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Nigerian CBN to Focus on Developing Africa
3 October 2022 – At the just-concluded 77th Session of the United Nations General Assembly (UNGA) in New York, the African Development Bank conducted a number of productive activities around its strategic priorities.
One of the highlights of the meeting was an urgent call for increased funding to mitigate the effects of climate change and food insecurity.
African Development Bank Group President Dr. Akinwumi Adesina led a World Bank delegation to the meeting and participated actively in discussions leading to an international declaration to end malnutrition and stunting.
The latest edition of the NDU states that inflation in Nigeria, which was already one of the highest in the world before the Ukraine war, is likely to continue to rise due to the war-induced surge in global fuel and food prices. This could push another 1 million Nigerians into poverty by the end of 2022, up from 6 million this year due to rising prices, especially food.
The report also noted that Nigeria will face fiscal pressure this year as oil production continues to decline and gasoline subsidies soar, adding to inflationary pressures.
The Nigerian economy registered positive growth in the second quarter of 2017 (0.6% year-on-year) after contracting for five consecutive quarters, and is expected to grow by 1% in 2017, depending on a continued recovery in oil production. Although the negative impact of lower oil revenues has diminished as foreign exchange has become more available, macroeconomic imbalances remain and severe revenue shortfalls continue to hinder budget execution
Nigeria experienced its first recession in more than 20 years in 2016, when the economy contracted by 1.6% as negative oil prices and a shock to oil production hit the non-oil sector. Oil GDP contracted by 14.4% and non-oil GDP by 0.2%. Oil exports plunged by 25% (in US dollars) in 2016; however, imports contracted more rapidly (33%) due to foreign exchange restrictions, resulting in a positive current account balance (0.7% of GDP) in 2016.
18 October 2022 – Commitments to climate finance by major multilateral development banks (MDBs) surged in 2021, pledging more than $19 billion to finance adaptation to climate change, according to a joint climate finance report released by the multilateral development banks on Friday.
