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Nairaland Forum / Nairaland / General / Politics / Nigeria’s Declining Economic Activities Worrisome – CBN (17880 Views)
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Nigeria’s Declining Economic Activities Worrisome – CBN by Omooba77: 2:23pm On May 01 |
The Central Bank of Nigeria, CBN, has expressed worries over the declining economic activities in Nigeria. https://dailypost.ng/2024/05/01/nigerias-declining-economic-activities-worrisome-cbn/ 7 Likes
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Re: Nigeria’s Declining Economic Activities Worrisome – CBN by Bulldozer90: 2:25pm On May 01 |
Explains why it's dangerous to have people of only one ethnic group having a chokehold on the country. Only one person in CBN is crying out against the country's impending economic collapse. 102 Likes 2 Shares |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by ForValour: 2:25pm On May 01 |
He should fix it if he is not clueless. You are not there to complain 14 Likes |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by CodeTemplar: 2:27pm On May 01 |
Throwing in the towel? This is what happens when criminals allow their "charge and bail" lawyer make sensitive policies. One is a minister and always ranting about debate-challenge with industry-tested minds. 74 Likes 5 Shares |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by EmeeNaka: 2:30pm On May 01 |
They will ask him to resign for saying this 93 Likes 5 Shares |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by Racoon(m): 2:31pm On May 01 |
Thought the economy have reached eldorado? Grossly incompetent and overhyped illiterates bastardizing the country. Meanwhile, their zombies are still warped about a non-existent economic progress. 114 Likes 3 Shares
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Re: Nigeria’s Declining Economic Activities Worrisome – CBN by jmoore(m): 2:34pm On May 01 |
Increase interest rates again. 11 Likes |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by Racoon(m): 2:34pm On May 01 |
“Economic activity has been contracting for eight consecutive months, mainly due to exchange rate pressures, rising input prices, security challenges, and other idiosyncratic headwinds. Of more concern is the rising inflationary trend despite sustained hikes in the monetary policy rate with forecasts of further price increases in the near term. “Both food and core inflation rose in February 2024, underpinning acceleration in headline inflation to 31.70 per cent in February 2024 from 29.90 per cent in the previous month. This continued rise in inflation was mainly due to high production costs, lingering security challenges and exchange rate pressures........." 31 Likes 4 Shares |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by CodeTemplar: 2:35pm On May 01 |
Of more concern is the rising inflationary trend despite sustained hikes in the monetary policy rate with forecasts of further price increases in the near term.cc: omohayêk, nairalanda1, kukutente, grandstar jmoore:They already did and it isn't yielding the desired output. Read again but slowly and carefully. 6 Likes |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by CodeTemplar: 2:36pm On May 01 |
Racoon:0/10 policy scorecard. Production is non negotiable except we all want to be offering abstract services. 7 Likes |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by Mindlog: 2:36pm On May 01 |
But their foot soldiers feel otherwise. 70 Likes 4 Shares |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by sachidistudios(m): 2:41pm On May 01 |
On God |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by jmoore(m): 2:46pm On May 01 |
CodeTemplar: You should have noticed 'again' at my comment. I was being sarcastic. I said in my previous comments that those textbook economics they are copying and pasting will fail. Petrol subsidy removal which led to high petrol price is one of the major drivers of inflation. I was wondering how high interest rate will make petrol cheaper. They should continue their trial and error voodoo economics. 53 Likes 6 Shares |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by shortgun(m): 2:47pm On May 01 |
Even the CBN that formulates economic policies appears to be helpless in the present administration. 47 Likes 2 Shares |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by nairalanda1(m): 2:49pm On May 01 |
CodeTemplar: Manufactured goods and services. Innovation and technology 67 Likes 2 Shares |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by freemanq(m): 2:50pm On May 01 |
Worrisome I hear, you people should continue to increase taxes and import duties, and you want Nigerians to perform magic with high level of poverty in the land. Cbn kindly advise fg to seek for help before it's too late 29 Likes 2 Shares |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by descarado: 2:50pm On May 01 |
Truth always set the mind free. Who is Tinubu's chief economic adviser? He should resign. 20 Likes |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by mrvitalis(m): 2:50pm On May 01 |
Oh really? You budget 75 billion naira less than $50 million dollars for SMEs Then budget 800 billion for a 46km road Then wonder why economy is shrinking? At a time when forex is squeezing businesses it's not brainer to provide credit facilities But na... Let's build roads with borrowed money, that would increase our recurrent expenditure If Tinubu does 4 years and our GDP is above $100 billion I would be shocked 62 Likes 8 Shares |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by seborrhic: 2:55pm On May 01 |
This is the one CBN top ranking official that has made sense and probably knows his onions. Increased fuel price and full floating of the ₦ alone without commiserate increased wages across board,public,private led to one of the most dreaded economic nightmares,for any country that is serious:contraction of the economy because people can't afford to pay for some goods and services,even if available. What does that do:reduces the buying of goods that manufacturers and producers depend on,reduces the income that artisan,bricklayer,small shop owner,medium shop owner,non foods businesses get. Even transport reduces because some go on only essential days,then even fuel consumption reduces because car owners don't get to buy as much;etc,all these lead to contraction of the economy. In an economy run property,even goverment income should reduce because there is less profit or income generated by companies to pay taxes. But since the Nigerian economy is headed by profiteers,scammers,politicians and others with looted funds,all these don't affect what the government sees at the end of the day,so business and life goes on as usual from the government side 38 Likes 4 Shares |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by CodeTemplar: 3:00pm On May 01 |
jmoore:Their voodoo charge and bail lawyer turned economists were copied by me for the above reason. Interest rates increase in nigeria can not achieve, in same extent, the inflationary curbing effect it has in advanced and stronger economies. Nigerian lenders lend to mostly civil servants who want to do one or two capital intensive projects. The loan system is tied to monthly allocation and workers salary here and not SMEs MSMEs or credit card system of lifestyle. 5 Likes |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by iwaeda: 3:04pm On May 01 |
Omooba77: Egbon, this laughable, same CBN that weekly increase custom duties, I have people, whose goods and vehicles entered demurrage due to high cost of clearing. Also banks have started hoarding cash due to CBN directive. How many can save self, when what they earn is bearly enough to feed. How will activities increase? 13 Likes 2 Shares |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by christejames(m): 3:05pm On May 01 |
Really, worrisome? ...butnyou keep demolishing the little we have. 3 Likes |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by seborrhic: 3:08pm On May 01 |
They are talking of a shrinking economy and one clown is talking of increasing electricity,to further shrink an already distressed economy! When you increase tariffs,companies reduce their working hours to reduce cost,they also have to reduce staff or even close some sections of the company. Even the night time kiosk or small business outfit have to cut their hours,instead of eg,staying till 12 or 1am,they decide to close by 10 or 11pm,reducing their income. So just by increased electricity tariff alone,there would be some contraction in the economy,added to that already caused by fuel and ₦ floating. Assuming Nigeria even had a reliable data base and had been tracking economic activity professionally,they would have known that the economy started contracting since diesel prices went to the roof in previous regimes. But in an economy run on faulty foundations,where a politician can steal government funds and build an estate or companies chiefly for laundering purposes or bragging rights,or where a scammer or kidnapper can hit a goldmine and construct mansions or business mall,all these things don't matter What a sensible goverment would have done now is freeze all increases so people can have more disposable income to buy essentials and 1 or 2 not so essential but driver of the economy. Even this idea that increased electricity tariff will improve the sector,run by political businessmen,is a fallacy Make electricity 1k/kWh under these same companies now running it and there would be no change! 11 Likes 2 Shares |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by Macdeey: 3:16pm On May 01 |
Go and wake-up JagaSleep and stop disturbing us about what we already know and experiencing 7 Likes
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Re: Nigeria’s Declining Economic Activities Worrisome – CBN by Omooba77: 3:34pm On May 01 |
iwaeda:Brother, you are lifted.....CBN is not sincere, interest rate is about 25%..... 3 Likes |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by iwaeda: 3:38pm On May 01 |
Omooba77: |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by Amayanabo01: 4:13pm On May 01 |
Now, who are the real enemies of the state? 5 Likes |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by Earthquakes: 4:16pm On May 01 |
CORNfused fellows. If you complain that the will tag you Igbo or Obidient yet everything has turned upside down 11 Likes |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by flipdat(m): 4:16pm On May 01 |
buh buh, let’s add more public holidays 2 Likes |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by maxiuc(m): 4:17pm On May 01 |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by rinzaugustine: 4:17pm On May 01 |
CBN doesn’t know what they are saying the are obidient and Ipob 2 Likes |
Re: Nigeria’s Declining Economic Activities Worrisome – CBN by sevo(m): 4:17pm On May 01 |
Una never worry reach.... bunch of educated illiterates 5 Likes |
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