Connect with us

News

Nigeria becomes Africa’s largest economy, overtakes South Africa

Published

on

As if a recession wasn’t enough bad news for South Africa, it’s now confirmed as the continent’s second-largest economy.

The answer to the question of whether South Africa or Nigeria, the two countries that account for almost half of sub-Saharan Africa’s gross domestic product, is the biggest economy on the continent has long depended on which exchange rate you use for the West African nation. But now both the official naira rate of 306 per dollar and the weaker market exchange rate of around 360 that almost all investors use put Nigeria tops.

Nigeria’s economic growth beat forecasts in the fourth quarter, helping its economy to expand the most in four years in 2019 as oil output increased and the central bank took steps to boost credit growth. GDP in the West African country stood at $476 billion or $402 billion, depending on the rate used.

South Africa’s economy went in the opposite direction.

It slumped into a second recession in consecutive years, contracting more than projected in the fourth quarter as power cuts weighed on output and business confidence. For the full year, expansion was 0.2%, the least since the global financial crisis, and even less than the central bank and government estimated. Based on an average rand-dollar exchange rate of 14.43 for the year, GDP was $352 billion.

Projections show Nigeria’s economy will continue to grow faster. While the International Monetary Fund cut its forecast for Nigeria’s 2020 growth to 2% from 2.5% last month due to lower oil prices, South Africa’s GDP is forecast to expand only 0.8%.

Report by Bloomberg

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

288 New cases of Coronavirus Confirmed in Nigeria, Totaling 5445

Published

on

By

288 new cases of coronavirus have been recorded in Nigeria, bringing the total number of confirmed cases in the country to 5445

READ BELOW:

288 new cases of #COVID19;

179-Lagos
20-Kaduna
15-Katsina
15-Jigawa
13-Borno
11-Ogun
8-Kano
7-FCT
4-Niger
4-Ekiti
3-Oyo
3-Delta
3-Bauchi
2-Kwara
1-Edo

5445 cases of #COVID19 in Nigeria
Discharged: 1320
Deaths: 171

Continue Reading

News

COVID-19: We Can’t Explain Where The Chinese Doctors Are Or What Happened To Them – FG

Published

on

By

The Federal Government has said it does not know the whereabouts of the Chinese doctors and technicians who came into the country to offer assistance to Nigeria in the fight against the Coronavirus.

Speaking at the daily briefing of the PTF in Abuja on Thursday, the Minister of Health, Dr Osagie Ehanire, wondered why there was so much interest in knowing their whereabouts and he told journalists not to ask him the question again.

Ehanire said:

“I want to explain first of all that I think not all of them were doctors and I heard that some of them are technicians, but they are staff of CCECC, the Ministry of health is not their host, so we can’t always explain what happened to them or where they are.

There seems to be a lot of interests in these doctors but they are the staff of a company and I think they are on the company visa. So I will be very happy if you don’t ask me about where they are because they are not really our guests in that sense.

But we have been able to learn some things from them by interacting with them from their experience in their country, we shared ideas about what they did in their country in managing Covid -19.”

Continue Reading

News

Don’t allow Governor Tambuwal mislead you on Infectious disease bill – Reps tell Governors

Published

on

By

The house of representatives has asked the Nigeria Governors’ Forum (NGF) not to allow Governor Aminu Tambuwal of Sokoto State “mislead” them on the infectious disease bill. 

LIB reported yesterday that Nigeria Governors Forum (NGF) asked the national assembly to suspend the infectious disease bill and to give room for consultations with state governments and other stakeholders. The Governors also disclosed that they were briefed about the bill by the Vice Chairman of the forum, Aminu Tambuwal during a virtual meeting. 

However reacting to the statement from the forum, the house of representatives claimed that Tambuwal’s position on the infectious disease bill is influenced by his “personal and partisan opposition” to the emergence of the current house leadership under Femi Gbajabiamila.

In the statement released by the house of representatives’ spokesperson Benjamin Kalu on Thursday May 14, the Governors were told that their opinion will be welcomed by lawmakers. They were however reminded that the role of the national assembly in constitution amendment, is not subject of concurrence of state houses of assembly or state governors.

The statement reads; 

“It is rather surprising that the NGF, in arriving at its decision, relied on “an update from the Governor of Sokoto State,” who, apart from being a lawyer, is a former Speaker and an ex-ranking member of the House, who should know better and guide the Forum accordingly.

“We assume that his position was informed by his well-known personal and partisan opposition to the emergence of the current leadership of the house considering his obvious stance in 2015 and 2019 .

“Unlike in a constitution amendment matter, where state houses of assembly have a defined constitutional role to play in effecting any review to it, Bills such as the Control of Infectious Diseases are not by our constitution subject of concurrence of state houses of assembly or state governors. We do believe that our respected Governors are aware of this lawful processes of legislation and should not be misguided by a biased position of a former speaker .

“Notwithstanding, the House expresses its readiness to work with the Committee raised by the NGF to meet members of the Green Chamber on the Bill. The Governors are our critical stakeholders in nation building, and we understand the importance of working with our Governors at critical moments such as this pandemic period.”

Continue Reading

Trending

Copyright © 2020 Gistsfanz Media