• About
  • Advertise
  • Careers
  • Contact
Monday, March 27, 2023
Irohin Odua
  • Home
  • ABOUT US
    • EDITORIAL TEAM
  • World
  • Politics
  • Contact
  • Donation
  • Home
  • ABOUT US
    • EDITORIAL TEAM
  • World
  • Politics
  • Contact
  • Donation
No Result
View All Result
Irohin Odua

Nigeria’s import bill rose to $8.92bn in nine months

by admin
January 19, 2022
in News, Report
Reading Time: 2 mins read
A A
0

Nigeria’s import bill rose to $8.92bn in nine months

By Nike Popoola

Nigeria’s total import bill for the period January to September 2021 rose to $8.92bn from $4.29bn in the same period of 2020, according to a report.

This was disclosed by an economist and Chief Consultant, B. Adedipe Associates Limited, Dr Biodun Adedipe, while presenting the report titled ‘National economic outlook: Implications for businesses’, during an event organised by the Chartered Institute of Bankers of Nigeria in Lagos on Tuesday.

While commenting on Nigeria’s external sector and dwindling capacity to extinguish foreign obligations, he said, “Monthly import bill of N3.66bn (or $8.92bn) in Q1-Q3 2021 more than doubled $4.29bn in 2020.”

According to him, Nigeria remains an attractive investment destination, but not-so-attractive in light of security concerns.

He said BAA projected 3.23 per cent economic growth for 2022; the Federal Government and the National Bureau of Statistics projected 4.2 per cent; the International Monetary Fund projected 2.7 per cent; while the World Bank projected 2.5 per cent.

“Inflation rate is expected to moderate, but still double-digit (removal of oil and electricity subsidies); lending rate will remain double-digit.

He added that there would be “improvement in infrastructure that will impact positively the cost of doing business and improve government revenue in the near term; and intensified digitalisation and ascendancy of the digital economy”.

The President, CIBN, Dr Bayo Olugbemi, said the economic outlook event, initiated in 2014, was designed to bring together captains of the industry, subject matter experts, seasoned practitioners and relevant stakeholders to discuss emerging and pertinent issues facing both the national and global economies as well as their implications for businesses.

“As we usher into the pre-election year, this event is very vital as it enables us to gain insight into the impact of the year on several economic indices as well as to help us undertake a comprehensive assessment of the opportunities, challenges and indeed the threats that businesses may encounter during the current year,” he said.

Source Punch Newspapers

Previous Post

I receive threats for not supporting Tinubu, says Buhari’s aide

Next Post

Exclusive-2023: PDP considers Tambuwal, Wike ticket

Next Post

Exclusive-2023: PDP considers Tambuwal, Wike ticket

Angola urged to ensure safety of Journalists

Leave a Reply

Your email address will not be published. Required fields are marked *

  • About
  • Advertise
  • Careers
  • Contact

Irohin Odua © 2023 | All Rights Reserved

No Result
View All Result
  • Home
  • ABOUT US
    • EDITORIAL TEAM
  • World
  • Politics
  • Contact
  • Donation

Irohin Odua © 2023 | All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist