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‘Weaker China imports to affect Nigeria’

Augusto & Co Consulting has predicted that Nigeria’s inflation rate would become slightly higher than the long-term rate of 12 per cent.

The consulting firm has also envisaged that the negative outlooks for the economy within this period, include the normalisation of cash reserve requirements by the Central Bank of Nigeria (CBN), the recent COVID-19 virus, the net capital expenditure by businesses in the real sector and the net foreign investments, especially the Foreign Direct Investment FDI component.

More positively and also a key economic driver this year and next year, the Banking sector loan will see some growth to the real sector and changes in level of non-oil tax revenue.

The consulting firm further predicted in its report that in the midst of the coronavirus outbreak, Nigeria will be principally impacted more by weaker oil prices in H1 2020 and weaker imports from China.

The report also said the real GDP growth was weak and below three per cent and unemployment was very unlikely to improve.

On oil & gas export revenues, it highlighted that 2018 saw the highest revenue with $57billion and 2021 projected to hit $55billion.

The survey report spelled out that between the years of 2016 and 2021, the oil and gas export revenues fared well only in 2018 and 2021 with $57billion and $55billion respectively.

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