Nigeria’s economy may relapse to recession – CBN

The Monetary Policy Committee of the Central Bank of Nigeria has admonished the government to faithfully commence implementation of 2018 budget to avert the danger of economy sliding back to recession. CBN governor, Godwin Emefiele confirmed the committee position to the media Tuesday just as the committee left the Monetary Policy Rate unchanged at 14 per cent. The CBN Governor, Mr. Godwin Emefiele, announced the decision of the committee at the end of a two-day meeting held at the apex bank’s headquarters in Abuja. Seven out of ten members of…

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Nigeria’s economy loses momentum in Q2 as oil sector contracts

Nigeria’s economic growth dipped to 1.50 percent year on year between April and June, the statistics office said on Monday, extending a slowdown into a second quarter as the oil sector contracted. Largely dependent on its rich crude reserves, Nigeria’s economy began climbing out of its first recession in 25 years in 2016 as President Muhammadu Buhari’s government implemented the early stages of a turnaround plan. But the pace of recovery has been relatively slow, and since the beginning of this year has again started to dip. The oil sector…

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