₦airaland Forum

meanwhile, troops are busy parading around in a show of force at Nnamdi Kanu's village. disintegration is the way forward.

World Bank Reviews Nigeria’s Economic Growth Downwards

By Emeka Anaeto, Business Editor
T HE World Bank has effected a massive cut in its projections for Nigeria’s economic growth rate for 2018 to 2.1 percent, down from 2.5 percent and 1.9 percent for 2019, down from 2.8 percent.
This was contained in its latest World Economic Outlook just released at the on-going spring meeting of the World Bank Group in Washington DC, United States of America.
The World Bank’s January 2018 Global Economic Prospect report launched on Tuesday, January 09, 2018 in Washington DC, had said Nigeria’s Gross Domestic Product (GDP) is expected to grow by 2.5 percent in 2018 and 2.8 per cent in 2019 and 2020.
Though the new projection still shows a huge leap against the actual of 0.8 percent achieved in 2017 and 0.2 percent higher than its projection in October last year, it indicated, not only a reversal of position but also a widening gap between the positions of the Federal Government and the World Bank on the recovery prospects post-recession while sign-posting the Bank’s concerns over possible stalling of growth momentum as the country prepares for a general election scheduled for first quarter 2019.
The Federal government had projected GDP growth rate at about 3.5 percent in its 2018 budget.
The Economic Recovery and Growth Plan, ERGP, the government’s medium term economic blue print, had stated: “Real GDP is projected to grow by 4.62 per cent on average over the plan period of 2017 – 2020, from an estimated contraction of 1.54 per cent in 2016. Real GDP growth is projected to improve significantly to 2.19 per cent in 2017, reaching 7 per cent at the end of the plan period.”
In its latest report, the World Bank stated: “In Nigeria, the economy is projected to grow 2.1 percent in 2018 and 1.9 percent in 2019 (up from 0.8 percent in 2017), reflecting improved oil prices, revenue, and production and recently introduced foreign exchange measures that contribute to better foreign exchange availability.”
The report also indicated that Nigeria would be under-performing the sub-Sahara Africa group of economies which the World Bank projected would rise to 3.4 percent in 2018, up from 2.8 percent actual recorded in 2017, and improve slightly thereafter through the medium term to about 4.0 percent.
Though the report did not state reasons for the Nigeria down-grade, it is likely tied to its earlier observations in previous reports that noted the adverse effects of political developments on the economies of sub-Sahara Africa.
It also corresponds to the position of the ERGP document which stated: “The slight dip in growth in 2019 is projected to result from the general election in that year with a quick recovery the following year.”
On Inflation
The current World Bank report has, however, aligned with inflationary trend in Nigeria while indicating that a possible policy adjustment by the Central Bank of Nigeria, CBN, sometime down this year would sustain the inflation rate at double digit through 2018.
Inflation rate in Nigeria measured by the Consumer Price Index (CPI) has been on steady downward trend in the past 15 consecutive months dropping to 13.34 per cent in March year-on-year, from 14.33 percent in February according to the National Bureau of Statistics (NBS) report for March 2018.
The latest World Bank report stated: “Inflation in sub-Sahara Africa is projected to moderate slightly in 2018 and 2019 but is expected to remain in double digits in key large economies, reflecting the pass-through effects of currency depreciation and their impact on inflation expectations (Angola), supply factors, and assumed monetary policy accommodation to support fiscal policy (Nigeria).”
https://www.vanguardngr.com/2018/04/world-bank-reviews-nigerias-economic-growth-downwards/

lalasticlala.

front-page is deserved here.

naijapips04:
There is a fake news currently on the frontpage of this forum where a seemingly reputable government blog (von.gov.ng) quoted an article by a by an independent contributor at forbes, penrasa , claiming that Nigeria's economy is rated the best in Africa.

Now I would like to quote here that no where was it categorically stated or implied in the article that Nigeria's economy is the best in Africa. You can read up the link yourself. https://www.forbesafrica.com/economy/2018/04/09/making-nigeria/

And no where has forbes stated that Nigeria's economy is the best in Africa. You can use google to check. And if you find any article by forbes stating that Nigeria's economy has been rated best in Africa, I would give you N20k.

No 2. The article quoted is 5 months old. Can you imagine? An article written by an independent contributor 5 months ago is used to evaluate the present state of Nigeria's economy.

No 3. Nigeria's economy has been the biggest (not best) in Africa since 2014. Infact our GDP as of 2015 is $490 billion compared to the $405 billion it was in 2017. We have retrogressed basically. https://www.forbes.com/sites/tobyshapshak/2016/05/12/south-africas-economy-falls-to-third-behind-nigeria-egypt/#1a62128c4b78


I implore Nairaland to be weary of the sort of news it habours in it's platform. Forbes can sue the hell out of Nairaland for this.
And it is shameful that the same government that is claiming to be fighting fake news are themselves the bearers of fake news. Here is a link to government owned websites carrying the fake news (note the gov.ng domain. ). https://www.von.gov.ng/forbes-rates-nigeria-as-2018-best-economy-in-africa/

Below is the Fake article by 'Forbes'.

this type of thread hardly makes it to the front-page check out my thread below on the same issue.
Nigeria would be under-performing the sub-Sahara Africa group of economies

lalasticlala, good morning.

RevenGeMission:
Forbes rated Nigerian economy best / fastest growing in another thread, this thread


In this version , World bank allegedly claimed it's not actually growing


No wahala , but check the name of the Editor / writer

Emeka Anaeto

I bet it's fake news

argue with the World Bank.

By Emeka Anaeto, Business Editor
T HE World Bank has effected a massive cut in its projections for Nigeria’s economic growth rate for 2018 to 2.1 percent, down from 2.5 percent and 1.9 percent for 2019, down from 2.8 percent.
This was contained in its latest World Economic Outlook just released at the on-going spring meeting of the World Bank Group in Washington DC, United States of America.
The World Bank’s January 2018 Global Economic Prospect report launched on Tuesday, January 09, 2018 in Washington DC, had said Nigeria’s Gross Domestic Product (GDP) is expected to grow by 2.5 percent in 2018 and 2.8 per cent in 2019 and 2020.

Though the new projection still shows a huge leap against the actual of 0.8 percent achieved in 2017 and 0.2 percent higher than its projection in October last year, it indicated, not only a reversal of position but also a widening gap between the positions of the Federal Government and the World Bank on the recovery prospects post-recession while sign-posting the Bank’s concerns over possible stalling of growth momentum as the country prepares for a general election scheduled for first quarter 2019.
The Federal government had projected GDP growth rate at about 3.5 percent in its 2018 budget.
The Economic Recovery and Growth Plan, ERGP, the government’s medium term economic blue print, had stated: “Real GDP is projected to grow by 4.62 per cent on average over the plan period of 2017 – 2020, from an estimated contraction of 1.54 per cent in 2016. Real GDP growth is projected to improve significantly to 2.19 per cent in 2017, reaching 7 per cent at the end of the plan period.”
In its latest report, the World Bank stated: “In Nigeria, the economy is projected to grow 2.1 percent in 2018 and 1.9 percent in 2019 (up from 0.8 percent in 2017), reflecting improved oil prices, revenue, and production and recently introduced foreign exchange measures that contribute to better foreign exchange availability.”
The report also indicated that Nigeria would be under-performing the sub-Sahara Africa group of economies which the World Bank projected would rise to 3.4 percent in 2018, up from 2.8 percent actual recorded in 2017, and improve slightly thereafter through the medium term to about 4.0 percent.
Though the report did not state reasons for the Nigeria down-grade, it is likely tied to its earlier observations in previous reports that noted the adverse effects of political developments on the economies of sub-Sahara Africa.
It also corresponds to the position of the ERGP document which stated: “The slight dip in growth in 2019 is projected to result from the general election in that year with a quick recovery the following year.”
On Inflation
The current World Bank report has, however, aligned with inflationary trend in Nigeria while indicating that a possible policy adjustment by the Central Bank of Nigeria, CBN, sometime down this year would sustain the inflation rate at double digit through 2018.
Inflation rate in Nigeria measured by the Consumer Price Index (CPI) has been on steady downward trend in the past 15 consecutive months dropping to 13.34 per cent in March year-on-year, from 14.33 percent in February according to the National Bureau of Statistics (NBS) report for March 2018.
The latest World Bank report stated: “Inflation in sub-Sahara Africa is projected to moderate slightly in 2018 and 2019 but is expected to remain in double digits in key large economies, reflecting the pass-through effects of currency depreciation and their impact on inflation expectations (Angola), supply factors, and assumed monetary policy accommodation to support fiscal policy (Nigeria).”

https://www.vanguardngr.com/2018/04/world-bank-reviews-nigerias-economic-growth-downwards/

lawalosky:
why can't you just go and join them in the protest.
people like you should be on the front line...
ipob ni, ko ipork

it would be a better use of your time to face the uncountable and unsolvable Nigerian problems than to be quoting somebody that doesn't care about your existence. Nigeria gba kwaa oku!!!.

while a certain African zoo ruled by a lifeless dullard is celebrating the plan to build a pencil making factory.

when would Nigerian youths protest against the government on the streets against blood thirsty soldiers? when would they stay at home against the current oppressive system? when would they boycott the elections that are always skewed against the youths thereby recycling the same old leaders that are corrupt and bereft of ideas? on Biafra we stand, no referendum, no election.

chrisxxx:
It is the people who know the terrorist not government. Until the Igbo people them terrorist they remain their freedom fighters.

IPOB are terrorists while Fulani herdsmen are not - Nigerian government,
IPOB are not terrorists while Fulani herdsmen are the fourth most deadly terrorists in the world - western governments and international human rights bodies.

mvem:
...so you are one of the 20

under Buhari, Nigeria does not even have twenty youths to March against Buratai and the Fulani herdsmen that he's supporting and shielding.

Ray97:
I count 20 hungry garage boys.

#shakinTables

if Nigeria have at least twenty youths in each city that are willing to take back the country from the ruling class, your country would have been better today
#IPOByouthsrule

surprise, surprise. he's a worthy candidate for the office. it's time Lagos should free themselves from Tinubu.

regardless of his human faults and western propaganda against him , I would like to be Mugabe when I grow up.

we should stop making stupid people famous.

Rubbiish:
Maybe sth around 10 to 12k...

thanks.

buharitill2023:
The jobless aggressive lazy idiotic pigs of bia-fra terrorist did not even believe buhari not to talk of thief el-rufai,

the moderators would never ban these BMC crew members that are promoting tribalism and insults here but are quick to ban you when you give them a well deserved hard tackle. Nairaland moderators are degrading the website.

please, what's the current price for a locally welded iron door, size is two and half feet (750mm)?

erico2k2:
you keep quoting $ lets leave that issue aside, I have asked you thesame question over and over again,who do you personaly know that earn N500 a day? Mechanics earn above that,All labourers earn above this rate,My security aka Watchnight and watchday I pay them 30k monthly,
the driver who doeas drop for the Mrs Shop earn minimum from us N29k in a month, My Mrs pays her stylist in her studio N18K per month, the girls at the saloon take home minimum of 18 k, the manager gets 25 k.My boys at the shops get minimum of n20k minus feeding which I provide as lunch, Thats people arround me, Now tell me those arround you that supports ur argument.

I would take more samples tomorrow and quote you again.

erico2k2:
you keep quoting $ lets leave that issue aside, I have asked you thesame question over and over again,who do you personaly know that earn N500 a day? Mechanics earn above that,All labourers earn above this rate,My security aka Watchnight and watchday I pay them 30k monthly,
the driver who doeas drop for the Mrs Shop earn minimum from us N29k in a month, My Mrs pays her stylist in her studio N18K per month, the girls at the saloon take home minimum of 18 k, the manager gets 25 k.My boys at the shops get minimum of n20k minus feeding which I provide as lunch, Thats people arround me, Now tell me those arround you that supports ur argument.

the school cleaners earns 14k, similar to the school gate men. that's less than #500 per month. a relative teaching in the village earns 12k. all missionary schools.

erico2k2:
Im talking reality, I did not want to go into all them people you mentioned hence I asked you a specific question,Who do you know that earn N500 a dayU mst lnow one person if its that established.

are you really in Nigeria to be asking this question? we all know people that earns less than #500 a day (#15,000 monthly salary).

erico2k2:
Dont always believe evrything you read, howmany people do you personaly know who earn N300 per day ??

dollar =#360(approximately) which is about #10,800 per month. Many Nigerians earns about #8,000 monthly salary and still have to cater for their dependants. I believe that you have good intentions but mistakenly support a lie. A Nigerian private school teacher (the most common jobs for university graduates nowadays) lives on less than a dollar ( or less than a dollar and half using the latest calibration) when you factor in his or her dependants. that is for those lucky enough to have a job.

Until the majority of the Nigerian masses realise that Nigeria is so fundamentally faulty that only disintegration into smaller homogenous nations can us progress, the masses would continue to be scammed by these politicians regardless of their parties, tribe or religion.

GavelSlam:
You feel insulted? The excuse me.

Was your opening line not BMC?

Let me guess, those are pleasantries in your homestead.

The government is providing for the children of this country but somehow you are unhappy about it.

They are providing for the young graduates, the low income earners as well as the elderly but deep in you is something that manifest as hate.

Spare me the rhetoric and get on your bike buster.

No economist in his right senses would call sharing money and food a development project talk more of a sustainable development project. The right name for it is propaganda and a cover for corruption, simple and short. And that's my last response to you. We all know that you can argue around all night against a visible truth because that's what you're employed and paid to do.

OrestesDante:



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∆ It is not even worth calling a topic.


Because of its obsoleteness. The whole agitation has been reduced to barking.

peace ✌✌ ∆


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sure, a better topic for you would definitely be on how to better your hopeless country Nigeria ( or better still, how to leave that place now it's still more feasible) but you left the topic to hit at Biafra, good night and remain blessed.

OrestesDante:
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∆ Bros! chill. The matter never reach Biafra.

I know how grievous you are about the system. A lot of Nigerians too are.

@bolded... Can you explain how this will be possible? Or how will it be achieved?

Because it sounds extremely hilarious...

no election for Biafra region wey still dey inside Nigeria??
Make we see

✌✌∆


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Topic for another day.