Nigeria’s economic situation is at its worse and has affected the lives of the populace negatively. Many Nigerians have become jobless, prices of goods and services are going up daily while the income remains stagnant.
The economy of the nation has been adversely affected by external shocks, especially the fall in the global price of crude oil. When oil prices fell from more than $100 a barrel to about $40, the naira lost more than a third of its value against the dollar and is still falling. Figures released by the national Bureau of Statistics (NBS) in August confirmed that the Nigerian economy was officially in recession. Aliko Dangote, Africa’s richest man, earlier said Nigeria needs $15 billion from asset sales and borrowing to revive the economy and boost foreign reserves. President Muhammadu Buhari’s government is trying hard to revive the slumping economy. Also, development partners have continued to explore additional ways of improving the situation. Nigeria has gotten some major boosters as Buhari struggles to steer the country back to the path of economic prosperity.
1. Nigeria gets $1bn loan from AfDB
President Buhari receives Dr Akinwunmi Adesina, the president of AfDB The African Development Bank (AfDB), headed by Akinwunmi Adesina, former Minister of Agriculture, has approved the sum of $1 billion as loan to the Nigerian government. The loan would help meet the deficits in Nigeria’s 2016 Budget, which is believed to be partly responsible for the country’s economic crisis. There is belief that the loan provided at 1.2 percent interest rate would help to meet the current challenges before the government. According to the Adesina, who is AfDB President, Nigeria is the largest shareholder of the bank and the bank wants to offer its strong support to the country as it faces tough time.
2. Japanese government donates solar power worth $9.7m to Nigeria
To enhance Nigeria’s socio-economic development, the Japanese government donated solar power worth $9.7 million to the federal government. The solar power donated through its agency, Japan International Cooperation Agency (JICA), is to boost electricity in the country. This was disclosed in Abuja by the ambassador of Japan to Nigeria, Sadanobu Kusaoke, on Tuesday, August 23, during the inauguration of the project. The Japanese ambassador stressed the need for stable power supply in Nigeria`s quest to diversify her economy. He added that was crucial to support industry and to improve economy and the lives of people.
3. Donors pledge $163 million for victims of Boko Haram
Over $160 million was pledged by international donors for life-saving support for millions of people in West Africa whose lives have been affected the activities of the dreaded Boko Haram sect. Major donors included Belgium, Italy, Britain and the United States. Boko Haram attacks have left many dead and others homeless. The number of internally displaced persons is estimated at over 2 million. More than 6 million people are said to be in need of emergency food assistance.
4. FG gets $100m loan from India
Determined to improve access to electricity, the federal government has welcomed $100m credit facility from India to be injected into the Nigerian economy, especially the power sector. Receiving a delegation led by the Indian High Commissioner in Nigeria, B. Nagabhushana Reddy, Vice President Yemi Osinbajo said Nigeria was doing some expandable work in solar energy.
On his part, Reddy said India has a keen interest in expanding domestic agricultural production in Nigeria and also in making quality agricultural products for exportation.
5. Japanese government pledges to expend 40 billion dollars to boost the African economies in the next four years
President Buhari was at the sixth meeting of the Tokyo International Conference on African Development (TICAD VI). He had an important meeting with Prime Minister Abe, where they talked about the problems militating against the inflow of Japanese investment into Nigeria. The president also met a number of big Japanese enterprises who expressed their intention of either coming in newly or expanding their participation in Nigeria’s private sector.
6. FG to raise $1 billion in Eurobond market to boost economy
The government is making plans to get the nation out of recession. Part of the plan is to raise $1 billion on the Eurobond market by mid-December. Also the government will be seeking loans from the World Bank, the African Development Bank, China Exim Bank and the Japan International Cooperation Agency.
The economy of the nation has been adversely affected by external shocks, especially the fall in the global price of crude oil. When oil prices fell from more than $100 a barrel to about $40, the naira lost more than a third of its value against the dollar and is still falling. Figures released by the national Bureau of Statistics (NBS) in August confirmed that the Nigerian economy was officially in recession. Aliko Dangote, Africa’s richest man, earlier said Nigeria needs $15 billion from asset sales and borrowing to revive the economy and boost foreign reserves. President Muhammadu Buhari’s government is trying hard to revive the slumping economy. Also, development partners have continued to explore additional ways of improving the situation. Nigeria has gotten some major boosters as Buhari struggles to steer the country back to the path of economic prosperity.
1. Nigeria gets $1bn loan from AfDB
2. Japanese government donates solar power worth $9.7m to Nigeria
3. Donors pledge $163 million for victims of Boko Haram
4. FG gets $100m loan from India
On his part, Reddy said India has a keen interest in expanding domestic agricultural production in Nigeria and also in making quality agricultural products for exportation.
5. Japanese government pledges to expend 40 billion dollars to boost the African economies in the next four years
6. FG to raise $1 billion in Eurobond market to boost economy
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