Commonwealth Business Communications
  • HOME
  • ABOUT
  • COUNTRIES
    • AFRICA
      • BOTSWANA
      • CAMEROON
      • GAMBIA
      • GHANA
      • KENYA
      • KINGDOM OF eSWATINI
      • LESOTHO
      • MALAWI
      • MAURITIUS
      • MOZAMBIQUE
      • NAMIBIA
      • NIGERIA
      • RWANDA
      • SEYCHELLES
      • SIERRA LEONE
      • SOUTH AFRICA
      • TANZANIA
      • UGANDA
      • ZAMBIA
    • ASIA
      • BANGLADESH
      • BRUNEI DARUSSALAM
      • INDIA
      • MALAYSIA
      • MALDIVES
      • PAKISTAN
      • SINGAPORE
      • SRI LANKA
    • CARIBBEAN AND AMERICAS
      • ANTIGUA AND BARBUDA
      • BAHAMAS
      • BARBADOS
      • BELIZE
      • CANADA
      • DOMINICA
      • GRENADA
      • GUYANA
      • JAMAICA
      • SAINT LUCIA
      • ST KITTS AND NEVIS
      • ST VINCENT AND THE GRENADINES
      • TRINIDAD AND TOBAGO
    • EUROPE
      • CYPRUS
      • MALTA
      • UNITED KINGDOM
    • PACIFIC
      • AUSTRALIA
      • FIJI
      • KIRIBATI
      • NAURU
      • NEW ZEALAND
      • PAPUA NEW GUINEA
      • SAMOA
      • SOLOMON ISLANDS
      • TONGA
      • TUVALU
      • VANUATU
  • AREAS OF WORK
    • GOVERNMENT
    • EDUCATION
    • HEALTH
    • ICT
    • INFRASTRUCTURE DEVELOPMENT
    • NATURAL RESOURCES
    • SUSTAINABLE DEVELOPMENT GOALS
    • TRADE AND INVESTMENT
  • OUR PUBLICATIONS
    • CHOGM
      • COMMONWEALTH HEADS OF GOVERNMENT INTERIM REPORT 2020
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2018 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2015 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2011 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2009 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2007 REPORT
    • HEALTH
      • COMMONWEALTH HEALTH REPORT 2022
      • COMMONWEALTH HEALTH REPORT 2020
    • EDUCATION
      • COMMONWEALTH EDUCATION REPORT 2023
      • COMMONWEALTH EDUCATION REPORT 2021
      • COMMONWEALTH EDUCATION REPORT 2019
    • MINISTERS
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2017
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2015
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2014
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2011
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2010
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2009
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2008
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2007
    • FINANCE
      • COMMONWEALTH FINANCE MINISTERS REPORT 2012
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2010
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2009
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2008
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2007
    • TRADE AND INVESTMENT
      • AFRICA INFRASTRUCTURE INVESTMENT REPORT 2013
    • QUEEN AND COMMONWEALTH
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S PLATINUM JUBILEE
      • QUEEN & COMMONWEALTH: 90 GLORIOUS YEARS
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S DIAMOND JUBILEE
  • CONTRIBUTORS
  • CONTACT US
Commonwealth Business Communications
Commonwealth Business Communications
  • HOME
  • ABOUT
  • COUNTRIES
    • AFRICA
      • BOTSWANA
      • CAMEROON
      • GAMBIA
      • GHANA
      • KENYA
      • KINGDOM OF eSWATINI
      • LESOTHO
      • MALAWI
      • MAURITIUS
      • MOZAMBIQUE
      • NAMIBIA
      • NIGERIA
      • RWANDA
      • SEYCHELLES
      • SIERRA LEONE
      • SOUTH AFRICA
      • TANZANIA
      • UGANDA
      • ZAMBIA
    • ASIA
      • BANGLADESH
      • BRUNEI DARUSSALAM
      • INDIA
      • MALAYSIA
      • MALDIVES
      • PAKISTAN
      • SINGAPORE
      • SRI LANKA
    • CARIBBEAN AND AMERICAS
      • ANTIGUA AND BARBUDA
      • BAHAMAS
      • BARBADOS
      • BELIZE
      • CANADA
      • DOMINICA
      • GRENADA
      • GUYANA
      • JAMAICA
      • SAINT LUCIA
      • ST KITTS AND NEVIS
      • ST VINCENT AND THE GRENADINES
      • TRINIDAD AND TOBAGO
    • EUROPE
      • CYPRUS
      • MALTA
      • UNITED KINGDOM
    • PACIFIC
      • AUSTRALIA
      • FIJI
      • KIRIBATI
      • NAURU
      • NEW ZEALAND
      • PAPUA NEW GUINEA
      • SAMOA
      • SOLOMON ISLANDS
      • TONGA
      • TUVALU
      • VANUATU
  • AREAS OF WORK
    • GOVERNMENT
    • EDUCATION
    • HEALTH
    • ICT
    • INFRASTRUCTURE DEVELOPMENT
    • NATURAL RESOURCES
    • SUSTAINABLE DEVELOPMENT GOALS
    • TRADE AND INVESTMENT
  • OUR PUBLICATIONS
    • CHOGM
      • COMMONWEALTH HEADS OF GOVERNMENT INTERIM REPORT 2020
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2018 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2015 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2011 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2009 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2007 REPORT
    • HEALTH
      • COMMONWEALTH HEALTH REPORT 2022
      • COMMONWEALTH HEALTH REPORT 2020
    • EDUCATION
      • COMMONWEALTH EDUCATION REPORT 2023
      • COMMONWEALTH EDUCATION REPORT 2021
      • COMMONWEALTH EDUCATION REPORT 2019
    • MINISTERS
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2017
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2015
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2014
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2011
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2010
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2009
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2008
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2007
    • FINANCE
      • COMMONWEALTH FINANCE MINISTERS REPORT 2012
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2010
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2009
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2008
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2007
    • TRADE AND INVESTMENT
      • AFRICA INFRASTRUCTURE INVESTMENT REPORT 2013
    • QUEEN AND COMMONWEALTH
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S PLATINUM JUBILEE
      • QUEEN & COMMONWEALTH: 90 GLORIOUS YEARS
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S DIAMOND JUBILEE
  • CONTRIBUTORS
  • CONTACT US

NIGERIA IS RECOVERING FROM AN HISTORIC DOWNTURN

  • CBC News Team
Total
0
Shares
0
0
0

The Nigerian economy is benefiting from government policy support, rising oil prices and international financial assistance. The authorities’ pro-active approach has contained the COVID-19 infection rates and fatalities. With the emergence of fuel subsidies and slow progress on revenue mobilisation, the fiscal outlook faces significant risks. Continued reliance on administrative measures to address persistent foreign exchange shortages is negatively impacting confidence. Without urgent fiscal and exchange rate reforms, the medium-term outlook faces sub-par growth.

The economy is recovering from an historic downturn

Helped by government policy support, rebounding oil prices and international financial aid, Nigeria exited the recession in 2020 Q4, earlier than expected. Output rose by 5.4 per cent (y-o-y) in the second quarter, mainly reflecting base effects from transport and trade sectors and continued strong growth in the IT sector. However, manufacturing and oil sectors remain weak, reflecting continued foreign exchange shortages, and security and technical challenges. Headline inflation rose sharply during the pandemic reaching a peak of 18.2 per cent y-o-y in March 2021 but has since declined helped by the new harvest season and opening of the land borders. Reported unemployment rates are yet to come down although COVID-19 monthly surveys show the employment level to be back at its pre-pandemic level.

The COVID-19 pandemic has been well managed, but there is a lasting imprint on the vulnerable

As much of the rest of Sub-Saharan Africa, Nigeria underwent a third wave of the pandemic in August 2021. The authorities’ proactive actions, including a robust infection tracking system and a national strategy for vaccine procurement and rollout, have helped keep infection rates and fatalities lower than in many other countries. The economic and social impacts of the pandemic have been more daunting with rising food insecurity and an increase in the already-high levels of poverty. Significant progress has been made in vaccine procurement. However, less than 3 per cent of the eligible population has been fully vaccinated reflecting limited vaccine supply, delivery bottlenecks and high vaccine hesitancy.

The outlook is for a subdued recovery

While real GDP is projected to grow by 2.6 per cent this year and continue in the range of 2.6-2.7 per cent per annum over the medium term, this is just above the population growth rate implying stagnant per capita income in the medium term. Moreover, despite an easing of food prices, inflation is projected to remain in double-digits, absent monetary policy reforms. There are significant downside risks to the near-term outlook arising from the uncertain course of the pandemic and the domestic security situation. In the medium term, there are upside risks from faster-than-expected reaching of the Dangote refinery’s production capacity along with effective implementation of the 2021 Petroleum Industry Act in terms of higher manufacturing production and investment in the oil sector.

Learn More: Nigeria and the IMF

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
CBC News Team

Previous Article

ACCELERATING ECONOMIC TRANSFORMATION IN GHANA

  • CBC News Team
Read More
Next Article

COMMONWEALTH GAMES FEDERATION SET FOR LATEST REVIEW OF BIRMINGHAM 2022

  • CBC News Team
Read More
You May Also Like
HE Dr Madeleine Tchuinte, Minister of Scientific Research and Innovation, and Mr Hua Liu, IAEA Deputy Director General and Head of the Department of Technical Cooperation, signed Cameroon’s Country Programme Framework (CPF) for the period of 2024-2029. (Photo: J. O'Brien/ IAEA)
Read More
  • Infrastructure Development
  • CAMEROON

Cameroon Signs its Country Programme Framework (CPF) for 2024-2029

  • CBC News Team
  • 29 September 2023
Manutius human rights webinar
Read More
  • Equality
  • Heads of Government
  • MAURITIUS

Commonwealth and Mauritian Government host webinar to help businesses protect human rights

  • CBC News Team
  • 28 September 2023
Ministry of Health Kenya WHO National Multi-Hazard Preparedness Plan Workshop
Read More
  • Health
  • HEALTH
  • KENYA

Kenya: Ministry of Health partners with WHO to conclude National Multi-Hazard Preparedness Plan Workshop

  • CBC News Team
  • 27 September 2023
Close up on Mosquito. Mosquito-borne disease Dengue outbreak in Jamaica
Read More
  • Health
  • GOVERNMENT
  • HEALTH
  • JAMAICA

Jamaican Health Ministry declares dengue outbreak

  • CBC News Team
  • 26 September 2023
Kenyan President during During the unveiling of kits to the 100,000 Community Health Promoters to the 47 County Governments at Uhuru Park, Nairobi County.
Read More
  • HEALTH
  • KENYA

Kenyan president Ruto to launch Community Health Promoters Kit to counties

  • CBC News Team
  • 25 September 2023
African leaders show the “gap” during the campaign launch in the United Nations HQ. (Centre left) H.E. Macky Sall, President of the Republic of Senegal; (Second from left) H.E. Jakaya Kikwete, Former President of the United Republic of Tanzania; (Centre) H.E. Josefa Sacko, African Union Commissioner, ARBE; (Centre left) Harsen Nyambe, Director: Blue Economy and Sustainable Environment at the African Union; (Second from left) Nardos Bekele-Thomas, CEO of AUDA-NEPAD; (Right) Hon. Carl Schlettwein, Minister of Agriculture, Water, & Forestry, Namibia; (Left) Alex Simalabwi, Executive Director: High-Level Panel Secretariat
Read More
  • Agriculture
  • Natural Resources
  • Environment & Sustainability
  • AFRICA
  • SUSTAINABLE DEVELOPMENT GOALS

African Leaders commit to Mind the Gap – Invest in Water as the race to achieve SDG 6 in Africa accelerates

  • CBC News Team
  • 25 September 2023
Gabon suspended from Commonwealth. Gabon and Commonwealth Flags fly over building.
Read More
  • Other
  • GABON

Gabon partially suspended from the Commonwealth pending restoration of democracy

  • CBC News Team
  • 21 September 2023
Read More
  • Health
  • BOTSWANA
  • HEALTH

Botswana’s investment in primary health care enhances access and quality of health care in the country

  • CBC News Team
  • 20 September 2023
OUR LATEST PUBLICATION
Commonwealth Education Report 2023
EDUCATION 23

Subscribe to our Newsletter

PARTNER FOCUS
Recent Posts
  • HE Dr Madeleine Tchuinte, Minister of Scientific Research and Innovation, and Mr Hua Liu, IAEA Deputy Director General and Head of the Department of Technical Cooperation, signed Cameroon’s Country Programme Framework (CPF) for the period of 2024-2029. (Photo: J. O'Brien/ IAEA)
    Cameroon Signs its Country Programme Framework (CPF) for 2024-2029
  • Manutius human rights webinar
    Commonwealth and Mauritian Government host webinar to help businesses protect human rights
  • Pakistan floods one year on
    One year on from catastrophic floods, millions of children in Pakistan still need urgent support
  • Ministry of Health Kenya WHO National Multi-Hazard Preparedness Plan Workshop
    Kenya: Ministry of Health partners with WHO to conclude National Multi-Hazard Preparedness Plan Workshop

Subscribe

Subscribe now to our newsletter

Commonwealth Business Communications
  • HOME
  • About
  • Contact
  • Terms of Use
  • Privacy Policy
  • Cookie Policy
© 2022 Commonwealth Business Communications Limited. All Rights Reserved.

Input your search keywords and press Enter.