Nigeria’s economy is likely to expand by 1.5 per cent in 2021, Bloomberg reported JPMorgan Chase Bank analysts, including Gbolahan Taiwo and Ayomide Mejabi, as saying yesterday. According to the report, the figure is below the median estimate of 11 economists in a Bloomberg survey as well as the IMF and Central Bank of Nigeria’s (CBN) predictions.
A “continued lack of foreign-exchange liquidity, underlying economic weakness, an emerging third wave of Covid-19 infections and a slow rollout of vaccines will likely slow the recovery process,” JPMorgan said. New Telegraph reports that the communiqué issued at the end of the CBN’s Monetary Policy Committee (MPC) meeting last Friday stated that: “Available data and forecasts for key macroeconomic variables for the Nigerian economy, suggest further rebound in output growth for the rest of the year.
“This will however be hinged on the continued stability in oil price and robust vaccination in Nigeria and across other countries. Foreign exchange market stability, further reduction in inflationary pressure in the economy and continued interventions by the monetary and fiscal authorities are very important factors to sustain the recovery momentum