ADVERTISEMENT
The Sun Nigeria
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
  • The Sun Foundation
No Result
View All Result
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
  • The Sun Foundation
No Result
View All Result
The Sun Nigeria
No Result
View All Result
ADVERTISEMENT
Home Business

Nigeria’s economy to contract by 8.9% as inflation hits 12.34% in April

22nd May 2020
in Business
0
Shelve the plan to hike VAT

Nigeria’s economy could shrink as much as 8.9 per cent in 2020 in a worse case scenario without stimulus, according to Finance Minister, Zainab Ahmed. 

Speaking after a virtual meeting of the  National Economic Council (NEC)  in Abuja, Thursday, Ahmed  said a deeper recession than forecast after oil prices plunged due to the coronavirus pandemic was likely in the months ahead.

She told the country’s top advisory body that the contraction could reach 4.4 per cent in a best case, without any fiscal measures.

Meanwhile Nigeria’s annual inflation rose for the eighth straight month in April, bolstered by higher food prices, according to figures released by the National Bureau of Statistics yesterday stressing that measures to curb the spread of the novel coronavirus hindered economic activities and increased costs.

Inflation, a measure of living costs, climbed to 12.34 per cent in April, its highest level in more than two years, from 12.26 percent the previous month, the National Bureau of Statistics said.

Food inflation, which accounts for the bulk of the inflation basket, rose at a much faster pace, to 15.03 per cent in April, compared with 14.98 per cent  in March.

NBS however attributed the rise in the food index to increases in the prices of potatoes, yams and other tubers, bread and cereals, fish, oils, fruits and vegetables. Food inflation has been in double digits for more than three years. Early this week, the Buhari administration said it would impose targeted lockdown measures in areas that report rapid increases in coronavirus cases, and that a phased reopening of the economy would go ahead more slowly than planned.

The measures have created bottlenecks for food and other deliveries, in a country where investment is needed in transport infrastructure.

So far, Nigeria has 6,677 confirmed coronavirus cases and about 200 deaths. The inflation data comes ahead of next week’s Monetary Policy Committee meeting of the CBN will weigh inflationary risks and a weaker currency against an economy projected to shrink this year due to the oil price crash caused by the pandemic.

The naira has hit a series of lows on the black market, widening the gap with the official and over-the-counter spot markets, especially after dollar sales were suspended due to a coronavirus lockdown in April and a 15 per cent devaluation in March.

Rapheal

Rapheal

Related Posts

Huawei partners 40 Nigerian varsities on digital inclusion
Business

11 Huawei sub-Saharan Africa offices named as top employers in global ranking 

27th January 2023
Cotton export cost alarming –NACOTAN
Business

Cotton export cost alarming –NACOTAN

27th January 2023
Bankers’ Committee threatens tough sanctions for saboteurs of new forex policy
Business

Cashless policy gains traction as CBN unveils domestic card payment 

27th January 2023
Next Post

International Day for biological diversity

History, COVID-19 and the future

Universities must embrace e-learning

Universities must embrace e-learning

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

Wike, Ikpeazu, others for ABSU convocation today

Okonkwo tasks FG on special funding for local airline operators

11 Huawei sub-Saharan Africa offices named as top employers in global ranking 

Cotton export cost alarming –NACOTAN

Cashless policy gains traction as CBN unveils domestic card payment 

AfDB plans $10bn investment to end hunger in Africa

Trending

Obi in Katsina, aborts meeting with IDPs over insecurity
Politics

Obi’s special technical adviser, Oziigbo, tells Atiku, Tinubu to step down 

27th January 2023
0

From David Onwuchekwa, Nnewi Special Adviser to Peter Obi on Technology and Strategic Alliances, Valentine Ozigbo, has...

Presidency: PFN gives directives to Nigerians on candidate, party to vote

… Coalition of political parties urges APC, LP, others to withdraw for Atiku

27th January 2023
Relying on prayer alone to tackle insecurity suicidal –Cleric

Insecurity has impoverished Esan communities in Edo –Egbiki

27th January 2023
Why PDP can’t fail to rescue Nigeria –Wike

Wike, Ikpeazu, others for ABSU convocation today

27th January 2023
FG to prosecute looters of Shoprite, MTN, others

Okonkwo tasks FG on special funding for local airline operators

27th January 2023
ADVERTISEMENT

Follow us on social media:

Latest News

  • Obi’s special technical adviser, Oziigbo, tells Atiku, Tinubu to step down 
  • … Coalition of political parties urges APC, LP, others to withdraw for Atiku
  • Insecurity has impoverished Esan communities in Edo –Egbiki
  • Wike, Ikpeazu, others for ABSU convocation today
  • Okonkwo tasks FG on special funding for local airline operators
  • 11 Huawei sub-Saharan Africa offices named as top employers in global ranking 
  • Cotton export cost alarming –NACOTAN
  • Cashless policy gains traction as CBN unveils domestic card payment 
  • AfDB plans $10bn investment to end hunger in Africa
  • Customs harps on nurturing next generation of officers to boost delivery
  • Nigerian elite self-centered –Buhari 
  • Military vows to deal with those plotting to scuttle polls, pledges neutrality 
  • The Sun Awards: Osoba is Chairman as R&B crooner, Chike, thrills audience tomorrow
  • Mafab Communication goes live with 5G network in Lagos
  • Lagos APC educates traders, artisans on electoral laws
  • No leader can create new Nigeria overnight – Obasanjo
  • Businesses, customers reject old notes as CBN’s Jan 31 deadline closes in
  • Reject politicians that’ll drag Nigeria back to corruption, Buhari warns
  • Protesters block Lagos-Benin road over fuel price hike, scarcity
  • Immigration produced more than 1.8m passports in 2022 –Aregbesola

Categories

  • Abuja Metro
  • Anambra Watch
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • Change of Name
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
  • The Sun Foundation

© 2019 The Sun Nigeria - Managed by Netsera.