-swap agreement

He got debt forgives of $18b

The worst among them is Jonathan who finished everything despite making the highest revenue.

Buhari will build this economy through diversification. It can only get better, we have seen the worst already under Mr Fortunato de infinitive buffon or what did they call him last week?

3 Likes

Re: Nigeria's Economy To Grow By 3.78% by jmichlins(m): 2:04pm On Feb 05, 2016
We are the most optimistic set of people on earth. even in face of difficulties we have faith of better tomorrow. To all the patriots out there your hustles are already blessed. Amen
Re: Nigeria's Economy To Grow By 3.78% by daniska3yaro(m): 2:05pm On Feb 05, 2016
Ok oo
Re: Nigeria's Economy To Grow By 3.78% by OyeniyiLeke: 2:07pm On Feb 05, 2016
This will be a very serious blow to our IPOB brothers

Serious shock to the system

grin grin grin

God bless Buhari and Nigeria

3 Likes

Re: Nigeria's Economy To Grow By 3.78% by Mynd44: 2:09pm On Feb 05, 2016
Reduction in growth rate… better than reccession
Re: Nigeria's Economy To Grow By 3.78% by baralatie(m): 2:20pm On Feb 05, 2016
jmichlins:
We are the most optimistic set of people on earth. even in face of difficulties we have faith of better tomorrow. To all the patriots out there your hustles are already blessed. Amen
That is exactly what this presentation is all about OPTIMISM,OPTIMISM and not about the crude action of govt but the budget forecast is 3.0- 3.6%(marginal).
Before the wicked goats surrounding the presidency got exposed and questions were being raised on the authencity of govt.
Yet all in all "hope maketh not ashamed".a growth of 3.7% is a good shot!it is Huge optimistic outlook
PMB should get a formidable economic team not this ones that cannot prepare budget!
God Bless Nigeria

1 Like

Re: Nigeria's Economy To Grow By 3.78% by dridowu: 2:22pm On Feb 05, 2016
Mynd44:
Reduction in growth rate… better than reccession
y lock my thread
https://www.nairaland.com/2914597/updated-dokpesi-apologises-tinubu-over

Same topic but more details than the previous
Re: Nigeria's Economy To Grow By 3.78% by jmichlins(m): 2:25pm On Feb 05, 2016
baralatie:

That is exactly what this presentation is all about OPTIMISM,OPTIMISM and not about the crude action of govt but the budget forecast is 3.0- 3.6%(marginal).
Before the wicked goats surrounding the presidency got exposed and questions were being raised on the authencity of govt.
Yet all in all "hope maketh not ashamed".a growth of 3.7% is a good shot!it is Huge optimistic outlook
PMB should get a formidable economic team not this ones that cannot prepare budget!
God Bless Nigeria
Nigerians do not care about those statistics. We wake up in face of the worst still expecting the best
Re: Nigeria's Economy To Grow By 3.78% by UrennaNkoli(f): 2:33pm On Feb 05, 2016
TippyTop:
Not with Buhari in charge it won't. Did he grow his own business since getting sacked in '85?
You know what goes on in the minds of mad men? They think reality is their dream while their dream is reality. I just wish you could wake up into reality.
Re: Nigeria's Economy To Grow By 3.78% by Ikengawo: 2:36pm On Feb 05, 2016
Nigerians are amazingly ignorant


Nigeria's economy was growing by 7% under GEJ

You're now using 3% under Buhari to insult 'IPOB', who's territories are the only ones actually witnessing growth and an improvement of living standards due to intelligence and hardwork.

2 Likes

Re: Nigeria's Economy To Grow By 3.78% by TippyTop(m): 2:37pm On Feb 05, 2016
UrennaNkoli:

You know what goes on in the minds of mad men?
How would I know, only mad people knows what goes on in the minds of mad men.
Re: Nigeria's Economy To Grow By 3.78% by Kangol99(m): 2:38pm On Feb 05, 2016
Okay
Re: Nigeria's Economy To Grow By 3.78% by obailala(m): 2:45pm On Feb 05, 2016
Ikengawo:
Nigerians are amazingly ignorant


Nigeria's economy was growing by 7% under GEJ

You're now using 3% under Buhari to insult 'IPOB', who's territories are the only ones actually witnessing growth and an improvement of living standards due to intelligence and hardwork.

No doubt a growth of 3% is pitiable but don't forget to consider an over 70% drop in national income which we are grappling from.

Remember GEJ was enjoying the highest ever average oil prices of ~$100/barrel and he was able to 'maintain' the GDP growth at 7%, Kudos to him!

But if GEJ 'maintained' the growth at 7%, did you bother to ask how the Ota man (OBJ) was able to grow this same rate from around 2% to 7% even at marginally lower oil prices during his time?

Meanwhile the moment global oil prices started falling, Nigeria's GDP growth nosedived whilst still under GEJ to the lowest since 1999. Oh yes! just in case you didnt know, the GDP growth rate in Q2 2015 when GEJ was handing over to PMB was about 2.3% even though oil prices still sold above $60 as at May 2015. So with oil now selling in the range of $30 and the growth rate marginally rising to above 3%, that is a little bit commendable (even though we know all these are just paper statistics).

http://www.tradingeconomics.com/charts/og.png?url=/nigeria/gdp-growth-annual
[img]http://www.tradingeconomics.com/charts/og.png?url=/nigeria/gdp-growth-annual[/img]

2 Likes

Re: Nigeria's Economy To Grow By 3.78% by OyeniyiLeke: 2:46pm On Feb 05, 2016
Ikengawo:
Nigerians are amazingly ignorant


Nigeria's economy was growing by 7% under GEJ

You're now using 3% under Buhari to insult 'IPOB', who's territories are the only ones actually witnessing growth and an improvement of living standards due to intelligence and hardwork.


The chart you have provided does not indicate the year which makes it meaningless

Regardless, oil prices averaged over $65 throughout the duration of Jonathan's administration

Now it is between $28-$32, less than half of the price during Jonathan

Given the current reality of the global economy and oil prices, this government is performing well

4 Likes

Re: Nigeria's Economy To Grow By 3.78% by Ikengawo: 6:18pm On Feb 05, 2016
OyeniyiLeke:


The chart you have provided does not indicate the year which makes it meaningless

Regardless, oil prices averaged over $65 throughout the duration of Jonathan's administration

Now it is between $28-$32, less than half of the price during Jonathan

Given the current reality of the global economy and oil prices, this government is performing well

well, if you don't know that it was from a little 1 year ago then it's a case of your own illiteracy and lack of connection to the world. This was posted by CNN international announcing that Nigeria is the 3rd fastest growing economy in the world in 2014. In 2015 we were taken off that list. In 2016 we are on Nairaland clapping about 3% growth. May your children grow by 3% every year.

If you don't know this and are hearing for the first time it's because you can't afford the data to browse and learn it when others were learning it. Don't let your anger kill you and if you do make sure it's before the next election because educated people are tired of this charade
Re: Nigeria's Economy To Grow By 3.78% by tsdarkside(m): 6:23pm On Feb 05, 2016
veraponpo:

It might even be more. We now have a government that operates in reality.

OBJ, Yar adua and GEJ operated with oil money. The only one among them that can be praised is OBJ who:

Paid our debts $12b

He saved $45b in foreign reserve

He had over $20b in excess crude oil account

He constructed Abuja stadium with oil-swap agreement

He got debt forgives of $18b

The worst among them is Jonathan who finished everything despite making the highest revenue.

Buhari will build this economy through diversification. It can only get better, we have seen the worst already under Mr Fortunato de infinitive buffon or what did they call him last week?

seconded.... grin grin grin grin

1 Like

Re: Nigeria's Economy To Grow By 3.78% by OyeniyiLeke: 6:29pm On Feb 05, 2016
Ikengawo:


well, if you don't know that it was from a little 1 year ago then it's a case of your own illiteracy and lack of connection to the world. This was posted by CNN international announcing that Nigeria is the 3rd fastest growing economy in the world in 2014. In 2015 we were taken off that list. In 2016 we are on Nairaland clapping about 3% growth. May your children grow by 3% every year.

If you don't know this and are hearing for the first time it's because you can't afford the data to browse and learn it when others were learning it. Don't let your anger kill you and if you do make sure it's before the next election because educated people are tired of this charade

IPOB Youth

I dont know why you are getting your dirty knickers in a twist. It is not my fault that you have exhibited your illiteracy by not providing the right information. When you put a diagram up as an illustration, always ensure to provide all the necessary metrics. All Tables, diagrams should come with sources and metrics. This is basic High School stuff.

Like I posited earlier, the current growth rate is due to a fall in Oil prices. As the country continues to diversify its economic base and with the ban on importation which will facilitate local production; the economy will improve. No amount of IPOBIC noise will stop the country from progressing

3 Likes

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