Kemi Adeosun, minister of finance, says it is hypocritical of the west and multilateral institutions to tell Nigeria not to use coal-fired power, which drove western industrialisation.Speaking at the International Monetary Fund (IMF) discourse on infrastructure in Africa, Adeosun recalled that western powers recently blocked a coal to power project in Nigeria.“The case, if you look at the numbers of [...]
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The International Monetary Fund (IMF) says Nigeria is creating economic difficulty for its neighbours, being a very important of economy in the west African region.Speaking at a press briefing on the IMF Fiscal Monitor report in Washington, Catherine Pattillo, head, fiscal policy and surveillance division, IMF fiscal affairs department, said Nigeria's challenges were hurting its neighbours.“The slump in oil production and [...]
The International Monetary Fund (IMF) was one of the first institutions to forecast Nigeria's recession.IMF called on the country's leadership to apply for a loan facility to avoid or sail out of recession, but this hand of fellowship has been consistently declined.With recession breathing down our necks, oil prices fluctuating and foreign loans difficult to secure, Nigeria is limited to asset sale [...]
Aliko Dangote, Africa’s richest man, is in support of Kemi Adeosun's stance that Nigeria should not consider obtaining a loan from the International Monetary Fund (IMF).Speaking at the IMF spring meeting in April 2016, Adeosun had desribed Nigeria as a resilient country with strong fundamentals to get through tough times with an IMF loan.“We have resolved to build resilience into the country’s [...]
Christine Lagarde, managing director of the International Monetary Fund (IMF), has announced the appointment of Abebe Selassie as director of the IMF’s African department.Selassie succeeds Antoinette Sayeh whose departure was announced previously. He is expected to begin his work in this capacity on September 19, 2016.“Abe brings a profound understanding of the challenges facing Africa, having worked closely with [...]
Christine Lagarde, managing director of the International Monetary Fund (IMF), says employing women is not only the right thing to do but also the smart thing to do.In a blog post, the former finance minister of France said employing women leads to significant economic growth, raising gross domestic product (GDP) appreciably."At his swearing-in ceremony last year, Prime Minister Justin Trudeau [...]
The International Monetary Fund (IMF) says it is available to help economies in sub-Saharan Africa at any time it is called upon.Disclosing this on Tuesday, Mitsuhiro Furusawa, IMF deputy managing director, said central banks in the region had been facing some challenges that could do with some help from IMF.“The IMF is fully committed to providing any assistance that the Kenyan [...]
Official figures released on Wednesday by the National Bureau of Statistics (NBS) confirmed that the Nigerian economy is in recession — the technical term for a contracting GDP over two quarters.But the federal government has given Nigerians four reasons to cheer up, saying the second quarter of 2016 was promising.Adeyemi Dipeolu, special adviser to the president on economic matters, outlined [...]
The Central Bank Egypt has agreed to take a $12 billion loan facility from the International Monetary Fund (IMF) for the implementation of quick economic reforms needed in the economyChris Jarvis, team lead of the IMF mission in Egypt, disclosed on Thursday, after two weeks in the north African country.“I am pleased to announce that, in support of the government’s [...]
Atedo Peterside, founder and chairman of Stanbic IBTC Bank Plc, says Nigeria’s economic recession may be long and deep.Peterside, who doubles as the vice chairman of Nigerian Economic Summit Group (NESG), says the recession may be long and deep due to low investor confidence in Africa’s biggest economy.“Nigeria's economic recession may be long and deep because business confidence is low [...]
Rotimi Amaechi, minister of transportation and former governor of Rivers state, made false claims about Nigeria generating 7,000MW of electricity under President Muhammadu Buhari, TheCable can confirm.In an interview with Osasu Igbinedion, after the launch of the Kaduna-Abuja railway line, Amaechi said Nigeria was generating 7,000MW of electricity before the resumption of militant activities in the Niger Delta region.He blamed [...]
Ngozi Okonjo-Iweala, former finance minister and coordinating minister of the economy, did more than manage the purse of Africa’s largest economy; she fixed a plan for gender budgeting in Nigeria and perhaps the rest of the world.The International Monetary Fund (IMF) working paper on budget financing in sub-Saharan Africa, released on Thursday, acknowledges Okonjo-Iweala’s efforts for gender equality and financing [...]
The federal government says the Nigerian economy will grow by 3.3 to 3.5 percent by the end of 2016, defying the International Monetary Fund (IMF) forecast on the economy.This was disclosed by Udo Udoma, minister of budget and national planning, after the national economic council (NEC) meeting in Abuja on Thursday.Speaking to journalists after the meeting, Udoma — like Kemi Adeosun, [...]
The International Monetary Fund (IMF) has cut Nigeria's gross domestic product (GDP) growth drastically, from the projected 2.3 percent in April 2016, to -1.8 percent, lowest in 29 years.In its revised World Economic Outlook (WEO), IMF said on Tuesday that the Nigerian economy would now grow at a much slower pace than South Africa's, which is expected to grow at [...]
The International Monetary Fund (IMF) has admitted that the Nigerian economy "will probably" shrink in 2016, performing below the IMF forecast for the country.Speaking in Abuja on Monday, Gene Leon, IMF resident representative in Nigeria, said energy shortages and delayed budget weigh on output in Africa’s largest economy.After contracting by 0.4 percent in the first quarter of 2016, Leon said Nigeria [...]
The International Monetary Fund (IMF) has reiterated its projection that the Nigerian economy will grow faster than South Africa’s economy in 2016.In the conclusion of its consultations in South Africa, the international financial institution slashed South Africa’s gross domestic product (GDP) growth rate from 0.6 percent to 0.1 percent in 2016.IMF had said earlier in the year that the Nigeria’s GDP growth [...]
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