Tag: RECESSION
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Nigerians, others worry as UK economy falls into recession
Nigerians, others worry as UK economy falls into recession There is palpable fear among Nigerians heading for London among other people as the United Kingdom’s economy has fallen into recession. The was reported as the Gross domestic product (GDP) – a key measure of economic activity – dropped by 0.3 per cent between October…
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UK faces ‘recession risks’ as interest rates bite
UK faces ‘recession risks’ as interest rates bite The UK economy is on course to shrink in the three months to the end of September and could tip into recession, a closely-watched survey suggests. The S&P Global/CIPS UK purchasing managers’ index found rising interest rates and weaker household spending contributed to a sharp drop in…
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Naira may exchange for N1,000, rep warns of recession
Naira may exchange for N1,000, rep warns of recession The naira on Wednesday, July 26, closed at N740.08 per dollar at the investors and exporters (I&E) window. But it was N860-N865 per dollar in Lagos on the parallel/black market. This came as a member of the House of Representatives, Beni Lar, representing Langtang North/Lantang South…
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Recession looming over naira scarcity, state governors warn
Governors of the 36 states in Nigeria have warned of a possible recession arising from the devastating effects of the current scarcity of naira notes to the small-scale businesses and by extension the nation’s economy. They therefore asked President Muhammadu Buhari and the Central Bank of Nigeria (CBN) to listen to the voice of reason…
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UK economy narrowly avoids recession
The UK has narrowly avoided falling into recession, new figures show, after the economy saw zero growth between October and December. The economy had shrunk by 0.3% between July and September. A recession is typically defined as when the economy shrinks for two consecutive three-month periods. This usually means it is performing badly and companies…
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Fresh global recession looms this year, IMF warns
At least one-third of the global economies will face recession this year, Managing Director of International Monetary Fund (IMF), Kristalina Georgieva, has alerted. She gave the warning on Sunday during an interview with CBS, an American broadcast television and radio network. She said economic activities in the United States, the European Union, and China were…
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Nigeria May Slip Into Recession as Budget Deficit Hits N30.58trn In Seven Years
The budget deficit has risen to at least N30.58tn in the last seven years. This is according to data from budget implementation reports for the third and fourth quarters of 2015; the four quarters of 2016, 2017, 2018, 2019, 2020; the first three quarters of 2021; and the first four months of 2022. According to…
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Agric, fiscal policy led us out of recession – Finance minister
The Minister of Finance, Budget, and National Planning, Hajiya Zainab Ahmed, has said a positive growth of over three per cent and fiscal policies of the current administration were largely responsible for quick exit of Nigeria out of recession. She said the nation’s exit from recession was a key indicator that the country was positioned…
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Nigeria’s economy exits recession with 0.11% Q4 growth
Nigeria has come out economic recession as it recorded 0.11 per cent growth in its Gross Domestic Product in the fourth quarter of 2020, The data released on Thursday by the National Bureau of Statistics revealed this. This is coming after two consecutive quarters of negative growth resulting in the recession. The latest NBS report…
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Manufacturing sector in six-month slow growth, says CBN report
The nation’s economy may have started a journey into another recession with the Central Bank of Nigeria’s latest report showing that the manufacturing sector has been in contraction for two consecutive quarters. Economists explain recession as a period of two consecutive quarters of negative gross domestic product, when reduced production and unemployment become pronounced. Specifically,…