Off the wire
• Nairobi bourse turnover drops to lowest level in six months  • Nepal's industrial sector suffers negative growth for the first time in 7 yrs  • NASA terminates 1st attempt to expand space station's inflatable room  • Healthcare hit by almost 600 attacks in 2014-2015: WHO  • China's amateur golfer Liu wins US Women's Open qualifier  • China's property developer eyes investment in high-end town in Cambodia  • Only three refugees stay in Bulgaria under EU relocation quota: official  • Rotterdam terror suspect to be extradited to France  • Chinese, French presidents congratulate first Sino-French cultural forum  • Togo police arrest some 50, seize weapons in operation in Lome  
You are here: 　 Home

Nigerian stakeholders meet over economic challenges

Xinhua, May 26, 2016 Adjust font size:

Local investors met Thursday in the Nigerian capital, Abuja, to discuss a stable economic direction following the devastating decline in oil prices, increased pressure on foreign exchange receipts of government and the fall in production of oil and gas as a result of increasing militancy in the Niger Delta region.

The inaugural Nigerian Economic Stakeholders Summit with the theme "The Nigerian Economy: Navigating A Sustainable Landscape" was, according to its organizers, put together to offer a major platform for generating fresh ideas by all relevant stakeholders toward assisting government in the task of finding sustainable solution to Nigeria's troubled economy.

The summit, declared open by speaker of the Nigerian parliament, Yakubu Dogara, had in attendance captains of industry, financial institutions, government representatives and officials of the apex bank in Nigeria, among others.

Speaking in an interview with Xinhua, Moses Tule, the director of Monetary Policy at the Central Bank of Nigeria, said issues confronting the economy were being looked at holistically at the economic summit.

According to Tule, who delivered a paper titled "Evolving the most sustainable framework for the nation's fiscal and monetary policy regime and budget administration" at the summit, the Nigerian government was actually waiting for the outcome of the meeting, so as to sieve through the recommendations to make critical input into the national planning.

Nigeria, like most countries in sub-Saharan Africa, is experiencing a slowdown in growth due to global economic crisis. In particular, Nigeria's GDP growth rate declined consistently from 6.54 percent in Q2 of 2014 to 2.11 percent in Q4 of 2015, and 0.36 percent by Q1 of 2016, according to the Nigerian Ministry of Budget and National Planning.

Africa's largest economy is also being faced with numerous challenges which include weak fiscal situation, fuel shortage, oil theft, exchange rate volatility, fluctuation in power supply, corruption and infrastructure deficit, pipeline vandalization, insurgency and low credit to the private sector, to mention a few. Endit