Nigeria's Economic Growth Downgraded by IMF

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Nigeria's Economic Growth Downgraded by IMF - The International Monetary Fund (IMF) adjusted its forecast for Nigeria's economic growth in 2024 downwards to 3.1%. This revision stems from Nigeria's weaker financial performance in the first quarter (Q1) of 2024. Previously, the IMF anticipated a 3.3% growth for the year. National Bureau of Statistics (NBS) data confirmed a dip in Nigeria's GDP growth, dropping from 3.46% in Q4 2023 to 2.98% in Q1 2024. This decline in economic activity within the first three months significantly impacted the IMF's overall growth projection for Nigeria in 2024. While Nigeria's forecast was adjusted downward, the IMF maintained its 3.0% growth prediction in 2025. However, this revision also had a ripple effect on the broader Sub-Saharan African region. The IMF downgraded its growth outlook for Sub-Saharan Africa in 2024 to 3.7%, down from the previously anticipated 3.8%. This slight decrease reflects the interconnectedness of economies within the region. The IMF's global economic forecast remains unchanged, with a projected growth of 3.2% in 2024 and 3.3% in 2025. Nevertheless, the IMF acknowledges potential risks, including rising inflation and escalating trade tensions, that could hinder these projections. They emphasize the importance of carefully crafted policy decisions to manage these risks and ensure both price stability and economic growth.

Abuja Gears Up for ESRI User Conference West Africa 2024 - Abuja, Nigeria braces for a major GIS event: the ESRI User Conference West Africa 2024 (September 10-11). This key gathering brings together GIS professionals, academics, and industry leaders from across the region

To register for the Esri User Conference West Africa 2024, please click the link:  https://africabusinessconvention.com/event/esri-user-conference-west-africa-2024/

 The conference emphasizes the growing importance of GIS in areas like infrastructure, environment, disaster response, and urban planning. Attendees will get hands-on experience with the latest ArcGIS software, hear from leading experts, and network to build partnerships and share best practices. With more satellite imagery, GPS devices, and open-source software like QGIS, GIS data is more accessible than ever, driving innovation in West Africa. This conference serves as a launchpad for the future, empowering participants to use GIS to create a better tomorrow. read more

FG, States, LGs share N1.4trn for June - Nigeria's federal, state, and local governments shared a healthy N1.354 trillion in June 2024, surpassing May's allocation by over N208 billion. This positive trend is attributed to a significant rise in Value Added Tax (VAT) and Company Income Tax collected from the oil sector. VAT emerged as the biggest contributor, bringing in N523.973 billion, a jump from N497.665 billion in May. Statutory revenue also played a role, with N142.5 billion distributed. Other sources included the Electronic Money Transfer Levy (N15.692 billion), Exchange Difference revenue (N472.192 billion), and an additional N200 billion augmentation. While the news is positive overall, there were also some drawbacks. Revenue from royalties, petroleum profit tax, and import duties saw a considerable decrease. Despite this, the Excess Crude Account (ECA) balance remained steady at $473.7 million. This update highlights Nigeria's ongoing efforts to diversify its revenue streams and navigate a dynamic economic landscape.

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