Nigeria's Economic Growth Goes From 6.5% To 2.5% - CNBC - Politics

Nigeria's Economic Growth Goes From 6.5% To 2.5% - CNBC - Politics - Nairaland

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Nigeria's Economic Growth Goes From 6.5% To 2.5% - CNBC by Ofodirinwa(op): 9:00pm On Sep 01, 2015

Africa’s two largest economies are experiencing economic headwinds with both South Africa and Nigeria having registered a slowdown and technical recession.

Economists say Nigeria has some tough decisions to take.

Bismarck Rewane, chief executive of Financial Derivatives Company told CNBC Africa that Nigeria’s performance in the second quarter was sub-optimal.

Nigeria’s second quarter gross domestic product growth fell to 2.3 per cent from 6.5 per cent in the same comparable period. "This sharp drop indicates that the economy is suboptimal and underperforming in all parameters and also in line with the rest of the continent,” said Rewane.

“South Africa announced a contraction of 1.8 per cent negative growth which means that technically South Africa is in recession with Nigeria technically in a slowdown,” he added.

He said poor performance in the first and second quarter could be attributed to policy uncertainty.

“There was no policy direction in the first quarter after elections were postponed and in Q2 there were elections [which created policy uncertainty]. There were also problems in the north-east with Boko Haram,” he said.

Time for Nigeria to take tough decisions is now - Rewane
Oil prices are now hovering at six year lows, further depressing revenues for African countries heavily reliant on the black gold. Brent crude, now trading at around 43 dollars per barrel.
“We had a bad first and second quarter, we will have a dreadful third quarter and we will begin to see a pick up the fourth quarter."

Rewane called for a new approach especially from the incoming finance minister.

“There is a need for a new covenant, new policy direction and blocking leakages to stimulate economy back into recovery,” he said.

“The incoming finance minister has to deal with the issue of supplementary budget as we have already spent more than what we were supposed to spend in 2015."[/b]

“South Africa announced a contraction of 1.8 per cent negative growth which means that technically South Africa is in recession with Nigeria technically in a slowdown,” he added.

http://www.cnbcafrica.com/news/western-africa/2015/08/26/safrica-recession-nigeria-slowdown-bismarck-rewane/

Re: Nigeria's Economic Growth Goes From 6.5% To 2.5% - CNBC by Nobody: 9:04pm On Sep 01, 2015

change

Re: Nigeria's Economic Growth Goes From 6.5% To 2.5% - CNBC by Ezenwammadu(m): 9:05pm On Sep 01, 2015

Buhari body odour will make the economy

5 Likes

Re: Nigeria's Economic Growth Goes From 6.5% To 2.5% - CNBC by BABAKABIRU301(f): 9:13pm On Sep 01, 2015

WITH BOKO HARAM & OIL PRICE, NIGERIA IS NO 1 WITH GOOD ECONOMIC IN GEJ REGIM. OK WHAT IS HAPEN NOW AFTER CHANGE?. ABI MAKE WE KUKU BEG GEJ TO COME & RESCUE US?

2 Likes

Re: Nigeria's Economic Growth Goes From 6.5% To 2.5% - CNBC by SonOfEl(m): 9:16pm On Sep 01, 2015

I hope buhari's "body language" changes everything

Re: Nigeria's Economic Growth Goes From 6.5% To 2.5% - CNBC by oshyno(m): 9:24pm On Sep 01, 2015

What do u expect when there is no yet policy direction. Only if Buhari had had a short term policy.
Let's pray things pick up frm next month as he forms his cabinet.

Re: Nigeria's Economic Growth Goes From 6.5% To 2.5% - CNBC by dani3(m): 9:25pm On Sep 01, 2015

They will soon come out and blame it on GEJ...buhari body odour must change this...change ko jange ni?

2 Likes

Re: Nigeria's Economic Growth Goes From 6.5% To 2.5% - CNBC by Ugomba(m): 9:26pm On Sep 01, 2015

Diversify the economy, they no gree, now our Niger delta oil price don fall, *keeping fingers crossed*

Re: Nigeria's Economic Growth Goes From 6.5% To 2.5% - CNBC by ahaz: 9:33pm On Sep 01, 2015

Ofodirinwa:
http://www.cnbcafrica.com/news/western-africa/2015/08/26/safrica-recession-nigeria-slowdown-bismarck-rewane/

damfo driver buhari tell conductor osibanjo say I still dy wait for my change o.

1 Like

Re: Nigeria's Economic Growth Goes From 6.5% To 2.5% - CNBC by Ofodirinwa(op): 9:56pm On Sep 01, 2015

Ugomba:
Diversify the economy, they no gree, now our Niger delta oil price don fall, *keeping fingers crossed*

From the look of it, oil is never coming back

1 Like

Re: Nigeria's Economic Growth Goes From 6.5% To 2.5% - CNBC by hinwazaka: 10:25pm On Sep 01, 2015

Dividends of CHANGE Democracy
Next year, we shall get more dividends
* Full scale inflation
* Recession
* High Insecurity
* Ethnic related clashes
* Political instability
* High mortality rate
* Consistent fuel scarcity
* Poor balance of payments
* Poor balance of trade
* Poor currency exchange rate
* Oil price hike
* Sudden epileptic power outages
* Complete breakdown of refineries and pipelines
* High spate of politically motivated assassinations
* increase in mob violence and jungle justice
* Total breakdown of law and order
* Huge increase in corruption
This and many more will be the dividends of Change Democracy next year. Long Live Dictatorship Propaganda and blind sheep followership

Re: Nigeria's Economic Growth Goes From 6.5% To 2.5% - CNBC by Chidexter(m): 10:50pm On Sep 01, 2015

Brace yourselves!

Buhari and Jonathan comments in 3......2......1....

1 Reply

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