FG position that Nigeria will exit recession in 2021 Q1 is attainable.
Mrs Zainab Ahmed the Minister for Finance, Budget and National Planning said this on Monday at the ongoing 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, and National Planning.
Ahmed said the country would emerge from the recession in the fourth quarter of this year or by the first quarter of 2021.
Also, the National Assembly through it Legislatives functions is committed to Women, Youth involvement in Governance. In view of this; A Bill for an act to reserved 30% appointment for youth in the State and Federal is on course.
The Deputy Senate President, HE Senator Ovie Omo-Agege who clearly understands the distinct role of the youths in nation building recently sponsored A Bill For An Act to alter the provisions of the Constitution of the Federal Republic of Nigeria, 1999 to specify the minimum number of youths and women appointed as Ministers, Ambassadors and State Commissioners”
This was disclosed in a Phone-in Program by Mr Frank Dikirie Aide to The Deputy President of the Senate who represented the All Progressive Congresss, APC on Saturday 28th November at 94.7 Crown FM, Asaba, Delta State.
at a discoursed title ” THE SECOND IN FOUR YEARS RECESSION AND 2021 Q1 RECOVERY” The Programme was anchored by seasoned Presenter, Miss Doreen Ibianokor and was Organised by Crown FM.
The Program featured Dr (Barrister) Fred Oghenesive Lartimore, the Executive Assistance on Communication to Gov Okowa of Delta who represented the People Democractic Party, PDP.
According to Dikire, the efforts of the Peoples Democratic Party, PDP to run down the economy recovery road map of the Federal Government is maliciously skewed and can’t hold water.
Mr Femi Adesina, President Buhari’s Aide in an article on the 25th of November 2020 reeled out a compendium of laudable initiatives put in place by the government for Nigerian youths to reposition and empower them:
–75 billion Naira Nigeria Youth Investment Fund (NYIF).
– $20 million Fund for Nigerian Tech Innovators and Entrepreneurs, managed by BOI.
– National Young Farmers Scheme:
-The Accelerated Agricultural Development Scheme (AADS) by the CBN aims to engage a minimum of 370,000 youths in agricultural production across the country.
-Creative Industries Financing Initiative (CIFI): An initiative of the CBN in collaboration with the Bankers’ Committee. to provide single-digit financing for the creative sector, as part of efforts to boost job creation in Nigeria. The initiative has four pillars, namely: i. Fashion ii. Information Technology iii. Movie iv. Music.
– DEEL – D – Digital Skills E – Entrepreneurship E – Employability L – Leadership.
– Presidential Youth Empowerment Scheme (P-YES).
– Annual National MSME Awards.
Implementation may be a bit slow but definitely some progress have been recorded. Nigerians are therefore enjoined to key into the various progams of the APC-led FG to alleviate the effects of COVID-19 and the recession.
Nigeria’s GDP dropped by 3.62 per cent in Q3 and 6.10 per cent in Q2, as reported by National Bureau of Statistics.
But according to the Minister of Finance, South Africa, which recorded a decline of -50 per cent compared to Nigeria’s -6.1 per cent in Q2, will also record a deeper negative growth in Q3.
“Let me put it that Our expectation of a quick exit, which will be historically fast, is anchored on the several complementary fiscal, real sector and monetary interventions that have been proactively introduced by the APC led- government. .
Let me remind us that before the impact of COVID-19, the Nigerian economy was experiencing sustained growth, which had been improving quarter by quarter until the second quarter of 2020, when the impact of the COVID-19 was felt,” she said.
He noted and took a swipe at analysts who use parallel market figures as the country’s official exchange rate.
The Central Bank Governor Mr Godwim Emefiele said that “For the information of everybody, the parallel market as far as we know, is a shallow market in Nigeria with no more than five per cent of market share. Parallel market, is a tainted market .
Emefiele stated this after the Monetary Policy Committee (MPC) meeting in Abuja on November 1.
Describing as unfortunate, remarks by analysts that the exchange rate is 480/$. “The parallel market is a market where people who don’t want to provide documentation to support their transactions deal in and it cannot be the basis to determine the value of our currency, everybody knows and it is accepted that the forex market which is predominantly the I and E window is the market that should be used to determine the exchange rate of our naira.” He said adding that “as far as the CBN is concerned, today, net fx ranges between 380/386/387”
The Central Bank Governor, said that the CBN will be increasing its COVID-19 intervention to N300 billion to accommodate more Nigerians.
Emefiele said: ”We have been advised by the MPC that given that this has been very impactful positively, that the CBN should do more, CBN will put 50 billion on the table, they have so far disbursed over N149 billion to 317,000 beneficiaries and were told that to increase it not just from N149 that it is now but to increase it to almost about N250-N300 billion.”
He further noted that the increase is intended “to accommodate more people that have not accessed these facilities
On when the country would exit recession, the CBN Boss said: “We are hopeful and the Minister of Finance addressed a gathering (Monday) where she said she is hopeful that during the Q1 of 2021 we will exit recession. Based on data available to the MPC from the CBN, we are somewhat optimistic that indeed if we continue doing what we are doing and do more, there is a likelihood that we will see some little positive numbers during the Q4 of 2020, but I can say with some level of certainty, as well that we are so certain that during the Q1 of 2021, we will exit the recession.
“This optimism is fueled by the actions taken by the monetary and fiscal authorities. NBS numbers show that 18 sectors during the Q3 recorded growth during the Q2 and these growth were recorded mainly from the agricultural sector, industry, manufacturing. Indeed, we saw even services doing somewhat slightly but at least agriculture coming up also means what we can achieve from agriculture from whatever we are doing to stimulate agriculture, assuring that manufacturing “will create jobs for our people and also stimulate spending, increase output and ultimately lead to moderation in the level of inflation in our country.”
At the end of the year 2020 meeting, the Committee decided by a unanimous vote to retain all parameters by retaining the Monetary Policy Rate (MPR) at 11.5 per cent; the asymmetric corridor of +100/-700 basis points around the MPR; the Cash Reserve Ratio (CRR) at 27.5 per cent; and the Liquidity Ratio at 30 percent.
The aggregate domestic credit grew by 7.61 percent in October 2020 compared with 7.35 per cent in the previous month, as a result of the CBN’s policy on Loan-to-Deposit Ratio (LDR), supported by the Bank’s interventions in the various sectors of the economy.
As a result, “total gross credit by the banking industry stood at N19.54 trillion as at 13th November, 2020 compared with N19.33 trillion at end-August 2020, representing an increase of N290.13 billion.”
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