Post by Ismail AbdulAzeez on Dec 16, 2020 10:22:33 GMT 1
The National Bureau of Statistics recently disclosed that Nigeria’s trade deficit this year rose by 32.45 per cent from N1.8tn as of the end of second quarter to N2.3tn in the third quarter of the year. According to the reports, the value of imports in the third quarter of this year represented the highest level for any quarter since 2017, while the value of exports equally represented the lowest of any quarter since 2017.It is interesting that Nigeria still sunk into the current recession even when the International Monetary Fund (IMF) had in April this year approved $3.4 billion in emergency funding to Nigeria, the single biggest disbursement for any country yet with the coronavirus pandemic.
In a statement, IMF Deputy Managing Director, Mitsuhiro Furusawa, said that the pandemic and the plunge in oil prices are severely impacting Nigeria, and that the funds will provide much – needed liquidity to respond to urgent balance of payments needs. He also called for the country to expedite the unification of its multiple exchange rates.The IMF equally approved more than $7 billion in emergency financing to help other African nations battle the Covid-19 pandemic which had in the first half of the year almost halted global trade and triggered massive capital outflows.
Source: www.sunnewsonline.com/nigerias-economic-crisis/
In a statement, IMF Deputy Managing Director, Mitsuhiro Furusawa, said that the pandemic and the plunge in oil prices are severely impacting Nigeria, and that the funds will provide much – needed liquidity to respond to urgent balance of payments needs. He also called for the country to expedite the unification of its multiple exchange rates.The IMF equally approved more than $7 billion in emergency financing to help other African nations battle the Covid-19 pandemic which had in the first half of the year almost halted global trade and triggered massive capital outflows.
Source: www.sunnewsonline.com/nigerias-economic-crisis/