IMF Proffers Options To Sustain Nigeria’s Economic Recovery

The International Monetary Fund on Wednesday proffered options to sustain Nigeria’s economic recovery, warning that despite exiting recession recently, the country’s economy remained vulnerable to shocks.
After contracting for five consecutive quarters since January 2016, the National Bureau of Statistics said in its second quarter 2017 gross domestic product (GDP) report that the country’s economy had recovered with a new 0.55 per cent growth rate.
The NBS data showed that the new growth rate (year-on-year) was 2.04 per cent higher than the rate in the corresponding quarter of 2016 (-1.49 per cent) and higher by 1.46 per cent points recorded in the preceding quarter.
The figures were revised to –0.91 per cent from –0.52 per cent due to revisions to crude output for March 2017.
The IMF said the recovery came on the back of new foreign exchange measures by government, rising global crude oil prices, attractive yields on government securities, a tighter monetary policy and increased reserves to a four-year high level of about $43 billion as at last February.
Other factors include policies to contain inflationary pressures, with economic growth reaching 0.8 per cent in 2017, driven mainly by recovering oil production capacity, while inflation declined to 15.1 per cent year-on-year by January 2018, from 18.5 per cent at December 2016.
But, at the conclusion of its 2018 Article IV Consultation on Monday, the Executive Board of the international finance agency in its assessment report on Wednesday said the reforms, which inspired the country’s exit from recession, failed to impact non-oil non-agricultural growth, lower inflation close to single digits, contain banking sector vulnerabilities or reduced unemployment.
Although it commended the country’s strides in implementing a National Economic Recovery and Growth Plan, the IMF said the government was still required to initiate urgent, comprehensive and coherent policy actions to curb these vulnerabilities.
The progress in the economy, it noted, showed in the beginning of a convergence between official and parallel market rates in foreign exchange windows as a result of tight monetary policy by the Central Bank of Nigeria; improvements in tax administration, and significant improvement the business environment.
In 2017, the World Bank ranked Nigeria as one of the top 10 reforming economies in the world, having moved up 24 places in ranking from 169th position to 145th out of 189 countries in its Ease of Doing Business Report.

However, the IMF identified lower crude oil prices, which stood at $62.35 per barrel on Wednesday, and tighter external market conditions as the main downside risks.
Besides, it said, domestic challenges bordered on heightened security tensions across the country, delayed financial policy response, and weak implementation of structural reforms.
The security threat by Boko Haram insurgents heightened last week in the wake of the gruesome killing of three UN aid workers and abduction of at least two others during an attack in Rann community in Kala Balge Local Government of Borno State.
The killings followed last month’s abduction of 110 young girls from Government Science & Technical College, Dapchi in Yobe state, even as majority of over 200 other girls abducted three years ago in Chibok remained unrecovered.
The IMF directors emphasised the need for a growth‑friendly financial adjustment policy focusing on non‑oil revenue mobilisation and a cut in current expenditure to reduce the ratio of interest payments to revenue to a more sustainable level, while creating space for priority social and infrastructure spending.
Noting improved efforts in tax administration with the introduction of the Voluntary Assets & Income Declaration Scheme (VAIDS) to grant amnesty to tax defaulters, the directors underlined the need for more ambitious tax policy measures, including a reform in the value‑added tax, increasing excises, and rationalising tax incentives.
Already, government is considering increasing the VAT rate from the current five per cent to about 15 per cent before the end of the year.
Besides, it emphasised the need for government to consider implementing “an automatic fuel price‑setting mechanism, sound cash and debt management, improved transparency in the oil and gas sector, increased monitoring of the fiscal position of state and local governments, and substantially scaled-up social safety nets to support the adjustment.”
The IMF urged the CBN to continue its monetary policy tightening until inflation was within the target single digit range as well as continue to strengthen monetary policy framework and its transparency.

Specifically, it asked the CBN to consider introducing a higher monetary policy rate, which has remained unchanged for eight consecutive times at 14 per cent last January.
It also called for a “symmetric application of reserve requirements by the government, while curbing direct financing in the economy by the CBN through intervention programmes that appeared to have distracted its focus on the primary mandates of monetary policy and financial systems stability.”
Other recommendations included containing the rising banking sector risks, particularly central banks’ commitment to help increase capital buffers, by stopping dividend payments by weak banks; review of asset quality to identify potential capital needs and enhanced risk‑based banking supervision as well as strict enforcement of prudential requirements.
“Structural reform implementation should continue to lay the foundation for a diversified private‑sector‑led economy, while building on recent improvements in the business environment, implementing the power sector recovery plan, investing in infrastructure, accelerating efforts to strengthen anti‑corruption and transparency initiatives, and updating and implementing the financial inclusion and gender strategies remain essential,” the IMF directors said.

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  37. Hey, how’s it going?

    I want to pass along some very important news that everyone needs to hear!

    In December of 2017, Donald Trump made history by recognizing Jerusalem as the capital of Israel. Why is this big news? Because by this the Jewish people of Israel are now able to press forward in bringing about the Third Temple prophesied in the Bible.

    Jewish Rabbis have publicly announced that their Messiah will be revealed in the coming years who will be a leader and spiritual guide to all nations, gathering all religions under the worship of one God.

    Biblical prophecy tells us that this Jewish Messiah who will take the stage will be the antichrist “who opposes and exalts himself above all that is called God or that is worshiped, so that he sits as God in the temple of God, showing himself that he is God” (2 Thessalonians 2:4). For a time he will bring about a false peace, but “Therefore when you see the ‘abomination of desolation,’ spoken of by Daniel the prophet, standing in the holy place (Matthew 24:15)…then there will be great tribulation, such as has not been since the beginning of the world until this time, no, nor ever shall be” (Matthew 24:21).

    More importantly, the power that runs the world wants to put a RFID microchip in our body making us total slaves to them. This chip matches perfectly with the Mark of the Beast in the Bible, more specifically in Revelation 13:16-18:

    “He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name.

    Here is wisdom. Let him who has understanding calculate the number of the beast, for it is the number of a man: His number is 666.”

    Referring to the last days, this could only be speaking of a cashless society, which we have yet to see, but are heading towards. Otherwise, we could still buy or sell without the mark amongst others if physical money was still currency. This Mark couldn’t be spiritual because the word references two different physical locations. If it was spiritual it would just say in the forehead. RFID microchip implant technology will be the future of a one world cashless society containing digital currency. It will be implanted in the right-hand or the forehead, and we cannot buy or sell without it. Revelation 13:11-18 tells us that a false prophet will arise on the world scene doing miracles before men, deceiving them to receive this Mark. Do not be deceived! We must grow strong in Jesus. AT ALL COSTS, DO NOT TAKE IT!

    “Then a third angel followed them, saying with a loud voice, “If anyone worships the beast and his image, and receives his mark on his forehead or on his hand, he himself shall also drink of the wine of the wrath of God, which is poured out full strength into the cup of His indignation. He shall be tormented with fire and brimstone in the presence of the holy angels and in the presence of the Lamb. And the smoke of their torment ascends forever and ever; and they have no rest day or night, who worship the beast and his image, and whoever receives the mark of his name” (Revelation 14:9-11).

    People have been saying the end is coming for many years, but we needed two key things. One, the Third Temple, and two, the technology for a cashless society to fulfill the prophecy of the Mark of the Beast.

    Visit http://WWW.BIBLEFREEDOM.COM to see proof for these things and why the Bible truly is the word of God!

    If you haven’t already, it is time to seek God with all your heart. Jesus loves you more than you could imagine. He wants to have a relationship with you and redeem you from your sins. Turn to Him and repent while there is still hope! This is forever…God bless!

    “EITHER HUMAN INTELLIGENCE ULTIMATELY OWES ITS ORIGIN TO MINDLESS MATTER OR THERE IS A CREATOR…” – JOHN LENNOX

    We all know God exists. Why? Because without Him, we couldn’t prove anything at all. Do we live our lives as if we cannot know anything? No. So why is God necessary? In order to know anything for certain, you would have to know everything, or have revelation from somebody who does. Who is capable of knowing everything? God. So to know anything, you would have to be God, or know God.

    A worldview without God cannot account for the uniformity and intelligibility of nature. And why is it that we can even reason that God is the best explanation for this if there is no God? We are given reason to know or reject God, but never to know that He does not exist.

    It has been calculated by Roger Penrose that the odds of the initial conditions for the big bang to produce the universe that we see to be a number so big, that we could put a zero on every particle in the universe, and even that would not be enough to use every zero. What are the odds that God created the universe? Odds are no such thing. Who of you would gamble your life on one coin flip?

    Is there evidence that the Bible is the truth? Yes. Did you know that the creation accounts listed in the book of Genesis are not only all correct, but are also in the correct chronological order? That the Bible doesn’t say the Earth was formed in six 24-hour days but rather six long but finite periods of time? That the Bible makes 10 times more creation claims than all major “holy” books combined with no contradictions, while these other books have errors in them? The Bible stood alone by concurring with the big bang saying, “In the beginning God created the heaven and the earth” (Genesis 1:1); and says our universe is expanding, thousands of years before scientists discovered these things. Watch a potential life-changing video on the website listed below with Astronomer(PhD) Hugh Ross explaining all these facts based on published scientific data. He has authored many books, backed even by atheist scientists.

    Jesus came to pay a debt that we could not; to be our legal justifier to reconcile us back to a Holy God; only if we are willing to receive Him: “For the wages of sin is death…” (Romans 6:23).

    God so loved the world that He gave us His only begotten son, so that whoever believes in Him, through faith, shall not perish, but have everlasting life. Jesus says if we wish to enter into life to keep the commands! The two greatest commands are to love God with all your heart, soul, strength, and mind; and your neighbor as yourself. All the law hang on these commands. We must be born of and lead by the Holy Spirit, to be called children of God, to inherit the kingdom. If we are willing to humble ourselves in prayer to Jesus, to confess and forsake our sins, He is willing to give the Holy Spirit to those who keep asking of Him; giving us a new heart, leading us into all truth!

    Jesus came to free us from the bondage of sin. The everlasting fire was prepared for the devil and his angels due to disobedience to God’s law. If we do the same, what makes us any different than the devil? Jesus says unless we repent, we shall perish. For sin is the transgression of the law. We must walk in the Spirit so we may not fulfill the lusts of the flesh, being hatred, fornication, drunkenness and the like. Whoever practices such things will not inherit the kingdom (Galatians 5:16-26). If we sin, we may come before Jesus to ask for forgiveness (1 John 2:1-2). Evil thoughts are not sins, but rather temptations. It is not until these thoughts conceive and give birth by our own desires that they become sin (James 1:12-15). When we sin, we become in the likeness of the devil’s image, for he who sins is of the devil (1 John 3:8); but if we obey Jesus, in the image of God. For without holiness, we shall not see the Lord (Hebrews 12:14).

    The oldest religion in the world is holiness through faith (James 1:27). What religion did Adam and Eve follow before the fall? Jesus, Who became the last Adam, what religion does He follow? Is He not holy? He never told us to follow the rituals and traditions of man but to take up our cross and follow Him (Luke 9:23). There are many false doctrines being taught leading people astray. This is why we need the Holy Spirit for discernment. Unlike religion, holiness cannot be created. It is given to us from above by the baptism of the Spirit. Jesus is more than a religion; He is about having a personal relationship with the Father. Start by reading the Gospel of Matthew, to hear the words of God, to know His character and commandments. Follow and obey Jesus, for He is the way, the truth, and the life!

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