* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Sunday, September 14, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Ryan Reynolds reveals he called a journalist who said mean things about John Candy – yahoo.com

    Ryan Reynolds Reveals the Moment He Stood Up to a Journalist Who Insulted John Candy

    Entertainment Community Fund Launches Program Supporting Entrepreneurs – Playbill

    Entertainment Community Fund Unveils Exciting New Program to Empower Entrepreneurs

    Behind the turntables: DJ Johnny Kage’s story of perseverance – yahoo.com

    Behind the Turntables: DJ Johnny Kage’s Inspiring Journey of Perseverance

    The other WWE star James Gunn wanted for Peacemaker instead of John Cena – yahoo.com

    The WWE Star James Gunn Originally Wanted for Peacemaker Instead of John Cena

    Quinta Brunson, John Stamos Join Entertainment and Technology Summit – Variety

    Quinta Brunson and John Stamos to Headline Thrilling Entertainment and Technology Summit

    ‘Breaking Bad’ star arrested for incident with neighbor. Here’s the latest – PennLive.com

    Breaking Bad’ Star Arrested Following Neighbor Dispute: Latest Updates

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Billion-dollar coffins? New technology could make oceans transparent and Aukus submarines vulnerable – The Guardian

    Billion-Dollar Coffins? How New Technology Could Make Oceans Transparent and Expose Submarines

    What if artificial intelligence is just a “normal” technology? – The Economist

    What if artificial intelligence is just a “normal” technology? – The Economist

    Lincoln Trail College Receives $100,000 Grant from Marathon Petroleum Corporation for Technology Center – wwbl.com

    Lincoln Trail College Lands $100,000 Grant from Marathon Petroleum to Elevate Technology Center

    Aston Martin to integrate Pirelli’s cyber tyre technology in future models – Just Auto

    Aston Martin to Revolutionize Future Models with Pirelli’s Cutting-Edge Cyber Tyre Technology

    Figure Technology’s stock sizzles after IPO, as investors stay hungry for crypto deals – MarketWatch

    Figure Technology’s Stock Skyrockets After IPO Amid Surging Crypto Investor Excitement

    AI is the ‘most transformational technology’ in our lifetime, AMD CEO argues – Fox Business

    AMD CEO Declares AI the Most Transformative Technology of Our Era

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Ryan Reynolds reveals he called a journalist who said mean things about John Candy – yahoo.com

    Ryan Reynolds Reveals the Moment He Stood Up to a Journalist Who Insulted John Candy

    Entertainment Community Fund Launches Program Supporting Entrepreneurs – Playbill

    Entertainment Community Fund Unveils Exciting New Program to Empower Entrepreneurs

    Behind the turntables: DJ Johnny Kage’s story of perseverance – yahoo.com

    Behind the Turntables: DJ Johnny Kage’s Inspiring Journey of Perseverance

    The other WWE star James Gunn wanted for Peacemaker instead of John Cena – yahoo.com

    The WWE Star James Gunn Originally Wanted for Peacemaker Instead of John Cena

    Quinta Brunson, John Stamos Join Entertainment and Technology Summit – Variety

    Quinta Brunson and John Stamos to Headline Thrilling Entertainment and Technology Summit

    ‘Breaking Bad’ star arrested for incident with neighbor. Here’s the latest – PennLive.com

    Breaking Bad’ Star Arrested Following Neighbor Dispute: Latest Updates

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Billion-dollar coffins? New technology could make oceans transparent and Aukus submarines vulnerable – The Guardian

    Billion-Dollar Coffins? How New Technology Could Make Oceans Transparent and Expose Submarines

    What if artificial intelligence is just a “normal” technology? – The Economist

    What if artificial intelligence is just a “normal” technology? – The Economist

    Lincoln Trail College Receives $100,000 Grant from Marathon Petroleum Corporation for Technology Center – wwbl.com

    Lincoln Trail College Lands $100,000 Grant from Marathon Petroleum to Elevate Technology Center

    Aston Martin to integrate Pirelli’s cyber tyre technology in future models – Just Auto

    Aston Martin to Revolutionize Future Models with Pirelli’s Cutting-Edge Cyber Tyre Technology

    Figure Technology’s stock sizzles after IPO, as investors stay hungry for crypto deals – MarketWatch

    Figure Technology’s Stock Skyrockets After IPO Amid Surging Crypto Investor Excitement

    AI is the ‘most transformational technology’ in our lifetime, AMD CEO argues – Fox Business

    AMD CEO Declares AI the Most Transformative Technology of Our Era

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

UN Says High Debt, Inflation Threaten Nigeria’s Economic Growth in 2024

January 9, 2024
in Business
UN Says High Debt, Inflation Threaten Nigeria’s Economic Growth in 2024
Share on FacebookShare on Twitter

United NationsUnited Nations

FIRS

The United Nations has disclosed that rising public debt, persistent inflation, high cost of living, and a weak business environment, will continue to pose a downward risk to Nigeria’s growth prospects.

In its ‘World Economic Situation and Prospects 2024’ report, the Department of Economic and Social Affairs of the UN revealed that recent reforms by the government will boost GDP in 2024 to 3.1 per cent. It stated that policy reforms by the government in 2023, especially in the hydrocarbon sector, have contributed moderately to the country’s growth prospects for 2024.

Commenting on the issues that might negatively impact the country, the UN said, “However, ballooning public debt, persistent inflation, and a rising cost of living, together with a weak business environment, will pose a downward risk to growth prospects.”

It noted that efforts to increase “in-country oil refining capacity would likely reduce domestic fuel costs in 2024 and beyond.”

The New York City headquartered agency highlighted that generally African economies faced significant inflationary pressures in 2023, resulting in an inflation rate higher than the recent average. It decried the impact of exchange rate on inflationary pressures and stated that high fuel prices resulted in higher local prices for essential items such as food.

It stated, “Food inflation remained elevated (above 30 per cent) for some of the larger economies, including Nigeria, Egypt, and Ghana.”

The United Nations pointed out that many African countries continued to experience deteriorating fiscal positions against the backdrop of high public debt and a low domestic revenue base in 2023. It stated that structural vulnerabilities such as weak taxation frameworks, narrow tax bases, and inadequate institutional capacity limit the effectiveness of fiscal policy reforms on the continent.

Commenting on tax revenues, it said, “Tax revenue currently accounts for approximately 16.6 per cent of GDP, which compares poorly with the corresponding shares for regions such as Asia and the Pacific (21 per cent) and Latin America and the Caribbean (22.9 per cent).”

It noted that energy subsidy reforms in Nigeria, Angola, and Gambia, as well as tax hikes in Kenya, Ghana and South Africa, aim to provide the governments of these countries with some relief from tight fiscal spaces.

The humanitarian agency stated that the volatility of commodity prices and susceptibility to external shocks also contributed to fiscal policy uncertainty in the region. Borrowing has gotten more expensive, the agency noted, with many African countries cut off from the international market due to low credit ratings.

It said, “Development financing access and costs remain a daunting challenge, with debt overhangs hindering most African countries from accessing capital at affordable rates from international markets. Borrowing costs for Governments in Africa remain elevated, largely due to low credit ratings.

“Estimates show that borrowing costs for the African countries are approximately four times higher than those for developed countries. In 2023, the three major international credit rating agencies downgraded some of the major economies in Africa, including Nigeria, Ghana, Egypt, Kenya, and Morocco.

According to it, the African Union is working on establishing an independent credit rating modality that will provide balanced and comprehensive risk evaluations for African countries to lower their borrowing costs in international financial markets.

It concluded by stating that the economic outlook for Africa remains clouded by debt, lingering inflation, and climate risks, compounded by uncertainties on the political front. It added that the continent remains the most food insecure region in the world, with approximately 60 per cent of the population experiencing moderate or severe food insecurity against a global average of 29.6 per cent.

Nigeria’s total public debt rose to N87.91trn in the third quarter of 2023 according to data from the Debt Management Office. Recently, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, decried the dangers of the rising debt profiles of governments across all levels in the country.

He said, “I also need to comment on the increasingly rising debt profiles of Government at all levels, which pose serious danger and challenge to our national economy and existence as an independent nation.”

Recently, the International Monetary Fund stated that inflation will slow Nigeria’s economic growth. It said, “Growth in Nigeria is projected to decline from 3.3 percent in 2022 to 2.9 per cent in 2023 and 3.1 per cent in 2024, with negative effects of high inflation on consumption taking hold.”

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : EconomicConfidential – https://economicconfidential.com/2024/01/debt-inflation/

Tags: businessInflationthreaten
Previous Post

Rotana regional growth and sustainability focus

Next Post

NGX Sustains Bullish Trade as Investors Gain N3.5tn on Seventh Day 

Have you gotten this year’s COVID vaccine? – Live Science

Is It Time for Your COVID Vaccine This Year?

September 14, 2025
Medra Launches Continuous Science Platform to Power the Scientific Frontier – AI Insider

Medra Unveils Groundbreaking Continuous Science Platform to Transform the Future of Research

September 14, 2025
Experts Share Lifestyle Tips to Help Lower High Cholesterol – yahoo.com

Expert-Approved Lifestyle Tips to Naturally Lower High Cholesterol

September 14, 2025
Billion-dollar coffins? New technology could make oceans transparent and Aukus submarines vulnerable – The Guardian

Billion-Dollar Coffins? How New Technology Could Make Oceans Transparent and Expose Submarines

September 14, 2025
Cowboys schedule: Is Dallas playing today? – Yahoo Sports

Is Dallas Cowboys Playing Today? Check Their Latest Schedule!

September 14, 2025
World Athletics Championships 2025: Ryan Crouser, in only competition of year, wins third straight shot put world title – Olympics.com

World Athletics Championships 2025: Ryan Crouser, in only competition of year, wins third straight shot put world title – Olympics.com

September 14, 2025
A potentially K-shaped economy creates dilemmas for the Fed – The Hill

Navigating a K-Shaped Economy: The Fed’s Tough Road Ahead

September 14, 2025
Ryan Reynolds reveals he called a journalist who said mean things about John Candy – yahoo.com

Ryan Reynolds Reveals the Moment He Stood Up to a Journalist Who Insulted John Candy

September 14, 2025
The Surprising Health Benefits of Doing Jigsaw Puzzles, According to Experts – marthastewart.com

Unlock Unexpected Health Benefits by Doing Jigsaw Puzzles

September 14, 2025
Foreign hack of John Bolton’s AOL account cited as part of reasoning for searching his house – CNN

Foreign hack of John Bolton’s AOL account cited as part of reasoning for searching his house – CNN

September 14, 2025

Categories

Archives

September 2025
MTWTFSS
1234567
891011121314
15161718192021
22232425262728
2930 
« Aug    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (819)
  • Economy (838)
  • Entertainment (21,716)
  • General (17,026)
  • Health (9,882)
  • Lifestyle (854)
  • News (22,149)
  • People (842)
  • Politics (847)
  • Science (16,049)
  • Sports (21,339)
  • Technology (15,821)
  • World (821)

Recent News

Have you gotten this year’s COVID vaccine? – Live Science

Is It Time for Your COVID Vaccine This Year?

September 14, 2025
Medra Launches Continuous Science Platform to Power the Scientific Frontier – AI Insider

Medra Unveils Groundbreaking Continuous Science Platform to Transform the Future of Research

September 14, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version