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Nigeria Is Heading Towards Recession - Finance Minister

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NEWS: Nigeria Is Heading Towards Recession - Finance Minister [New Naija News] » Naijacrawl
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The Nigerian finance minister, Mrs Zainab Ahmed has said that the coronavirus pandemic and the drastic falling of oil prices are set to force the economy into negative growth.

The minister made the comments after the National Economic Summit meeting in Abuja on Thursday.

“On the economy, COVID-19 has resulted in the collapse in oil prices,” she said. “This will impact negatively, and the impact has already started showing on the federation’s revenues and on the foreign exchange earnings.

“Net oil and gas revenue and influx to the federation account in the first quarter of 2020 amounted to N940.91billion. This represented a shortfall of N125. 52billion or 31% of the prorated amount that is supposed to have been realized by the end of that first quarter.”

She added that the economic contraction will multiply the misery of the poor.


“The crisis will only multiply this misery,” she said. “The economic growth in Nigeria, that is the GDP, could in the worst case scenario, contract by as much as –8.94% in 2020. But in the best case, which is the case we are working on, it could be a contraction of –4.4%, if there is no fiscal stimulus. But with the fiscal stimulus plan that we are working on, this contraction can be mitigated and we might end up with a negative –0.59%.”





Piroll
 

A social political analyst and writer

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Naija News

Nigeria Houses The World Poorest People -UK Prime Minister

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NEWS: Nigeria Houses The World Poorest People -UK Prime Minister [New Naija News] » Naijacrawl
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Yesterday in South Africa during one of  her visitations to three African countries, the Prime Minister of the United Kingdom Theresa May, has tagged Nigeria as the home of the poorest people in the world.

It will be recalled that after leaving South Africa, May is expected to be in Nigeria today Wednesday 29th August, 2018. But her statement is coming a day ahead of her scheduled visit to the country.

The UK Prime Minister made the assertion while delivering a speech in South Africa, Cape Town, on Tuesday. She added that Africa has the highest number of poor people in the world, with Nigeria being the poorest.

She said: “Much of Nigeria is thriving, with many individuals enjoying the fruits of a resurgent economy, yet 87 million Nigerians live on less than $1 and 90 cents a day, making it home to more very poor people than any other nation in the world."

According to her, the focus is to achieve "inclusive growth", noting that UK would invest in Africa to create more jobs to combat poverty and at the same time tackle global challenges.

It will be recalled that some days ago a recognized international organization rated Nigeria as the capital of the poorest people in the world with over 87 million people living below $1 per day and the country overtake India.

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Naija News

Minister of Communications: Nigeria Needs Biafrans

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NEWS: Minister of Communications: Nigeria Needs Biafrans [New Naija News] » Naijacrawl
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Speaking at the commissioning of Technology Orientation Center, built by  the National Agency for Science and Engineering Infrastructure (NASENI), Idu, Abuja, the Minister of communications, Adebayo Shittu charged the Nigerian Government to fish out the innovative mind of the defunct Biafran state to aid in Nigeria’s push for industrialization.

He further lamented about the fact that after the civil war, those innovative engineers that sustained the Biafran military for 3 years were left to rot away over the passage of time.

The minister said, “I recall that during the civil war, we had so many innovators from Nnewi and other parts of eastern region then. So many people, who didn’t have university education, developed so many technological infrastructure in the East”.

“But it looks like after the war, they were forgotten. I think Nigeria should look for these great minds that may not have had university education but in terms of innovativeness, they sustained to a great deal the then Biafra Republic Army.

“I think that NASENI should move beyond the elite environment and look for these people who I believe are going to add great value to what NASENI has been doing.

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Naija News

Lagos And Abuja Airports To Resume Domestic Flight July 8 - Minister

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NAIJA NEWS: Lagos And Abuja Airports To Resume Domestic Flight July 8 - Minister [New Naija News] » Naijacrawl
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The Nigerian Aviation Minister Hadi Serika, has made it known that the two major airports in the country; Abuja & Lagos will commence domestic flight on july 8 while other airports will commence in subsequent week.

The Minister made this known through his twitter handle yesterday.

He tweeted:

I am glad to announce that Abuja & Lagos airports will resume domestic operations on the 8th of July, 2020. Kano, Port Harcourt, Owerri & Maiduguri to resume on the 11th. Other airports on the 15th. Date for international to be announced in due course. Bear with us, please

It will be recalled that allthe airports were closed in March in other to curb the exponential increase of the coronavirus cases in the country.


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