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IMF Lowers Nigeria’s Growth Projection to 1.9%

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nigeria economy
  • IMF Lowers Nigeria’s Growth Projection to 1.9%

The International Monetary Fund (IMF) has lowered Nigeria’s growth projection for 2018 to 1.9 percent, according to the latest World Economic Report published on Monday by the fund.

The projection was lower than the 2.1 percent projected in July 2018.

According to the fund, Nigeria’s inflation will rise to 12.4 percent by the end of 2018 and 13.5 percent in 2019.

“In Nigeria, inflation is projected to fall to 12.4 percent in 2018, from 16.5 percent in 2017, and to rise to 13.5 percent in 2019,” the report read.

This, the fund attributed to tighter monetary policy and rising food prices amid a possible surge in election spending.

Gian Maria Milesi-Ferretti, deputy director at IMF’s research department, said global growth will slow down to 3.7 percent this year and in 2019.

“There are clouds on the horizon. Growth has proven to be less balanced than we had hoped. Not only have some downside risks we identified in the last WEO been realized, the likelihood of further negative shocks to our growth forecast has risen.” Maurice Obstfeld, IMF Chief Economist, told reporters in Bali.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Sanwo-Olu to Open Agege-Pen Cinema Bridge Today

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Governor Sanwo-Olu of Lagos State will open the Agege-Pen Cinema Bridge for vehicular movement today, Friday, 05, March 2021.

A top government official, who chose to remain anonymous, told our correspondent on Thursday that the much-awaited 1.7 kilometre-long bridge would be commissioned.

While inspecting the construction works at the bridge last December, Sanwo-Olu had said the bridge would be ready by February 2021.

When asked of the status of the bridge on Thursday, the top government official said, “The governor will commission the bridge on Friday,” adding that the contractors were through with construction works.

The overpass ascends from Oba Ogunji Road and drops at the Oke Koto axis of Agege. The bridge also opens to the old Lagos-Abeokuta Expressway through Abule Egba.

When opened for use, it will bring an end to the discomfort currently being experienced by motorists plying Agege-Abule Egba and Agege-Iyana-Ipaja axes.

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Billionaire Jay-Z’s Net Worth Jumps 40% With Sales Of Streaming Service Tidal, Champagne Brand

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Jack Dorsey and Jay-Z

Over the past two weeks, the rapper struck deals to sell his boutique music streaming service and half of his champagne brand Armand de Brignac, adding an enormous pile of cash to his already massive fortune.

“Hip-hop from the beginning has always been aspirational,” Jay-Z said in 2010 when Forbes got a ringside seat to the rapper’s first meeting in Omaha with billionaire investor Warren Buffett. “It always broke that notion that an artist can’t think about money as well.”

More than a decade later, the rapper-turned-billionaire is showing exactly what he means: In his second major deal in as many weeks, Jay-Z inked a deal to sell  a majority stake in music streaming company Tidal to Jack Dorsey’s mobile payment company Square for $297 million. The transaction valued the company at about $450 million—$150 million more than Forbes’ 2019 estimate. Forbes figures he netted out $149 million in cash and stock—and got a board seat—after buying back 33% of Tidal from T-Mobile earlier this week and then selling that and the third he already owned. Tidal’s “artist shareholders” will continue to have a stake in the company, and Jay-Z will own a small percentage, as well.

This comes a week after he sold half of his Armand de Brignac champagne to LVMH in a deal that valued the luxury liquor company at about $640 million.

The two deals helped lift the fortune of hip-hop’s first billionaire to $1.4 billion, up from $1 billion.

It’s just the start.  His diverse and growing business includes the remaining 50% stake in the $300-per-bottle Armand de Brignac, as well as D’Usse cognac and a collection of less-sexy startups including insurance startup Ethos and salad chain Sweetgreen. He also owns a chunk of his own music, shares multiple multi-million dollar mansions with his wife Beyoncé and has a growing art collection.

In 2005 he laid down the now prophetic lyric, “I’m not a businessman, I’m a business, man.”

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“In Less Than 24 Hours 2.3 Million Nigerians Registered to Receive COVID-19 Vaccination”- NPHCDA

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COVID-19 Vaccine

Over 2 Million Nigerians Have Self-registered for COVID-19 Vaccine on The NPHCDA Online Portal

On Wednesday, Nigeria’s primary healthcare agency boss, Faisal Shuaib, said that over 2 million Nigerians have registered to receive the Astrazeneca COVID-19 vaccine.

He said, “In less than 24 hours, 2.3 million Nigerians have registered to take the vaccines and the numbers keep increasing,”

According to the National Primary Health Care Development Agency (NPHCDA) tweet on Monday, a healthcare worker, Osindeinde Ademilayo Abodede, was the first person to register for the vaccine. Her appointment has been scheduled for March 12 in Abuja.

The self-registration online portal was launched a day before the first batch of COVID-19 vaccines arrived in the country.

The agency said Healthcare workers will be given priority in the administration of the COVID-19 vaccine.

NPHCDA also stated that high priority will be given to “frontline workers” such as members of the military, police, Nigerians who are working at border posts, oil and gas workers, and “strategic leaders.”

Faisal Shuaib said, “As the vaccines arrive in batches due to limited supply we will inform Nigerians about who and where to receive the vaccine,”

“States without a functional airport will have their vaccines transported by road using vans with fitted cold cabins, from the nearest airport,” he added.

Boss Mustapha, Nigeria’s secretary-general urged traditional rulers, religious leaders, civil society groups, and the media to spread the message that vaccinations were needed. “This is a fight for everyone.” He said.

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