The International Monetary Fund slashed its growth forecast for the Nigerian economy this year on Tuesday, saying a combination of plunging oil revenues and weakened investor confidence will push it into recession.

The IMF said it expects Africa’s largest economy to contract by 1.8 percent this year, after having forecast in April a 2.3 percent expansion.

Nigeria’s stall, and sluggish activity in the number two economy, South Africa, is expected to pull down economic growth across sub-Saharan Africa, the IMF said, forecasting a “dramatic implication.”

“In 2016, regional output growth will fall short of population growth, implying declining per capita incomes,” it said.

Nigeria’s economy has been battered hard by the plunge in oil prices, the main source of the country’s income, as well as prices of other key commodities.

In addition, rebels in the southern oil region have forced crude production cutbacks, and internal unrest, especially attacks by the Boko Haram group in the north, has also hurt the economy.

Inflation hit an 11-year high of 16.5 percent in June as prices of food and energy jumped after the government freed up the naira currency in April, allowing it to plummet against the US dollar.

Also weighing on output have been electricity shortages due to rebels’ sabotage of the gas pipelines that fire power plants.
AFP

csamii:
Really? Mstcheew as if we don't know. I remember what Patience Jonathan said during their campaign period even though I'm not her fan. She said and I quote "after Buhari and APC is done with Nigeria, na change go remain."

As in conductor change o!

csamii:
Really? Mstcheew as if we don't know. I remember what Patience Jonathan said during their campaign period even though I'm not her fan. She said and I quote "after Buhari and APC is done with Nigeria, na change go remain."

As in conductor change o!

iamblisz:


I remembered how some Nigerians wanted to kill her with insults when she made that statement

DIKEnaWAR:

My dear, even GEJ said that Nigeria has passed the level of Buhari being its President. It is now that the statement has made sense to me.
Does anyone observe that while Buhari and his goons are criticising GEJ, they have embarked on a popularity contest with him. Running him down while trying to imitate him.
Kemi Adeosun was simply appointed for a job she is not qualified for because GEJ had a woman finance Minister and seen as gender friendly. Buhari needed to toe that line.
Wearing of Military uniforms? I used to laugh whenever GEJ wore Military uniforms. Why? Because it is just borne out of a need to show strenght and assert himself as C-in-C, having been portrayed as weak. There was no need for Buhari to toe that path. This is because he is already accused of being a Military man in agbada. He need to distance himself from anything military and wear a civilian face and approach to issues.

greatgod2012:
Nigeria is not heading into recession. She is already in full blown recession. Imagine, it has gotten into a stage where some people are already exchanging their kids for food.

Imagine a case where pot of soup is now disappearing on the stove.


I was in the market last week, you need to see the way people are rushing to buy coal pot, some cannot even afford using coal pot, they have resorted into using saw filled in big tin popularly called abacha stove to cook their food.


It's just like when God is using Buhari and APC to punish Nigerians.

greatgod2012:
Nigeria is not heading into recession. She is already in full blown recession. Imagine, it has gotten into a stage where some people are already exchanging their kids for food.

Imagine a case where pot of soup is now disappearing on the stove.


I was in the market last week, you need to see the way people are rushing to buy coal pot, some cannot even afford using coal pot, they have resorted into using saw filled in big tin popularly called abacha stove to cook their food.


It's just like when God is using Buhari and APC to punish Nigerians.

lukecent:
And all the noise about fighting corruption does not reflect on the economy.

What about TSA savings & petrol subsidy?
They also did not boost the economy.

#ChangeTheChange

porka:


God allows every human being to exercise his/her freewill.

What we have now is small, compared to what is to come.

By September, some parents will withdraw their children from school (even public schools) having sold all their assets to pay for the previous terms/semesters.

By the end of the raining season, the hunger will move in full scale.

csamii:
Really? Mstcheew as if we don't know. I remember what Patience Jonathan said during their campaign period even though I'm not her fan. She said and I quote "after Buhari and APC is done with Nigeria, na change go remain."

As in conductor change o!

engrsyer:
Pls I wan travel out of this Naija before hunger kpuff me.