‘Covid-19 exposed weaknesses in Nigerian economy

As Covid-19 continues to unfold across the globe, with experts still carrying out research on its impact on countries, analysts at CSL Research have opined tha “the pandemic brought out the age-long inherent weaknesses of the Nigerian economy.” The analysts stated this while reacting to the National Bureau of Statistics’ (NBS) recent report titled, “The impact of Covid-19 on Business Enterprises in Nigeria.” The report, which gave a detailed view of the effects of the pandemic on businesses, employment, and productivity, was based on a survey conducted by the NBS and the United Nations Development Programme (UNDP) between November and December 2020, to assess the socioeconomic challenges posed by the pandemic as well as assisting economic and political managers in policymaking, medium and long-term planning. Commenting on the report, the CSL Research analysts stated: “In our view, the pandemic brought out the age-long inherent weaknesses of the Nigerian economy.

One, it revealed that a high proportion of the economy are daily wage earners, which made it difficult for the government to sustain the movement restrictions and lockdowns. “Also, the country’s revenue profile, which remains skewed to crude oil, puts the economy on a long haul to sustainable growth. Many businesses in Nigeria have begun to recover, evident in the 5.0 per cent GDP growth in Q2’21.

Though base effect in the non-oil sector contributed to the Q2 growth, some sectors saw a pickup in activities. Growth in the services sector scaled to 9.3% from a negative of 0.4% in the prior quarter. “The service sector growth was mainly supported by domestic trade sector growth (+22.5%, the highest historically) and growth in the real estate sector (+3.9%), with both sectors accounting for 21.9% of the economy. Despite the country’s structural challenges and FX liquidity crunch, the manufacturing sector grew 3.5 per cent, the highest growth rate since Q1-2015. The increased credit to the sector and CBN’s continued intervention in the sector largely drove the performance.”




Abuja Civil Servant reveals (FREE) secret Fruits that Increased his Manh0d size, gives Stronger Erections and ends Premature Erection in 7days...




%d bloggers like this:
Fake Richard Mille Replica Watches, The ceramic upper and lower cases are imported from Taiwan and are processed by ATPT ceramics to form Y-TZP ceramics. After high-tech anti-fingerprint technology, they present a delicate and soft sub-black material. This color quality has remained unchanged for a hundred years. The color and luster are more detailed to achieve the ceramic tone visual pattern electroplating upper and lower shells that are infinitely close to the original products, with anti-reflective coating sapphire glass! The tape uses a soft and delicate Malaysian imported top rubber strap, and the movement is equipped with an imported Seiko NH movement. The buckle of this version is made according to the original size and thinness, making it feel more comfortable and intimate, the highest version on the market Richard Mille Replica