Business
‘Nigerian Economic Outlook Still Robust’
The Minister for Finance and Coordinating Minister of the Economy, Dr Ngozi Okonjo-Iweala, last Wednesday in Abuja said that the nation’s economic outlook remained strong and good in spite of the global economic uncertainty. A statement signed by Okonjo-Iweala, said that the various economic indications showed that the economy remained robust.
“The Nigerian economy is strong. Our economic performance is robust when viewed against a whole range of objective factors. Inflation is now down to a single-digit at 9.0 per cent in January 2013 compared to 12.6 per cent in January 2012.
“The exchange rate has been relatively stable and the fiscal deficit, at just under two per cent of Gross Domestic Product, is on a downward trajectory and below our threshold of three per cent,” she said.
According to her, the national debt is at a sustainable level at about 19.4 per cent of GDP.
The statement said that the overall GDP growth for 2012 was 6.5 per cent and projected at 6.75 per cent for 2013 against the projected global growth rate of 3.5 per cent.
“The above facts have been independently validated by international ratings agencies such as Fitch, Standard and Poor’s and Moody’s who have upgraded the country’s economic outlook, even as other countries were being downgraded. In addition, Nigeria’s bonds have recently been included in the Barclays and JP Morgan Emerging Market indices,” Okonjo-Iweala said.
She called for support of all stakeholders to ensure that more jobs were created for Nigerian youths.
She said that there was the need to accelerate the slight two per cent poverty decline between 2003 and 2010.
On the discrepancy in account balances of the ministry and CBN on excess crude account, she said that the ministry usually rendered its account after the Federation Account Allocation Committee meeting at middle of the month “Whereas CBN data are reported at the end of each month. There is thus a time lag between the reports from the two institutions. As a result, there are usually some differences due to ‘transit items’ which are yet to be reconciled in both accounts.
“The CBN excess crude reports have included the one billion dollars allocated to the Sovereign Wealth Fund. This is still domiciled with the CBN, whereas the Ministry of Finance does not regard it as part of the distributable excess crude account,” she said.
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.