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Cryptocurrency1 hour ago

Why Bitcoin might likely hit $100,000 soon

The 12-month BTC price forecast was more evenly distributed, though a majority of respondents see prices above $50,000.

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Business News2 hours ago

Banks earn N216 billion in E-banking income amidst threat from challenger banks

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Naira’s true worth,Naira gains on the dollar for the first time since March, Naira forwards hit record high as it crashes to N420/dollar in the parallel market, Naira hits N500 to $1 at the forward market, Naira hits N509 to the dollar at forwards market, demand for the U.S dollar climbs up, Naira hits $387.35 to $1 at currency spot market , Naira sells at N456, Nigeria’s Foreign Reserves drop by over $3 billion in Q1 2020, Investors and Exporters (I&E) window, Naira gains against the dollar, CBN close in on currency speculators Naira’s true worth,Naira gains on the dollar for the first time since March, Naira forwards hit record high as it crashes to N420/dollar in the parallel market, Naira hits N500 to $1 at the forward market, Naira hits N509 to the dollar at forwards market, demand for the U.S dollar climbs up, Naira hits $387.35 to $1 at currency spot market , Naira sells at N456, Nigeria’s Foreign Reserves drop by over $3 billion in Q1 2020, Investors and Exporters (I&E) window, Naira gains against the dollar, CBN close in on currency speculators
Currencies2 hours ago

Naira gains at black market as external reserves increases by $620 million in 2 weeks

The opening indicative rate closed at N410.88 to a dollar on Monday.

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Hospitality & Travel3 hours ago

How air passengers can save more

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Business News8 hours ago

COVID-19 Update in Nigeria

On the 12th of April 2021, 44 new confirmed cases and 1 death was recorded in Nigeria.

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Twitter to establish its first African presence in Ghana

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Hospitality & Travel16 hours ago

Covid-19 protocol: FAAN insists that arriving passengers can only be picked up at car parks

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With rising bond yields and foreign reserves, will the CBN finally tackle inflation?

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Economy & Politics

Global economy to grow to 5.2% in 2021 – Cordros Capital

Sub-Saharan Africa’s (SSA) economy is expected to achieve a year-on-year growth of 3.1% by the end of 2021, from -3.0% recorded in 2020.

Published

on

22nd Century portfolio, Weekly update of the Global Market ending 13th March 2020, Nigeria’s Banking stocks hit by asteroids, Index down 0.39%

The global economy is expected to rebound to 5.2% in 2021 as against 4.4% in 2020, according to the presentations by Cordros Capital at its e-press conference titled “Positioning in the New Normal”.

According to Cordros Capital, this feat can only be achieved on the strength of sustained supportive monetary policies, varying degrees of fiscal stimulus, and availability and adoption of virus vaccines in several countries in the world.

READ: Nigeria’s economy to grow by 1.1% in 2021 – World Bank

Key highlights and projections for 2021

  • The advanced economies with a year-on-year growth of 3.9% are expected to get further strengthened in 2021.
  • The US and the Euro area will grow year-on-year by 3.1% (2020: -4.3%) and 5.2% (2020:-8.3%) respectively, as the countries implement robust fiscal and monetary stimulus packages that would galvanize the economy and hasten the recovery process.
  • The emerging and developing economies will print a year-on-year growth of 6.0% predicated on the growth prospects in China’s economy.
  • Sub-Saharan Africa’s (SSA) economy is expected to achieve a year-on-year growth of 3.1% by the end of 2021, from -3.0% recorded in 2020.
  • In 2021, the SSA regional heavyweights like Nigeria and South Africa would grow year-on-year growth rates of 1.7% (-3.4%: 2020) and 3.0% (-8.0%: 2020) respectively, albeit below their potentials.
  • Ghana’s economy will be strengthened in 2021 as it grows year-on-year by 4.2% as against 0.9% in 2020.
  • Angola will record its first growth in two years, though at year-on-year of 3.2% in 2021, from -4.0% recorded in 2020, -0.9% in 2019.
  • The growth for economies that are largely dependent on commodity exports and tourism would be challenged and might face weaker recovery.

READ: China to overtake United States as the world’s biggest economy in 2028

What this means

The global economic growth means an increase in real GDP – an increase in the value of national output, income and expenditure.

Essentially the benefit of economic growth is higher living standards – higher real incomes and the ability to devote more resources to areas like health care, education, infrastructural developments, etc.

READ: Italy court to give verdict on Nigerian oil field corruption case by March 2021

Hotflex
Sigma Pensions

Johnson is a risk management professional and banker with unbridled passion for research and writing. He graduated top of the class with B.sc Statistics from the University of Nigeria and an MBA degree with specialization in Finance from Ambrose Alli University Ekpoma, with fellowships from the Association of Enterprise Risk management Professionals(FERP) and Institute of Credit and Collections management of Nigeria (FICCM). He is currently pursuing his PhD in Risk management in one of the top-rated universities in the UK.

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    Economy & Politics

    Insecurity: FG to implement town hall meetings to reach a national consensus

    The meetings are set to address the twin issues of insecurity and its concomitant effect on national unity and cohesion.

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    on

    Insecurity: FG to implement town hall meetings to reach a national consensus

    The Federal Government announced the launch of town hall meetings to address the twin issues of insecurity and its concomitant effect on national unity and cohesion.

    This was disclosed by the Minister of Information, Lai Mohammed, at the Town Hall Meeting in Kaduna on Thursday, themed “Setting Benchmarks for Enhanced Security and National Unity in Nigeria.”

    What the Minister is saying

    “The correct starting point towards addressing these myriads of problems is the building of an “elite consensus” on the security, unity, indissolubility, and peaceful existence of Nigeria.

    “Such elite consensus had worked in the past. Can we make it work now and proffer solutions in order to stave off the threats to our unity as a nation?” he said.

    The Minister disclosed that the meetings are necessary to bring all critical stakeholders together to deliberate on the issues and possibly reach a consensus on the way forward.

    “We expect this Town Hall meeting to develop concrete, implementable resolutions because a lot of talks and postulations had taken place with little or no requisite outcome.”

    In case you missed it 

    • Former Vice President, Atiku Abubakar warned that the rising insecurity in Nigeria is a result of rising youth unemployment. He urged Nigeria to tackle out-of-school children cases, pay a monthly stipend to poorer families, incorporate youths who are above school age into massive public works programmes and others.
    • Senator Ali Ndume insisted that the Federal Government needs to increase its total military spending to be able to tackle the rising insecurity in Nigeria which has seen a number of school students in 2021 kidnapped by bandits.

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    Business

    IMF lifts 2021 global GDP growth to 6%

    The group also warned that economic recoveries are diverging dangerously across and within countries.

    Published

    on

    Kristalina Georgieva, IMF boss hints at 'synchronized slowdown' in global growth , IMF: 40% of African countries can't pay back their debts , Nigeria worse off, posts grows lower than LIDC benchmark - IMF, Measures introduced by Nigeria to ensure transparent use of the $3.4b IMF loan

    The International Monetary Fund has lifted its global growth outlook to 6% in 2021 (0.5% point upgrade) and 4.4% in 2022 (0.2 percentage point upgrade), after an estimated historic contraction of -3.3% in 2020 due to the effects of the COVID-19 pandemic. This disclosure was made on the organisation’s website on Tuesday.

    The group also warned that economic recoveries are diverging dangerously across and within countries, as economies with slower vaccine rollout, more limited policy support, and more reliance on tourism do less well.

    READ: Corruption erodes the constituency for aid programmes and humanitarian relief – IMF

    What the IMF is saying

    “The upgrades in global growth for 2021 and 2022 are mainly due to upgrades for advanced economies, particularly to a sizeable upgrade for the United States (1.3 percentage points) that is expected to grow at 6.4 percent this year.

    This makes the United States the only large economy projected to surpass the level of GDP it was forecast to have in 2022 in the absence of this pandemic.

    China is projected to grow this year at 8.4 percent. While China’s economy had already returned to pre-pandemic GDP in 2020, many other countries are not expected to do so until 2023.”

    READ: Nigeria needs structural and monetary policy reforms to unlock potential – IMF

    On divergent recoveries 

    The IMF stated that divergent recovery paths are likely to create wider gaps in living standards across countries compared to pre-pandemic expectations.

    Sigma Pensions

    “The average annual loss in per capita GDP over 2020–24, relative to pre-pandemic forecasts, is projected to be 5.7 percent in low-income countries and 4.7 percent in emerging markets, while in advanced economies the losses are expected to be smaller at 2.3 percent,” they said.

    “Faster progress with vaccinations can uplift the forecast, while a more prolonged pandemic with virus variants that evade vaccines can lead to a sharp downgrade. Multispeed recoveries could pose financial risks if interest rates in the United States rise further in unexpected ways.

    For Africa, IMF forecasts economic growth of 3.4% in 2021 and 4% by 2022, Nigeria is expected to grow by 2.5% in 2021 and 2.3% by 2022, while South Africa is projected to hit growths of 3.1% and 2.0% for the respective years in focus.

    READ: The 4th industrial revolution and the birth of a new international monetary system

    In case you missed it 

    The International Monetary Fund (IMF)  identified some factors that hamper the economic recovery of low-income countries from the devastating impact of the coronavirus pandemic, factors including access to vaccines, limited policy space to respond to the crisis, the lack of means for extra spending, pre-existing vulnerabilities such as high levels of public debt in many low-income countries and sometimes weak, negative, total factor productivity performance in some low-income countries. These factors continue to act as a drag on growth.

    Stanbic 728 x 90

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