Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,195,041 members, 7,956,870 topics. Date: Monday, 23 September 2024 at 09:09 PM

Nigeria GDP Could Expand 2.5 PCT Next Year If Oil Output Rises: Moody's - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Nigeria GDP Could Expand 2.5 PCT Next Year If Oil Output Rises: Moody's (259 Views)

If Oil Can’t Save Venezuela, It Sure Can’t Save Nigeria Says Ben Murray / Nigeria’s Oil Output Rises To 1.6mbpd / Jonathan Goes On Exile In Cote D’Ivoire, Militants Move To Shutdown Oil Output (2) (3) (4)

(1) (Reply)

Nigeria GDP Could Expand 2.5 PCT Next Year If Oil Output Rises: Moody's by IAmOged(f): 5:20pm On Nov 21, 2016
Nigeria's economy can expand by 2.5 percent next year, rebounding from a recession entered in the second quarter, as long it can keep oil output at 2.2 million barrels per day, a senior Moody's analyst said.

Africa's largest economy faces its worst crisis in 25 years, brought on by low oil prices which have slashed government revenue, hammered its currency and caused chronic dollar shortages frustrating businesses.
Third quarter gross domestic production data is expected on Monday.
Aurelien Mali, Moody's senior analytical adviser for Africa, told Reuters late on Sunday that he expects a contraction from a year earlier, and said the fourth quarter could be close to flat.
Mail said increases in oil output will help Africa's top oil exporter generate more dollars.
"With resumption of oil production and the dollars that should come, we expect that Nigeria would be able to accelerate the implementation of the budget," Mali said.
"With an acceleration, we expect that (growth) could reach 2.5 percent next year," he said.

MONTHS OF ATTACKS

Oil minister Emmanuel Kachikwu said in September that production was recovering and had reached around 2 million barrels after months of attacks, mainly by the Niger Delta Avengers, on oil installations cut output by over 600,000 bpd.
Nigeria produces oil through sharing contracts and joint ventures with foreign and local firms. But it has often failed to fund its own contributions. Last week, it reached a deal to pay $5.1 billion in unpaid bills to oil majors.
Oil producer Shoreline Natural Resources has said Nigeria will need at least $14 billion a year in new investment to maintain production at 2.2 million bpd, a level at which the national budget is based on.
Moody's downgraded Nigeria to B1 with a stable outlook in April from Ba3. Mali said government's inability to ensure an increase in oil production in the medium term could exert negative pressure on its balance sheet and trigger another rating action.
However, he said that a currency depreciation in June had compensated for government revenues because the country took action before it had a much bigger gap in its income. Though the currency weakness has not led to foreign inflows, Mali said.
Oil accounts for around 10 percent of Nigeria's GDP. Mali said reforms aimed at increasing the share of non-oil taxes as a percent of government revenues would be positive for ratings



www.af.reuters.com/article/investingNews/idAFKBN13G0IQ?sp=true

Re: Nigeria GDP Could Expand 2.5 PCT Next Year If Oil Output Rises: Moody's by yeyeboi(m): 5:24pm On Nov 21, 2016
Government Magic
Re: Nigeria GDP Could Expand 2.5 PCT Next Year If Oil Output Rises: Moody's by Jesusloveyou: 5:46pm On Nov 21, 2016
Thank God, every thing is working out for our good.

Let the oil price reach half of what ineffectual buffoon receive in a year, and see, if pmb will not turn Nigeria to Dubai

Not like ineffectual buffoon that were still importing toothpick even when oil price was $120.
Who is good is good, even if you have PhD

(1) (Reply)

Peterside, NIMASA DG Congratulates Akeredolu / #ondodecides: Mimiko Congratulates Akeredolu / Over 29,000 Displaced Nigerians Return From Neighbouring Countries

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 12
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.