Business
IMF PREDICTS NIGERIA’S ECONOMY WILL CONTRAST BY 4.3%

The International Monetary Fund (IMF) has revised its 2020 gross domestic growth projections for the Nigerian economy.
In its October World Economic Outlook report released in Washington on Tuesday, the IMF projected that Nigeria’s economy would contract by 4.3 per cent in 2020 in real terms.
This is a 1.1 per cent improvement from the 5.4 per cent that was projected in June and deeper than the 3.4 per cent projected in April.
The Washington-based institution projected that the economy would recover in 2021 by 1.7 per cent.
Gita Gopinath (pictured), IMF chief economist and director of the research department, said oil-exporting countries are battling the health and economic impact of the COVID-19 pandemic and the impact of low oil prices.
“They have been hit by the health crisis and they have been hit because they are oil exporters which had a collapse and more importantly, they just don’t have the resources that advanced economies have to deal with this crisis,” Gopinath said.
“Because we don’t have a financial crisis at this point, many emerging markets are able to borrow at record levels in foreign currency this year relative to previous years.”
The IMF chief economist said the foreign debts been acquired by emerging market economies will not be enough and advised that there is a need for continued international support.
This support, Gopinath explained, could be in terms of concessionary financing, aid and debt relief and restructuring.
“There are going to be developing and low-income economies that would need debt relief and, in some cases, restructuring of debt to make sure they have the space to do the spending that they need,” she said.
This contraction will be the worst recession in 37 years, and the second recession in five years, following closely after a negative economic growth of 1.58 per cent in 2016.
Railway
NRC, APM Terminals seal Lagos-Ibadan cargo movement pact

NRC, APM Terminals seal Lagos-Ibadan cargo movement pact
The Nigerian Railway Corporation has concluded arrangement with the management of APM Terminals to commence the expansion of cargo movement from Apapa port, Lagos, to the NRC freight yard in Moniya, Ibadan, Oyo State.
This was disclosed after a meeting between the Managing Director of the NRC, Dr. Kayode Opeifa, and the APM Terminals team led by its CEO, Mr Frederik Klinke,
NRC Director of Operation, Mr Akin Osinowo, and CCO APM Terminals Nigeria, Mrs Caroline Aubert-Adewuyi, also attended the meeting.
Klinke highlighted the strategic advantage of Nigeria being surrounded by a number of landlocked neighbouring countries, creating an opportunity to serve as a hub for importation of containerized goods.
APMT assured NRC of greater efficiency in turnaround of cargo at the port and expansion of the use of rail for cargo evacuation and export through APM Terminals.
He reiterated APMT’s position as the foremost transporter of container freight in the country and a major partner to the NRC.
The MD of NRC expressed appreciation for APM Terminal’s close partnership with NRC for decades.
He stated that the collaboration would be of tremendous benefit to both parties.
“We are going to work for the satisfaction of not only the APMT but all customers who intend to do business with Railways.”
The MD said like he reiterated in his maiden speech at the assumption of office, “prioritizing customers’ satisfaction by improving customer experience and ensuring that our services are reliable, efficient, safe and sustainable” remain cardinal to him.
He added that all key stakeholders including the media, would be deployed extensively to encourage people towards greater use of the rail system.
This, he stressed, would invariably translate into drastically reducing the cost of goods and services.
It would also increase the Gross Domestic Product (GDP) by providing food security, which is in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu, he stated.
Railway
Railway workers unions pledge to work with new MD Opeifa

Railway workers unions pledge to work with new MD Opeifa
The two labour unions at the Nigerian Railway Corporation (NRC) say they are prepared to work with the new Managing Director of the corporation, Dr Kayode Opeifa, to achieve the mandate of President Bola Tinubu for the rail sector.
Leaders of the Nigeria Union of Railway workers (NUR) and Senior Staff Association (SSA) met with the NRC management in Lagos.
Opeifa, who disclosed this to newsmen on Wednesday, said the labour leaders passed the resolution after the meeting with the management on Monday, where all their grievances were tabled for discussion.
The MD described the maiden meeting with the workers’ leaders as “productive with mutual understanding of all issues raised”.
He stated that while some matters raised by the unions were assigned for further discussion at directorate level, others such as the medical personnel allowance, were instantly resolved.
He said, “The unions have reaffirmed their commitment to collaborate with the management and provide all necessary support to ensure that train services operate at maximum efficiency, contributing to the growth of rail services in Nigeria as well as reducing the prices of goods and services to achieve Mr. President’s mandate.”
Opeifa expressed happiness at the outcome, adding that with the workforce behind him, he could now begin to work at optimizing railway operations in the country.
He said the management was committed to the welfare of the workers and ensuring that their work as well as living conditions would be adequately catered for under his leadership.
The labour unions had during Opeifa’s resumption indicated their willingness to drop their agitation in deference to the new managing director who they described as a member of the human rights family.
National President of the NUR, Innocent Aji, lauded Opeifa for his frankness.
He appreciated the MD’s willingness to listen attentively to their grievances, adding that the union would hold tenaciously to the promises extracted from him during the meeting.
Corroborating the NUR president, his counterpart at the Senior Staff Association, Marcel Okeke, said their decision to rein in the workers was informed by the human rights pedigree of the new managing director, and his openness during the meeting.
According to Okeke, the union leaders were enamoured by the fact that the managing director was once a comrade, adding that they had no doubt that under him, railway workers would enjoy a new deal and a new lease of life.
They reached the truce just as Opeifa assured them that under him, the NRC management would continue to foster greater collaboration with the unions for the purpose of promoting industrial harmony.
Business
Naira sustains gains, appreciates to N1,595/$

Naira sustains gains, appreciates to N1,595/$
The Naira yesterday appreciated to N1,595 per dollar in the parallel market from N1,610 per dollar on Monday.
Thus the Naira has recorded N45 week-on-week, WoW appreciation from N1,640 per dollar Tuesday last week.
Though the Naira was stable at N1,499 per dollar in the official Nigerian Foreign Exchange Market (NFEM), yesterday, it however recorded N27.3 WoW appreciation from N1,526.3 per dollar last Tuesday.
Consequently, the margin between the parallel market and NFEM rate narrowed to N96 per dollar from N113.7 per dollar Tuesday last week.
The Naira has been on the upward trend since Thursday January 23rd, when it appreciated to N1,665 per dollar in the parallel market from N1,670 per dollar on Wednesday January 22nd.
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Similarly, the Naira in the official market appreciated on Thursday January 23rd, to N1,548 per dollar from N1,553 per dollar on Wednesday January 22nd.
Since then, the Naira had gained N75 and N54 in the parallel and official market respectively.
Currency traders attributed the upward trend of the Naira to weak dollar demand occasioned by the Chinese New Year holiday.
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