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The International Monetary Fund (IMF) has downgraded Nigeria’s economic growth projection to 3.2 per cent in 2022.
The development is 0.2 percentage points lower than the 3.4 per cent projected in its July 2022 report.
The Washington-based institution disclosed this on Tuesday in its World Economic Outlook (WEO) for October 2022 titled, “Countering the Cost-of-Living Crisis”.
The report also downgraded the economic growth projection for sub-Saharan Africa from 3.8 percent to 3.6 percent, citing tighter financial and monetary conditions.
Economic activities would slow down in Nigeria and across the world as nations use fiscal and monetary instruments to tame rising food prices.
“In sub-Saharan Africa, the growth outlook is slightly weaker than predicted in July, with a decline from 4.7 per cent in 2021 to 3.6 per cent and 3.7 per cent in 2022 and 2023, respectively — downward revisions of 0.2 percentage points and 0.3 percentage points, respectively,” the report said.
“This weaker outlook reflects lower trading partner growth, tighter financial and monetary conditions, and a negative shift in the commodity terms of trade.”
Unlike sub-Saharan Africa, the report projected that growth in the Middle East and Central Asia would increase to 5.0 percent in 2022.
According to IMF, this reflects “a favourable outlook for the region’s oil exporters and an unexpectedly mild impact of the war in Ukraine on the Caucasus and Central Asia”.
“In 2023, growth in the region is set to moderate to 3.6 percent as oil prices decline and the headwinds from the global slowdown and the war in Ukraine take hold,” it added.
Overall, IMF said global growth is projected to slow from an estimated 6.1 percent in 2021 to 3.6 percent in 2022 and 2023.
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Polaris Bank commences nationwide savings campaign to reward customers
Polaris Bank says it has commenced a nationwide savings campaign tagged ‘Save & Win’ promo to reward loyal customers.
The Bank in a statement said it would give cash rewards to its loyal and prospective customers who would partake and emerge winners in the promo.
According to the Bank, the campaign started on October 1, 2022, and will run till September 30, 2023, four millionaires will emerge alongside 4,379 Nigerians who will be rewarded with other cash gifts from N100, 000 up to N500, 000 per person in a monthly, quarterly and special draws over the 12-month period.
“The ‘Save & Win’ promo is aimed at making millionaires of everyday Nigerians by encouraging current customers of the bank to grow their existing accounts by N5, 000 in 30 days while prospective customers are encouraged to open and save in their account, a minimum of N2, 000 and grow it to N5, 000 within a month to qualify for the monthly draws, and stand a chance of winning N100, 000,” the statement reads.
“For the quarterly draw, existing and prospective customers stand the chance of winning N1 million in rent as a first prize; N500,000 for first runner-up and N250,000 for the second runner-up within the promo period.
“The first draw, which will herald the first set of winners for the month of October, will be announced in the first week of November. On that day, the first set of winners, 62 in all, will receive N100, 000 as their reward in commemoration of the 62nd independence anniversary of Nigeria.
“The same process will be repeated in subsequent months where 100 Nigerians will win N100, 000 each.
“In December however, the first quarter of the campaign draw will hold where three winners will go home with N1 million in rent prize: N500, 000 and N250,000 cash prizes alongside 100 winners of N100,000 each across the six geo-political zones in the monthly reward draw.”
The bank said there will also be special draws for Nigeria’s independence, Christmas, Valentine, Easter, and Eid-el-Kabir seasons.
It added that the campaign has a targeted draw component where 200 winners comprising artisans, and trade association members will emerge per month (10 winners per cluster with 20 clusters activated every month).
Kicking off the campaign, Adebimpe Ihekuna, group head, of product and market development, Polaris Bank, said the essence of the exercise is to give back to customers and encourage savings amongst Nigerians.
The campaign, she explained, is a reward for the traders, artisans, public servants, and indeed professionals who despite the challenging times are able to put aside some money.
She said in challenging times, there is a compelling need to save, not only to win a prize but also to plan for a rainy day.
Speaking on the dynamics of the campaign, Ihekuna said both current and new savings account customers of the bank are eligible to participate in the promo.
“Winners will emerge from four routes or reward categories namely, monthly draws, quarterly draws, targeted draws, and special draws through a transparent electronically generated process that will be supervised by relevant regulatory institutions,” she added.
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Trade minister receives draft copy of Nigeria trade policy 2023-2027
The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo on Tuesday in Abuja received a draft copy of the revised trade policy of Nigeria 2023-2027.
The minister described the ongoing review of Nigeria’s Trade Policy by his ministry as one of the legacies of President Muhammadu Buhari administration.
Adebayo said that since the extant trade policy was promulgated in 2002, “both Nigeria and the world have witnessed major developments’’.
According to him, this includes the explosion of E-commerce and digital payments, the agreement establishing the African Continental Free Trade Area (AfCFTA) agreement, and the withdrawal of the United Kingdom from the European Union (Brexit).
“Earlier this year, the Nigerian Bureau of Statistics (NBS) reported that Nigeria recorded an N3.2 trillion trade surplus between January and June 2022. This is an indicator of a positive trade balance where exports outweigh imports.
“In fact, the World Bank reports that trade contributes about 34 per cent of Nigeria’s Gross Domestic Product (GDP).
“While these figures are very encouraging, there is a lot we can do, especially with the commencement of trading under the AfCFTA.
“In order to take advantage of this potential 3.4 trillion dollars market, the first step is to instill confidence in traders through the approval and implementation of an up-to-date trade policy,” he said.
The minister, who said that he had gone through the draft as presented by the Trade Policy of Nigeria Review committee (TPNRC), expressed satisfaction with the document.
He, however, emphasised the need to ensure measures were taken to curtail trade injuries.
“I believe security is an important complementing policy for trade. We cannot have optimal trade without security.
“International players who are interested in trading with Nigeria will need the reassurance of fairness. Therefore, we should address non-discriminatory aspects of this policy,’’ the minister said.
He also said there was a need to highlight trade facilitation, especially with respect to customs, airports, sea ports, and transit.
Adebayo urged the committee to incorporate his suggestions as part of the stakeholder engagements leading to the finalisation of the policy.
Earlier, the Chairman of TPNRC, Prof. Mike Kwanashie, said that the review of the trade policy was carried out in accordance with global practices.
According to him, since the document was put in place in 2002, the economy has witnessed a lot of changes necessitating a review of the document.
Amb. Fred Agah, the Director-General of, Nigerian Office for Trade Negotiations (NOTN) said that the committee took necessary steps to give the country the best.
“This document should be the beginning of the reform. As you go through it, you will see issues of enhancing productive capacity which touches on investment policy, the industrial revolution plan, and several areas.
“If those complementary policy areas are not updated, then this document will remain only what a paper on it says,’’ Agah said. (NAN)
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