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IMF Reveals Why Many Investors ‘Scared’ To Invest In Nigeria

A large number of investors who have shown keen interest in Nigeria's capital market are scared to put their money in its economy, the International Monetary Fund (IMF) has revealed. Miriam Tamene, IMF's Senior Financial Sector Expert, Debt and Capital Market Instruments Division, Monetary and Capital Markets Department, revealed this on Wednesday. Tamane, who led a team of IMF officials to the Securities and Exchange Commission (SEC) in Abuja, said quite a number of investors are interested in the country's securities…

FG Signs Agreement On Construction Of Lagos-Abidjan Highway

Babatunde Fashola, minister of power, works and housing, says the federal government has signed financial agreement for the execution of Lagos-Abidjan highway. NAN reports that Olusegun Ogunkayode, senior information officer in the ministry, disclosed this in a statement in Abuja on Wednesday. According to the statement, Fashola made this known at the ninth steering committee and experts meeting of the Lagos-Abidjan Corridor Highway Development Programme. The minister said the signing of the financial agreement was…

IMF Says Buhari’s ‘Policy Uncertainty’ Restraining Nigeria’s Growth

The International Monetary Fund (IMF) has blamed “ongoing policy uncertainty” witnessed under the current administration for lack of economic growth in the country. This was contained in the latest report of the Sub-Saharan African Economic Outlook released by the Bretton Woods Institution on Monday. The report indicated that, “The board-based slowdown in sub-Saharan Africa is easing but the underlying situation remains difficult. “Growth is expected to pick up from 1.4% in 2016 to 2.6% in 2017 reflecting one-off…

Adeosun Woos Investors, Says Nigeria’s Debt To GDP Ratio One Of The Lowest Worldwide

Nigeria’s minister of Finance, Kemi Adeosun, says Nigeria needs to “tolerate more debt” in other to deliver on infrastructure development and create jobs. Adeosun said this on Sunday at a joint press conference with Godwin Emefiele, governor of the Central Bank of Nigeria, on the sidelines of the 2017 World Bank/IMF Annual meeting in Washington DC. According to her, Nigeria’s debt to GDP is ratio one of the lowest in the world, hence the need for the Muhammadu Buhari-led administration to borrow more without…

World Bank, IMF Call For Increased Investment Against The Future

The development committee of the World Bank/IMF Annual Meetings 2017 has announced an improved global growth over the past year. The committee said this in a communiqué at the close of the institutions' annual meetings which held in Washington DC. The committee said there was a recovery in investment, trade, and commodity prices amid supportive global financial conditions in the past year. The ministerial-level forum of the institutions noted that "downside risks remain, and prospects for growth vary widely…

Emefiele Bags Forbes Best Of Africa Innovative Banking Award

Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), has been conferred with the 2017 Forbes Best of Africa Innovative Banking Award by the Forbes Magazine. The CBN governor was presented with the award by the President of Forbes Customs Emerging Markets, Mark Furlong, on Thursday, on the sidelines of the Annual Meetings of the World Bank and the International Monetary Fund (IMF), in Washington DC. Furlong said the award was in recognition of Emefiele’s courage and determination in using monetary policy to…

Buhari Told Us To Concentrate Projects In The North – World Bank President

In a telling revelation, President of the World Bank Group, Jim Yong Kim, has said Nigeria’s President Muhammadu Buhari asked the bank to concentrate development projects on the northern region of the country. Kim at press conference in Washington DC, United States on the sidelines of the World Bank Annual meeting, also advised Buhari to invest in things that would enhance economic growth. “You know, in my very first meeting with President Buhari he said specifically that he would like us to shift our focus to the…

President Kim Calls For More Investment As IMF Annual Meeting Begins

Jim Yong Kim, President of the International Monetary Fund, IMF, has called on countries to invest more, in a bid to sustain the “fragile recovery” experienced around the world, Kim made the disclosure in his opening remarks at the 2017 World Bank Group-IMF Annual Meetings, which is slated for 13-15 October, at the IMF headquarters in Washington D.C, United States. The meeting will bring together finance ministers and central bank heads from its over 189-member nations. The IMF president, who admitted that the…

Nigeria’s Economy Will Grow Faster Than South Africa’s In 2017 – IMF

The International Monetary Fund (IMF) has projected that Nigeria’s economy will grow in a faster pace than that of South Africa in 2017. Maurice Obstfeld, IMF’s chief economist, who made the disclosure, said rising political uncertainty has reduced consumer and business confidence in South Africa. Obstfeld was speaking at the unveiling of the World Economic Outlook report at the organisation’s headquarters in Washington, on Tuesday. The Fund had in July said South Africa’s economy will grow by 1% in 2017 while…