Nigeria’s monetary and fiscal policymakers face enormous challenges as the country stares a looming technical recession in the face just three years after the last downturn in 2017. The COVID-19 pandemic circumstances have combined with low Oil demand and prices to brew up a perfect storm. Buffeted by the strong headwinds, Nigeria’s second-quarter GDP shrank by 6.1 per cent, the biggest drop since 2004. Government revenues which rely on Oil sales shrank along with the demand for crude Oil. Besides that, low Oil prices may pressure foreign exchange earnings and reserves, as 90 per cent of Nigeria’s currency earnings stem…
Author: Lukman Otunuga
This week’s major risk event will be Thursday’s annual meeting at Wyoming where leaders from major central banks gather
Rising concerns surrounding the health of the global economy is another one of the engines that will help drive Gold prices
Global Oil prices looked tired, exhausted and ready for an early summer break during the second quarter of 2019
Oil markets are poised to remain highly sensitive and reactive to supply and demand side factors ahead of the OPEC meeting this month.
The week kicks off with the US ISM Manufacturing PMI for May which is projected to hit 53.0
Rising foreign reserves should provide the extra ammunition needed for the Central Bank of Nigeria (CBN) to defend the Naira
Nigeria sees fastest first-quarter growth since 2015, driven mainly by the non-oil sector
Dollar loses might, oil crumbles on surging US stockpiles and gold flickers back to life in this week’s ecponomic review.
With the latest economic metrics pointing to signs of stability, the outlook for the Nigerian economy remains encouraging.