BECAUSE OF NIGERIA’S RECESSION… THE COUNTRY WILL NEED TO FOCUS ON NON OIL SECTORS!!!!!!!!!!!!!!!!!!

Nigeria economy

By: Economic & Finance Report

One of the biggest economies in Africa has recently hit recession.  The GDP fell over 2% in the second quarter of 2016. The International Monetary Fund believes Nigeria will see negative -1.8% in its real GDP for the rest of the 2016 year.

The recession in Nigeria may be the very worst to hit the country since the 1980s, probably as bad as 1987.  Nigeria Finance Ministry has indicated that Nigeria will borrow close to 10 billion dollars USD, which over $5 billion dollars USD being borrowed from foreign lenders.  The government has indicated the money borrowed will be used on domestic projects such as power, agriculture, mineral and infrastructure development.

It is also to be noted, that Nigeria’s service sectors represents about 50% of the country’s GDP to date. The service sector in Nigeria will have to take the lead in developing jobs and other attributable assets, to get Nigeria growing and prospering from its recession. -SB

THE EUROZONE HAS AGREED TO EXTEND GREECE’S LIFELINE…

Greece bailout

By: Economic & Finance Report

Finance Ministers across the Eurozone spectrum agreed to extend Greece’s bailout. This allows Greece to restructure their financial banking and regulations that the country had in place. This also helps Greece in that they now do not have to put in place capital controls.

Greece Finance Minister Yanis Varoufakis, indicated they will institute new regulations and have to crack down on corruption and business entities evading taxes, while also trying to balance the Greek annual budget. 

The Eurozone’s has stated they will impose the bailout extention to Greece for an extra 4-5 months, so Greece can have the necessary time to restructure their financial banking.

-SB