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South Africa: GDP Shrinks By 7%
March 9, 2021--The South African economy contracted by 7% in 2020, Statistician-General, Risenga Maluleke, has revealed.
Maluleke on Tuesday briefed media on the results of the Gross Domestic Product (GDP) for the fourth quarter of 2020.
The decrease was despite the economy growing by 1.5% in the last three months of the year, giving an annualised growth rate of 6.3%.
However, Maluleke said, the positive growth recorded in the third and fourth quarters was not enough to offset the devastating impact of COVID-19 in the second quarter, when lockdown restrictions were at their most stringent.
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Source: allafrica.com
Nigeria: Nigerian Stocks Make Shaky Recovery After One Week in Red
March 9, 2021--The all-share index inched up to 39,396.57 points, racking up 64.96 index points.
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Source: allafrica.com
CBN, NSIA set to diversify economy with comodity exchange
March 3, 2021--The Central Bank of Nigeria, CBN, and Nigeria Sovereign Investment Authority, NSIA plan to invest N50 billion into the comatose Nigeria Commodity Exchange, NCX, is part of the government's effort to diversify the economy and boost foreign exchange earnings.
Commodity exchange presents a major opportunity for Nigeria to boost agricultural productivity, enhance economic diversification and thus rid itself of the perennial over-dependence on crude oil as a major source of forex earnings.
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Source: vanguardngr.com
As Nigeria Exits Recession
March 3, 2021--The latest figures released by the Nigeria Bureau of Statistics (NBS) indicate that Nigeria has exited recession as the Gross Domestic Product (GDP) grew by 0.11% in the fourth quarter of 2020.
It was the first positive quarterly growth for the entire year as the three preceding quarters all recorded negative growth figures.
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Source: allafrica.com
NSE engages issuers to deepen activity in ETF market
March 3, 2021--The Nigerian Stock Exchange (NSE) on Wednesday, March 3 engaged with Exchange Traded Funds (ETFs) Issuers' in the Nigerian capital market in line with its commitment to deepen activities in the segment.
The virtual session highlighted key development areas for the market specifically in terms of product issuances, market liquidity, regulatory landscape and capacity building...
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Source: businessday.ng/
IMF-West African Economic and Monetary Union : Selected Issues
March 2, 2021--WAEMU-INITIAL POLICY RESPONSE TO THE COVID-19 CRISIS11.
During the eight years preceding the global Covid-19 pandemic, WAEMU countries recorded strong economic growth supported by broadly sound policies. Real GDP growth exceeded 6 percent (much above the 3.7 percent SSA average) during 2012-19 on the back of robust domestic demand, while inflation remained subdued.
This performance was supported by expansionary fiscal and monetary policies until 2016, followed by some monetary tightening and fiscal consolidation, which allowed the aggregate fiscal deficit to decline below the regional convergence criterion of 3 percent of GDP in 2019.
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Source: IMF
Nigeria: NSE-Equities Shed N17 Billion On Worsening Investor Sentiment
February 23, 2021--The All Share Index closed at 40,154.09 index points while market capitalisation eased to N21.009 trillion.
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Source: allafrica.com
Nigeria: Nigeria's Economy Rebounds With 0.11% GDP Growth in Q4'20
February 19, 2021--Nigeria's economy re-bounded in the fourth quarter of last year (Q4'20) as the nation's Gross Domestic Product (GDP) grew year-on-year (y/y) by 0.11 percent, with aggregate GDP at N43.5trillion.
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Source: allafrica.com
Bitcoin Will Persist In Nigeria, But The Ban Changes Things
February 17, 2021--You have probably heard the news about the Central Bank of Nigeria (CBN) imposing a ban on financial services for cryptocurrency exchange operators, as well as the incongruent excuses for its action. You may have also heard of several connected controversies, like how it's linked to the #endSARS protests, aid for which was partly funded in bitcoin.
What you probably don't know, though, is how this is related to the economic shock from the COVID-19 pandemic, the huge arbitrage gap in the naira (NGN) prices across the Nigerian currency market, the decline in Nigeria's inflow remittances and the emotional tension of individuals whose funds are sadly trapped in all of this.
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Source: bitcoinmagazine.com
Five Questions About Nigeria's Road to Recovery
February 15, 2021--The COVID-19 pandemic has placed Nigeria at a critical juncture. The country entered the crisis with falling per capita income, high inflation, and governance challenges. Policy adjustments and reforms designed to shift the country from its dependence on oil and to diversify the economy toward private sector-led growth will set Nigeria on a more sustainable path to recovery.
The IMF's latest economic assessment of Africa's largest economy recommends exchange rate reforms and strengthened efforts to increase government revenues.
What is the economic outlook for Nigeria in 2021 and beyond?
Nigeria's recovery is expected to be weak and gradual under current policies. Real GDP growth in 2021 is expected to turn positive at 1.5 percent. Real GDP is expected to recover to its pre-pandemic level only in 2022. The near-term outlook is subject to downside risks from pandemic-related developments with Nigeria experiencing a second wave. Over the medium term, a subdued global recovery and decarbonization trends are expected to keep oil prices low and Organization of the Petroleum Exporting Countries quotas in place, restricting oil-related activities, fiscal revenues, and export proceeds. Non-oil growth is also expected to remain sluggish, reflecting inward-looking policies and regulatory uncertainties.
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Source: IMF
