The World Bank Group has raised Nigeria’s growth expectations in 2020 to 2.1 per cent, describing it as an “edge up”, a development that confirms the country’s continued stay in sluggish economic path for another calendar year.
It also warned that the macroeconomic framework is characterised by multiple exchange rates, foreign exchange restrictions, high persistent inflation, and a central bank targeting manifold objectives that are not conducive to confidence.
Meanwhile, the global economic growth is also forecast to edge up to 2.5 per cent in 2020, as investment and trade gradually recover from last year’s significant weakness, but downward risks persist.
The World Bank’s “January 2020 Global Economic Prospects”, however noted that growth among advanced economies as a group is anticipated to slip to 1.4 per cent in 2020, in part due to continued softness in manufacturing.
On the other hand, growth in emerging market and developing economies is expected to accelerate this year to 4.1 per cent, though not broad-based, but improved performance of a small group of large economies, some of which are emerging from a period of substantial weakness.
The global institution noted that in Angola, Nigeria, and South Africa- the three largest economies in the region, growth was subdued in 2019, remaining well below historical averages and contracting for a fifth consecutive year on a per capita basis.
Beyond the large economies, growth also deteriorated in several industrial commodity exporters in 2019, as weaker prices and softer demand dampened activity in extractives sectors, such as in the Democratic Republic of Congo, Liberia, and Namibia.
The World Bank Group Vice President for Equitable Growth, Finance and Institutions, Ceyla Pazarbasioglu, said: “With growth in emerging and developing economies likely to remain slow, policymakers should seize the opportunity to undertake structural reforms that boost broad-based growth, which is essential to poverty reduction.
“Steps to improve the business climate, the rule of law, debt management, and productivity can help achieve sustained growth.”
The bank’s Prospects Group Director, Ayhan Kose, added: “Low global interest rates provide only a precarious protection against financial crises. The history of past waves of debt accumulation shows that these waves tend to have unhappy endings.
“In a fragile global environment, policy improvements are critical to minimize the risks associated with the current debt wave.”
Regional growth is expected to pick up to 2.9 per cent in 2020, assuming investor confidence improves in some large economies, energy bottlenecks ease, a pickup in oil production contributes to recovery in oil exporters and robust growth continues among agricultural commodity exporters.
The forecast is weaker than previously expected reflecting softer demand from key trading partners, lower commodity prices, and adverse domestic developments in several countries.
A sharper-than-expected deceleration in major trading partners such as China, the Euro Area, or the United States, would substantially lower export revenues and investment.
A faster-than-expected slowdown in China would cause a sharp fall in commodity prices and, given Sub-Saharan Africa’s heavy reliance on extractive sectors for export and fiscal revenues, weigh heavily on regional activity.
A broad-based rise in government debt has led to sharp increases in interest burdens, crowding out noninterest expenditure and raising concerns about debt sustainability.
Insecurity, conflicts, and insurgencies— particularly in the Sahel—would weigh on economic activity and food security in several economies. Extreme weather events are becoming more frequent as the climate changes, posing a significant downside risk to activity due to the disproportionate role played by agriculture in many economies in the region.
Still, about a third of emerging market and developing economies are projected to decelerate this year due to weaker-than-expected exports and investment.
U.S. growth is forecast to slow to 1.8 per cent this year, reflecting the negative impact of earlier tariff increases and elevated uncertainty. Euro Area growth is projected to slip to a downwardly revised 1 per cent in 2020 amid weak industrial activity.
Downside risks to the global outlook predominate, and their materialization could slow growth substantially. These risks include a re-escalation of trade tensions and trade policy uncertainty, a sharper-than expected downturn in major economies, and financial turmoil in emerging market and developing economies.
Even if the recovery in emerging and developing economy growth takes place as expected, per capita growth would remain well below long-term averages and well below levels necessary to achieve poverty alleviation goals.
Buy into The LeonardoBySujimoto Apartments with Just N60m and Enjoy Three Basic Benefits
Dubbed as the most affluent neighbourhood in Africa, Banana Island houses the 1% of the 1% ultra-wealthy in Nigeria, making it the richest square metre in Africa.
A 1000sqm land in Banana Island costs between N600 to 750 million, the same size of land cost N200 million less immediately you step out of Banana Island gate, and in other parts of Ikoyi, the same land size cost N300 million.
Banana Island is home to the wealthy few such as the Adenugas, MDs of Multinationals, Executive Directors, Billionaires and Music Entrepreneur – Davido, to mention a few.
Aside from the fact that lands are limited in Banana Island, leading to an increase in the value of the space, Banana Island has been described by Forbes Africa as the 2nd safest place in Nigeria, second only to Aso Rock. This luxury location is perfect for those who value security and those who are thinking of ROI as the value of properties in Banana Island keep rising.
All apartments in Ikoyi are not equal!
Though the most expensive 3 Bedroom apartment in Ikoyi and Eko Atlantic have the basic standard features such as gymnasium, swimming pool and lift and others, but we have not only done a market research but have also conducted a customer satisfaction survey to determine what Nigerians truly want and with the Leonardo project we are giving our clients a rare opportunity to enjoy exceptional features such as Private IMAX Cinema for the Residents, Indoor Virtual Golf where you can play on over 2500 golf courses in the world, Creche for the residents – first of its kind, Award Winning Zaha Hadid Bathroom, no hotel in the world has the quality of our bathrooms; designer Kitchen by Kohler, Interactive Lobby with waiting area, Full Home Automation where you can control your door, curtain, music, light and TV from the touch of a button, Indoor salon, Club House, Mini-Mart, Tennis Court, State of the art Techno gym, Infinity Swimming Pool, Squash, Badminton, all of this features at N60million deposit!
We have studied the best apartments in Nigeria. The most expensive 4 bedroom apartments today in Nigeria are in Bourdillon and Eko Atlantic and their prices ranges from $935,000 to $3.5millon which is about N420million to N1.5 Billion, while a 4 Bedroom at the LeonardoBySujimoto is selling for N300million.
At Sujimoto, we have studied their features and facilities, and what we are building is better than the combination of the two projects, at a steal! For the first time you can own a Sujimoto home (LeonardoBySujimoto) in Africa’s most expensive neighbourhood with as little as N60million (30% deposit) without having to break the bank.
No doubt, the Leonardo project is very cost-effective for now but note that the 3 Bedroom you are buying for N250million naira today will sell for 450million by the time we launch in November.
Now is the best time to buy! Call Dami on 0809 852 1646, 0818 325 5555 or send an email to email@example.com to get started.
FirstBank Upgrades Mobile Banking Application, Puts Customers Ahead in Electronic Banking
First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider, has announced that its mobile banking application, FirstMobile has been upgraded with new and improved features to promote safe and convenient Mobile Banking experience for customers.
The Bank’s award-winning and dynamic mobile banking application has been redesigned with improved security and self-service features to ease the navigation capability and proficiency of customers. Its unique cool blue colour background gives it a more appealing interface for customers to enjoy a unified and streamlined banking experience whilst going about their day to day activities.
FirstMobile is now embedded with a card protection service for customers to enable and disable cards on channels, account switch off as well as second-factor authentication and device registration. With the upgraded FirstMobile, customers can remotely initiate the request for a new debit card as well as the replacement of a lost or damaged one, whilst managing activities on their card and account, thus balance enquiry and statement, amongst others.
The biometrics for transactions is another innovative security upgrade on the application to validate transactions. This feature includes fingerprint for transactions, allowing the customer to use his or her fingerprint to consummate all transactions.
Other added features include frequent transaction; dashboard flexibility and personalisation; smoother transaction experience and improved beneficiary management.
With the frequent transaction feature, the user is able to easily access his or her frequently completed transactions – airtime, transfers and bill payments – and reinitiate such with the clicks of a button. This is an additional menu which can easily be accessed from the dashboard. Airtime top-up and data purchase have also been improved, as customers are able to select phone numbers directly from their phone contacts.
The application has been upgraded with a smoother experience on funds transfer, bill payments and airtime transactions as customers can add and delete beneficiary without having to repeatedly enter the recipients’ details over and over again. Users can also take a photo or select from the Avatar (available icons) to personalize their dashboard and beneficiaries for Transfers, Bills Payment & Airtime Transactions by uploading a picture to associate with their beneficiary, especially the more frequent ones.
The dashboard has been designed to reflect the lifestyle and social pattern of the user as it can be customized by adding any profile picture of choice. The dashboard also enables users to monitor their spending patterns over a period. It shows the inflow and outflow of funds on their account.
In need of a loan to meet that pressing need, FirstMobile has you covered and puts you at an advantage with the FirstAdvance and Nano Loan features.
Keen on watching the next blockbuster in your favourite cinema, with FirstMobile, you can book for movie ticket(s) ahead of time, thereby averting the risk of being told the movie is sold-out upon getting to the movie theatre. You can also book for flights at your earliest convenience on FirstMobile.
“The upgraded FirstMobile is built to reflect FirstBank’s resolve at reinforcing the digitisation of our payment systems, whilst putting our customers at an edge to conveniently meet their everyday needs at any time, irrespective of where they are. Indeed, this upgrade makes the application new, as it is designed to suit the social pattern and lifestyle of our customers.” said Chuma Ezirim, Group Executive, e-Business & Retail Products.
“With over 3.7million active users on FirstMobile across android and ios devices, we remain steadfast at regularly reinventing our services on the App with dynamic and innovative capabilities to resonate our focus to deliver state of the art digital solutions to all our customers at all times, irrespective of where they are” he concluded.
Only recently, FirstMobile was awarded the “Best Mobile Banking App” in the country at the Global Business Outlook Awards.
Inaugural Set of FirstBank Management Associates Programme Graduates
First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider, on Tuesday, June 30, 2020, graduated 28 successful candidates in its inaugural FirstBank Management Associates Programme (FMAP). The virtual exercise was held via the Zoom video conferencing application. The programme which commenced in 2018 had a total of 48 candidates selected from thousands of entries and applications received nationwide.
FMAP is a 24-month fast-track comprehensive developmental programme targeted at young, dynamic, self-motivated and highly driven individuals that possess the right skill set and excellent leadership potential among Junior and entry-level cadre staff. Entries and applications for the programme enrolment was also extended to the public
Speaking about the programme, Dr. Adesola Adeduntan, CEO, FirstBank said “It is an intensive skill development programme structured to enhance acute thinking, financial, methodical skills of staff. The bank would continue to reinvest in its human capital to create a kind of leadership needed for future growth and development
“This is part of the Bank’s strategic objectives of infusing and developing leadership at requisite levels across its staff hierarchy, aimed at building the next generation of leaders who will be groomed to drive the Bank’s vision of being Africa’s Bank of first choice”, he concluded.
At the end of the programme, successful candidates are moved to middle management, becoming Management Associates irrespective of their grades at the point of entry.
Cross country postings and secondment opportunities is also offered to such staff to provide them with global exposure and network.