‘Boko Haram Threatening Nigeria’s Economic Growth’

‘Boko Haram Threatening Nigeria’s Economic Growth’

 

The increased act of terrorism by the Boko Haram sect is threatening Nigeria’s economic performance, a report has stated. The Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, stated this in his monthly economic news and views presented at the Lagos Business School’s executive breakfast meeting recently. The National Bureau of Statistics (NBS) had in July, released the first growth data under the revised GDP, showing a drop in first quarter growth to 6.21 per cent, from 6.77 per cent in the fourth quarter of 2013. The growth was two per cent lower than originally projected. It was 5.5 per cent in 2013 and 4.2 per cent in 2012. More than $21 billion of foreign direct investment poured into Nigeria in 2013, up by 28 per cent from 2012. The country indeed has attracted the most foreign direct investment in sub-Saharan Africa since 2007, according to Ernst & Young. But analysts have warned that the country must show enough commitment to tackling the activities of the terrorist group going forward. “Boko Haram insurgency continues to reduce the market size and production in the north-east/central regions,” the FDC report stated. Continuing, it noted that forex traders’ sentiment in July was positive, thereby leading to exchange rate convergence between the official and interbank markets of 14.64 per cent. According to the report, money supply (M2) increased to N15.93 trillion in June, representing a growth by 0.13 per cent month-on-month.

Culled from Thisday Newspaper