Nigeria's economy goes into recession

[RUCCI]

Nigeria has slipped into recession, with the latest growth figures showing the economy contracted by 2.06% between April and June.

The country has now seen two consecutive quarters of declining growth, the usual definition of recession.

Its vital oil industry has been hit by weaker global prices, according to the Nigerian Bureau of Statistics (NBS).

Crude oil sales account for 70% of government income.

The price of oil has fallen from highs of about $112 a barrel in 2014 to below $50 at the moment.

Outside the oil industry, the figures show the fall in the Nigerian currency, the naira, has hurt the economy. It was allowed to float freely in June to help kick-start the economy, but critics argued it should have been done earlier.

Nigeria, which vies with South Africa for the mantle of Africa's biggest economy, is also battling an inflation rate at an 11-year high of 17.1% in July.

"A lot of Nigeria's current predicament could have been avoided," said Kevin Daly from Aberdeen Asset Management.

"The country is so reliant on oil precisely because its leaders haven't diversified the economy.

"More recently, they have tried, and failed, to prop up the naira, which has had a ruinous effect on the country's foreign exchange reserves and any reputation it might have had of being fiscally responsible."

This economic recession comes as no surprise to millions of Nigerians. Many say they've never known it so tough.

The slump in global oil prices has hit Nigeria hard. The government depends on oil sales for about 70% of its revenues.

But critics say government policies made a bad situation even worse. The decision to delay devaluing Nigeria's currency meant many businesses struggled to get foreign currency to pay for imports, which had a cooling effect on the entire economy.

Following enormous pressure, the government changed tack this summer, allowing the naira to float.

That's led to a spike in inflation, but the hope is that it will attract foreign investors. The government also says the country needs to import less: it wants to see more products made in Nigeria.

Source: BBC

 

[nankumene]

Itakua oil imewatenda

 

[Magonjwa Mtambuka]

Itakua oil imewatenda

Labda na Boko Haram.

 

[Kapwela]

Duh mabadiliko aliyoyaahidi Buhari ndiyo yamefikia hapa?heri angeendelea Goodluck Jonathan.

 

[Nichumu Nibebike]

Inayofuata ni Bongo...

 

[Pakawa]

Buhari amebana huku na huku mbona nchi inamfia mikononi? Next??

 

[MOTOCHINI]

Utegemezi wa mafuta ndio chanzo,
Buhari si tatizo hapo

 

[MOTOCHINI]

Inayofuata ni Bongo...

Wacha ndoto wewe mpaka sasa Afrika tupo nafasi ya pili ukuaji wa uchumi
IMF: Uchumi wa Tanzania waongoza Afrika Mashariki - BBC Swahili


Katika orodha ya mataifa yanayotarajiwa kuwa na kiwango cha juu cha ukuaji Kusini mwa jangwa la sahara Ivory Coast ndio inayoongoza.
Orodha ya mataifa ya kanda ya Kusini mwa Jangwa la Sahara na viwango vya kasi ya ukuaji wa uchumi 2016.


Ivory Coast 8.5%
Tanzania 6.9%
Senegal 6.6%
Kenya 6%
Zambia 3.4%
Nigeria 2.3%
Afrika Kusini 0.6%

 

[Brahnman]

Wacha ndoto wewe mpaka sasa Afrika tupo nafasi ya pili ukuaji wa uchumi
IMF: Uchumi wa Tanzania waongoza Afrika Mashariki - BBC Swahili


Katika orodha ya mataifa yanayotarajiwa kuwa na kiwango cha juu cha ukuaji Kusini mwa jangwa la sahara Ivory Coast ndio inayoongoza.
Orodha ya mataifa ya kanda ya Kusini mwa Jangwa la Sahara na viwango vya kasi ya ukuaji wa uchumi 2016.


Ivory Coast 8.5%
Tanzania 6.9%
Senegal 6.6%
Kenya 6%
Zambia 3.4%
Nigeria 2.3%
Afrika Kusini 0.6%

Wa pili ukuaji wa uchumi ila raia ndo anazidi kuwa masikini na pengo kati ya masikini tajiri ndo linazidi kukua kila uchwao,sasa hapo ndo nini sasa??

 

[jikis]

Uchumi wa Nigeria unasongwa na mambo mengi sana, e.g. bei ya mafuta kuporomoka, Boko Haram, corruption ya kiwango cha juu kabisa, ufisadi uliokithiri (watu wanahamisha hela overseas), retarded industrial growth, kukosekana kwa mpango mkakati wa nchi (priority za kimaendeleo) hazijulikani, ukosefu wa mapato ya ndani yasiyotokana na biashara ya mafuta nk...... Recession hii ni tofauti kidogo kwani recovery yake si ngumu na inategemewa kudumu kwa mda mfupi sana kama Taifa la Nigeria litachukua hatua stahiki.

 

[Prof]

Wacha ndoto wewe mpaka sasa Afrika tupo nafasi ya pili ukuaji wa uchumi
IMF: Uchumi wa Tanzania waongoza Afrika Mashariki - BBC Swahili


Katika orodha ya mataifa yanayotarajiwa kuwa na kiwango cha juu cha ukuaji Kusini mwa jangwa la sahara Ivory Coast ndio inayoongoza.
Orodha ya mataifa ya kanda ya Kusini mwa Jangwa la Sahara na viwango vya kasi ya ukuaji wa uchumi 2016.


Ivory Coast 8.5%
Tanzania 6.9%
Senegal 6.6%
Kenya 6%
Zambia 3.4%
Nigeria 2.3%
Afrika Kusini 0.6%

Mkuu MOTOCHINI, hizo takwimu siyo za kweli. wakati mkisherehekea takwimu hizo, mtuwekee facts and figures ya uwekezaji na ushalishaji katika nchi. Vipi kuhusu net export? je soko la mitaji limepanuka kwa asilimia ngapi?

 

[Prof]

Kulikoni hizi nchi za mafuta, alianza Angola kutangaza kuwa nchi yake imefilisika. Naona na Nigeria pia mambo si shwali. Nafikiri issue ya Corruption and Insecurity ni chanzo kikubwa cha kudolola kwa uchumi wa Nigeria. sijui kama viongozi wa Bongo wanaliona hili....! waswahili wanasema mwenzako akinyolewa, nawe tia maji...

 

[Shimba ya Buyenze]

Matepeli mno hawa jamaa. Sitashangaa kama wameutapeli uchumi wao!

 

[Denis denny]

Wacha ndoto wewe mpaka sasa Afrika tupo nafasi ya pili ukuaji wa uchumi
IMF: Uchumi wa Tanzania waongoza Afrika Mashariki - BBC Swahili


Katika orodha ya mataifa yanayotarajiwa kuwa na kiwango cha juu cha ukuaji Kusini mwa jangwa la sahara Ivory Coast ndio inayoongoza.
Orodha ya mataifa ya kanda ya Kusini mwa Jangwa la Sahara na viwango vya kasi ya ukuaji wa uchumi 2016.


Ivory Coast 8.5%
Tanzania 6.9%
Senegal 6.6%
Kenya 6%
Zambia 3.4%
Nigeria 2.3%
Afrika Kusini 0.6%

Utakuwa uchumi wa matiki maji

 

[MOTOCHINI]

Mkuu MOTOCHINI, hizo takwimu siyo za kweli. wakati mkisherehekea takwimu hizo, mtuwekee facts and figures ya uwekezaji na ushalishaji katika nchi. Vipi kuhusu net export? je soko la mitaji limepanuka kwa asilimia ngapi?

Sasa maswali kama hayo ulipaswa kuwauliza IMF
Hao ndio chanzo cha taarifa hiyo

 

[Prof]

Sasa maswali kama hayo ulipaswa kuwauliza IMF
Hao ndio chanzo cha taarifa hiyo

hahah...mkuu wewe si ndo umewaquote tena na kusherehekea kwa mbwembwe!!

 

[Kamanda wa Kweli]

Inayofuata ni Bongo...

Kwa nini?

 

[Kamanda wa Kweli]

Kulikoni hizi nchi za mafuta, alianza Angola kutangaza kuwa nchi yake imefilisika. Naona na Nigeria pia mambo si shwali. Nafikiri issue ya Corruption and Insecurity ni chanzo kikubwa cha kudolola kwa uchumi wa Nigeria. sijui kama viongozi wa Bongo wanaliona hili....! waswahili wanasema mwenzako akinyolewa, nawe tia maji...

Vizuri...Nina swali! Kati ya Kenya na Tanzania ni nchi ipi yenye ufisadi mkubwa? Pia ...uchumi Wa Nigeria kwa kiasi kikubwa unategemea mafuta, kuna uhalisia Wa recession to recover in a short period of time...kiuhalisia? Maana kuanzisha other means of production ili kuwa na alternative products to be expoterd inahitaji muda mrefu. Na labda mwisho...nasikia Buhari anapambana ufisadi kwa kiwango kikubwa...maelezo yako hapo juu unasema rusha iliyokithiri pia imesababisha mdororo wa uchumi. Sasa je! Alivyoingia Buhari ndio rushwa imeongezeka kwa kuwa uchumi umedorora kipindi chake?

 

[Nichumu Nibebike]

Kwa nini?

Wananchi wengi hawana pesa mfukoni... Sekta mbali mbali kama mabenki zitasinyaa mwaka huu, japo ukuaji wa uchumi unaotabiriwa utatokana sana sana na ujenzi wa miundo mbinu ya mafuta na gesi... Bomba pekee la mafuta la Tanzania na Uganda litagharimu zaidi ya Trilioni sita kitu ambacho kitachangia kuonesha uchumi wa nchi umekuwa ihali sio kweli kuwa kiwango cha uzalishaji kwa kial mwananchi (per kapita productivity) kimeongezeka...

 

[SirChief]

Wa pili ukuaji wa uchumi ila raia ndo anazidi kuwa masikini na pengo kati ya masikini tajiri ndo linazidi kukua kila uchwao,sasa hapo ndo nini sasa??

Economic Growth---figures
Economic development---Hapa ndipo kuna uhalisia ni kwa vipi economic growth ina akisi maendeleo ya kiuchumi ya watu.Na hapa ndipo tunapofeli sasa.