Business
IMF projects Nigeria’s economy to recover by 2022


The International Monetary Fund says Nigeria’s economy is expected to start recovering next year but it can only reach its pre-pandemic level in 2022.
This is the outcome of a virtual mission conduced by an IMF staff team led by Jesmin Rahman in the context of the 2020 Article IV Consultation with Nigeria.
The survey was done between October 30 and November 17, 2020, according to the IMF.
The fund, however, said the team concluded that under current policies, the outlook in Nigeria was, however, challenging.
The IMF said, “Real GDP (Gross Domestic Product) is projected to contract by 3¼ per cent in 2020. The recovery is projected to start in 2021, with subdued growth of 1½ per cent and output recovering to its pre-pandemic level only in 2022.
“Despite an expected easing of food prices, inflation is projected to remain in double-digits and above the Central Bank of Nigeria’s target range, absent monetary policy reforms.”
The IMF stated that fiscal deficits were projected to remain elevated in the medium term, following a significant decline in revenue collections from levels that were already among the lowest in the world.
It said there were significant downside risks to this near-term outlook arising from the uncertain course of the pandemic both globally and in Nigeria.
The IMF said the COVID-19 global pandemic was exacting a heavy toll on the Nigerian economy, which was already experiencing falling per capita income and double-digit inflation, with limited buffers and structural bottlenecks.
It said, “Low oil prices and sharp capital outflows have significantly increased balance of payments pressures and, together with the pandemic-related lockdown, have led to a large output contraction and increased unemployment.
“Supply shortages have pushed up headline inflation to a 30-month high.”
It said real GDP was contracting; inflation was increasing, and external vulnerabilities remained large.
The fund stressed that major policy adjustments embracing broad market reforms were needed.
Railway
Lagos-Ibadan rail to get three more trains as NRC opens two new stations


Lagos-Ibadan rail to get four more trains as NRC opens two new stations
The Nigerian Railway Corporation will soon increase the daily train trips on the Lagos-Ibadan standard gauge rail line from two to six.
Railway District Manager (RDM) for Lagos, Augustine Arisa, an engineer, disclosed this in an interview with some select journalists including NewsTrends reporter.
He said four more trains, two each from Lagos and Ibadan, would be added as soon as ongoing work on the telecommunication facility was completed. The facility will ensure smooth communication and between the train driver and the control tower.
Arisa spoke just as the corporation has opened for operation two recently completed train stations along the route, Ijoko and Papalanto.
The RDM said, “We currently run two return trips on Lagos-Ibadan standard gauge line. I want to run six trains daily when the telecommunication facility is fully ready.
“I also want to move more containers from the port. This will no doubt positively affect the prices of goods in the market.
“It’s a lot of trailers that will be taken off the road. In the long run, it makes the products being carried cheaper for the final consumers/ buyers
“The double issue of accumulated demurrage and port congestion will also be solved with the evacuation of cargoes by rail. It saves the importer the cost of demurrage and ultimately makes the goods cheaper.”
He also spoke on the measure being taken to reduce the cost of moving containerised goods from Apapa port, Lagos, to Ibadan, Oyo State, following complaints by importers and customs agents.
Already, he said the Managing Director of the NRC, Fidet Okhiria, (an engineer), had set up a committee to review the container haulage rate in order to make it competitive and attractive to more people.
He said, “When the issue came to us, the MD immediately called a meeting and set up a committee to review the situation.
“All over the world, people complain of double handling.”
“On the complaint, we are expecting the report of the committee for a possible downward review of the freight rate,” Arisa added.
Meanwhile, the corporation has officially inaugurated the Ijoko and Papalanto train stations.
The report of the opening was obtained by NewsTrends from the NRC website on Tuesday.
This is therefore good news for people hoping to board or drop the train at these stations.
Before now, the train only stopped at Agege, Abeokuta and Omi Adio after taking off from Mobolaji Johnson Station in Lagos or Obafemi Awolowo Station in Ibadan.
Auto
Excitement as Jetour Steals the Show at Abuja Motor Fair


Excitement as Jetour Steals the Show at Abuja Motor Fair
Jetour, the new kid on the block in the Nigerian auto market, is currently making waves in its debut at the ongoing Abuja Motor Fair.
Jetour’s beautifully decorated pavillion and its array of new vehicles
were one of the major attractions at the auto event holding at the International Conference Centre, Abuja.
Most visitors to the fair since Monday December 4, 2023 when the fair arena was open, were held spellbound by the aesthetics and unique designs of all the new Jetour models on display.
On parade within the brand’s enclosed stand are X70 Liberty, X-70 Plus Elegance, X-90 Cruise, and Dashing, all sport utility vehicles.
Members of the National Assembly are expected to have a full view of the Jetour dashing beauty on wheels at the assembly complex in Abuja next week where the brand of vehicles will be showcased.
After the official opening ceremony of the Abuja Auto Fair on Tuesday, the special guests including a representative of the Director General of the NADDC Joseph Osanipin had the opportunity to visit each vehicle’s stand at the fair.
The NADDC DG representative could not resist the urge to feel one of the Jetour models X70 Plus Elegance as he stepped into the driver’s seat.
He marvelled at the dazzling dashboard and other features of the resplendent interior.
Obviously impressed by what he saw inside and outside the vehicle, he said, “This is beautiful.”
All the models boasting advanced technologies, comfort and creative designs have kept people at the auto show amazed, especially going by their affordable prices.
Jetour, one of China’s most revered auto brands and launched by Chery Holding Group in 2018, has scored many firsts in China where competition is really high in the auto sector.
According to Jetour’s representative in Nigeria, Jetour Mobility Services, “Jetour Automobile is a new brand launched by Chery Holdings in response to the market trend and consumer demand.
Jetour says its focus is to be a leader in mobility as well as provide reasonable travel solutions for individuals and families.
It has set a goal of providing an excellent vehicles that demonstrate individuality for today’s young people.
Business
Stakeholders seek Islamic financing for primary healthcare


Stakeholders seek Islamic financing for primary healthcare
Finance and healthcare experts have called for the utilisation of Islamic financing as an alternative funding source for primary healthcare in Nigeria.
They made the call yesterday in Abuja during a one-day international summit organised by the Africa Islamic Economic Foundation and the Duke Logistics and Consult Limited with the support of the Development Research and Projects Centre (dRPC).
The summit brought together, participants from the Islamic Development Bank, academics, the business community and technology firms on telemedicine, among others.
It was themed ‘Harnessing Innovative Sources of Financing Primary Healthcare Infrastructural Development in Nigeria.’
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A former Kano State governor, Senator Ibrahim Shekarau, who chaired the summit, said that investing in digital health technology through the instrument of Islamic financing would not only bridge the gaps in healthcare delivery in Nigeria but also improve access, reduce geographical barriers, and enhance the quality of healthcare services.
He said it would also seamlessly provide specialised healthcare for Nigerians regardless of their social status.
Dr Stanley Ukpai said there was a need for Nigeria to review its dependence on budget as the only source of healthcare financing.
He called on stakeholders at the summit to find alternative funding sources to diversify the domestic funding sources for health.
The president of the African Islamic Economic Foundation, Malam Baba Yunus Muhammad, said accessibility to quality primary healthcare remained a significant hurdle, especially in remote areas, adding that digital technology and Islamic finance could play a pivotal role in revolutionising healthcare infrastructural development.
Stakeholders seek Islamic financing for primary healthcare
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