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Nairaland Forum / Nairaland / General / Politics / Nigeria's Economy Could Slip Into Recession- CBN (2239 Views)
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Nigeria's Economy Could Slip Into Recession- CBN by Bekwarra(m): 11:51pm On Sep 22, 2015 |
The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday warned that the country’s economy could slip into recession by next year if proactive steps were not taken by the Federal Government to revive key sectors of the economy. It also reduced the Cash Reserves Requirements for Banks from 31 per cent to 25 per cent as well as retained the Monetary Policy Rate at 13 per cent. The committee also retained the symmetric corridor of 200 basis points around the MPR; and left the Liquidity Ratio unchanged at 30 per cent. Addressing journalists shortly after the two-day meeting of the committee held at the CBN headquarters in Abuja, the CBN Governor, Mr Godwin Emefiele, noted that the economy had remained fragile owing to various factors. For instance, he said the country’s Gross Domestic Product Growth Rate recorded a slow growth in the second quarter of this year, making it the second consecutive less-than-expected performance for the current fiscal year. According to the National Bureau of Statistics, real GDP grew by 2.35 per cent in the second quarter of 2015, a significant decrease when compared with the 3.96 per cent and 6.54 per cent in the preceding quarter and corresponding period of 2014, respectively. Real GDP growth is projected by the NBS to stabilise at 2.63 per cent in 2015, compared with the 6.22 per cent recorded in 2014. The committee, according to the governor, however, noted that the impact of non-payment of salaries at the state and local government levels had led to reduction on consumer demand. He said while year-on-year headline inflation continued to trend upwards, demand pressure in the foreign exchange market remained significant as oil prices continued to decline. As a result of these developments, Emefiele said there were indications that some of the banking sector performance indicators could be stressed if these conditions worsen further. Specifically, he expressed worry that liquidity withdrawals following the implementation of the Treasury Single Account, elongation of the tenure of state governments loans as well as loans to the oil and gas sectors could aggravate liquidity conditions in banks and impair their financial intermediation role. These, he noted, could affect economic growth, unless some actions were immediately taken to ease liquidity conditions in the markets. He said, “The committee noted that the overall macroeconomic environment remained fragile. “The committee noted that liquidity withdrawals following the implementation of the TSA, elongation of the tenure of state government loans as well as loans to the oil and gas sectors could aggravate liquidity conditions in banks and impair their financial intermediation role, thus affecting economic growth, unless some actions were immediately taken to ease liquidity conditions in the markets. “Having seen two consecutive quarters of slow growth, the committee recognized that the economy could slip into recession in 2016 if proactive steps were not taken to revive growth in key sectors of the economy.” www.punchng.com/news/nigerias-economy-could-slip-into-recession-cbn-warns/ |
Re: Nigeria's Economy Could Slip Into Recession- CBN by djcliff(m): 11:54pm On Sep 22, 2015 |
Baba do something |
Re: Nigeria's Economy Could Slip Into Recession- CBN by tymoti(m): 12:10am On Sep 23, 2015 |
1 Like |
Re: Nigeria's Economy Could Slip Into Recession- CBN by Scholes007(m): 12:11am On Sep 23, 2015 |
4 Likes 1 Share |
Re: Nigeria's Economy Could Slip Into Recession- CBN by erunz(m): 12:20am On Sep 23, 2015 |
We they where shouting chanjiii, we asked the type of change APC were coming with, but people were carried away by the propaganda they've read. In less than four months things are beginning get worst, instead of d govt of the day to face economic issues, they are busy chasing opposition states with police and DSS, in less than two days there have been suicide bombings killing about 130 people and we are yet to hear from presidency. God help us. 7 Likes 1 Share |
Re: Nigeria's Economy Could Slip Into Recession- CBN by jerrywool: 12:25am On Sep 23, 2015 |
[size=18pt]That means by the time Niger Delta boys begin to show themselves, the economy go collapse kpata kpata[/size] 10 Likes 1 Share |
Re: Nigeria's Economy Could Slip Into Recession- CBN by emmalexabl(m): 12:32am On Sep 23, 2015 |
WITH THE ILLITERATE FULANIS IN CHARGE .,ITS OBVIOUS THE NIGERIA SHIP IS HEADING FOR THE ROCK.... ITS TIME TO RELOCATE TO MY OTHER COUNTRY USA... ![]() 8 Likes 1 Share |
Re: Nigeria's Economy Could Slip Into Recession- CBN by Cjrane2: 12:41am On Sep 23, 2015 |
Aboki ekwanomic team are busy using wrecking Nigerian economy. The dulllard says he is going to be the finance minister because all other Nigerians except fulanis are kwarropt. Na dem sabi. Wetin concern me? they should kill nigeria faster. 4 Likes |
Re: Nigeria's Economy Could Slip Into Recession- CBN by suxkill: 12:44am On Sep 23, 2015 |
God abeg dash PMB sense!!! 4 Likes 1 Share |
Re: Nigeria's Economy Could Slip Into Recession- CBN by gbaskipro: 12:45am On Sep 23, 2015 |
We are fighting corruption. Babas body language is enough to sort the economy. 1 Like |
Re: Nigeria's Economy Could Slip Into Recession- CBN by Bekwarra(m): 1:21am On Sep 23, 2015 |
The thunder that will strike these body language propagandists is currently on a training session with Diego Costa. |
Re: Nigeria's Economy Could Slip Into Recession- CBN by phaphyz05(m): 1:45am On Sep 23, 2015 |
O God of creation Direct our noble cause Guide our leaders right... Shame those who are waiting to hear us lament both politically and economically. 1 Like |
Re: Nigeria's Economy Could Slip Into Recession- CBN by Nobody: 1:53am On Sep 23, 2015 |
This Brainless Daura President will soon be impeached with d way things are going. How did we choose this kinda junta as President? Just because we hated one man from the Niger Delta land? Who did this thing to the Nigerian people? 3 Likes 1 Share |
Re: Nigeria's Economy Could Slip Into Recession- CBN by stanech: 2:48am On Sep 23, 2015 |
With GEJ we were one step forward With PMB five steps backward 3 Likes 1 Share |
Re: Nigeria's Economy Could Slip Into Recession- CBN by disloman(m): 5:34am On Sep 23, 2015 |
jerrywool:I don't know how some people think in this country.Is it bitterness or lack of common sense makes them think like a frustrated being?If FG start taking actions on them,you will be shouting foul.I'm not shaken cos Nigeria will b great once again.I believe this country will be greener 4 mi and my family. |
Re: Nigeria's Economy Could Slip Into Recession- CBN by disloman(m): 5:37am On Sep 23, 2015 |
stanech:While GEJ was sugar-coating d condition of the economy while PMB telling how d economy is.PMB is not scared cos things will fallin places in due time.I believe in Nigeria. 1 Like |
Re: Nigeria's Economy Could Slip Into Recession- CBN by stanech: 5:39am On Sep 23, 2015 |
disloman: These are facts my friend. Stop making excuses for a failing government. The economy is crashing 4 Likes 1 Share |
Re: Nigeria's Economy Could Slip Into Recession- CBN by disloman(m): 5:39am On Sep 23, 2015 |
macfarland:
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Re: Nigeria's Economy Could Slip Into Recession- CBN by Nobody: 5:42am On Sep 23, 2015 |
Like seriously, this is serious magana. Recession ko? Recession kam! O my fellow Nigerians, brace yhurself up for hard times may lay an ambush. |
Re: Nigeria's Economy Could Slip Into Recession- CBN by disloman(m): 5:45am On Sep 23, 2015 |
stanech:Read n comprehend.This is not an excuse.This is to tell us what's going on and what to do to avert it.We will get here. |
Re: Nigeria's Economy Could Slip Into Recession- CBN by stanech: 5:47am On Sep 23, 2015 |
disloman: Then what of the 4trillion already loss since may 29th? Is that to tell us what's coming too? 3 Likes |
Re: Nigeria's Economy Could Slip Into Recession- CBN by stanech: 5:48am On Sep 23, 2015 |
disloman: Then what of the 4trillion already lost since may 29th? Is that to tell us what's coming too? 3 Likes |
Re: Nigeria's Economy Could Slip Into Recession- CBN by Aufbauh(m): 5:58am On Sep 23, 2015 |
If Jonathan could have been re-elected the economy will have been recessed by now. |
Re: Nigeria's Economy Could Slip Into Recession- CBN by kettykin: 6:06am On Sep 23, 2015 |
abuayman: A very good economic team would prevent the anticipated hard times |
Re: Nigeria's Economy Could Slip Into Recession- CBN by Nobody: 6:08am On Sep 23, 2015 |
Jonathan, hope you can see the mess you put Nigeria into? Nigerians are not fools. The journey to Recession didn't start in march 2015, no no it started way back when you stole our collective money and shared it with your ministers.. posterity will never forget you.... |
Re: Nigeria's Economy Could Slip Into Recession- CBN by CSTR2: 6:11am On Sep 23, 2015 |
The president is still busy fighting saraki. The more recent economic vampirism called the halliburton scandal is there unattended with OBJ gallivanting with the president. Our president is focused on a 12 year old alleged false asset declaration that has no bearing on the Nigerian economy. 3 Likes 1 Share |
Re: Nigeria's Economy Could Slip Into Recession- CBN by rozayx5(m): 6:20am On Sep 23, 2015 |
ECONOMY GOING GOING ILLITERATE PROBING PROBING ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() lalasticlala u know what it is 1 Like 1 Share |
Re: Nigeria's Economy Could Slip Into Recession- CBN by Flets: 6:20am On Sep 23, 2015 |
This is a no-brainer The stock market has lost over 1.6 trillion since after Buhari took over Lots of window dressing around foreign exchange as businesses cannot transact directly with Banks anymore JP Morgan delisting Nigerian bonds and massive/ unprecedented capital flight (Investors are only keen at pulling out their funds from Nigeria) While Buhari has not signed one single capital project, he has approved (OPEX) bail out funds to states supporting fund mismanagement Instantaneous implementation of TSA has grossly reduced liquidity, reduced access to funds by SMEs, acute job losses and loss of investor confidence No economic direction - everything is on a downward spiral economically; No economic index have improved since May 29 No more projects either Civil / infrastructure or power sector...... NO PLAN Add that to the further polarization of the polity by Buhari's statements (95% and 5%)... then no sane investor will consider Nigeria at this time Directionless probing and lip service fight against corruption has made us mockery of all nations While Buhari is busy trying to tarnish the image of the economic pilots of the previous dispensation (Aruma Oteh, NOI, Adeshina etc), they continue to be poached by international organizations despite the noise by the inept APC and Buhari The recession is almost inevitable unless Buhari totally surrenders the affairs of the economy to a competent team and should never attempt to interfere as it is in his nature to do so. 2 Likes 1 Share |
Re: Nigeria's Economy Could Slip Into Recession- CBN by Nobody: 6:21am On Sep 23, 2015 |
erunz: So you want to undo the rot of 16 years in 4months? No wonder Pdp was voted out if office, Get this into your head there is so much rot left by Pdp and it will take some time to clean. Recession is normal , prolonged recession is what is bad, you pdp guys should go and learn the art of opposition politics because from what you have been doing so far one can see you clearly don't know what role is expected of you as opposition, what is your solution to the problem? |
Re: Nigeria's Economy Could Slip Into Recession- CBN by lincolnj88: 6:25am On Sep 23, 2015 |
Just in 3 months just watch out as fools will start blaming gej instead of d illiter...ate 1 Like 1 Share |
Re: Nigeria's Economy Could Slip Into Recession- CBN by Nobody: 6:28am On Sep 23, 2015 |
stanech: 4 trillion lost by who? Stock market? But nobody remembered to tell us when they were making trillions in days and pocketing all, so we should now pity them cos they lost? That is the type of business they decide to engage in and they know the risks |
Re: Nigeria's Economy Could Slip Into Recession- CBN by Armaggedon: 6:28am On Sep 23, 2015 |
Phear not my feful, let as pite kwaraption pirst 1 Like |
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