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    Onyeali-Ikpe officially takes the reins as Fidelity Bank MD/CEO

    Onyeali-Ikpe officially takes the reins as Fidelity Bank MD/CEO

    dangote's girlfriend

    BREAKING: Another lady claims to be Dangote’s real girlfriend, hours after American lady alleges Africa’s richest man shattered her heart by 1000 pieces [PHOTOS]

    fidelity bank board appointment

    Fidelity Bank announces retirement of 4 directors, appoints 3 new others

    primate elijah ayodele

    2021 PROPHECY: Tinubu will be rubbished, North will retain the presidency – Primate Ayodele

    unizik graduate

    UNIZIK graduate emerges overall winner of Unity Bank Corpreneurship Challenge

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Expect recession throughout this year, Buhari’s men tell Nigerians

Enyi Ominyi by Enyi Ominyi
August 26, 2020
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nigeria economic recession

President Muhammadu Buhari has reiterated many times that his administration is committed to fight corruption

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Nigeria economic recession to extend to Q4

The Nigerian economy is not likely to exit the territory of negative growth until the end of 2020, warns the Presidency.

After the GDP report showed Nigeria’s economy shrunk by 6.1 per cent between April and June, President Buhari’s government warned that the economic decline could even stretch beyond 2020.

Also, read Nigeria hurtles towards recession as economy shrinks by 6.1% in Q2

“It is anticipated that while the third and fourth quarters will reflect continued effects of the slowdown, the fiscal and monetary policy initiatives being deployed by the government in a phased process will be a robust response to the challenges posed by the COVID-19 pandemic,” said a statement issued by the presidency on Wednesday.

Policymakers face a raft of challenges. Inflation rose to 12.82% in July, its highest level in more than two years, and the unemployment rate stood at 27.1 per cent in the second quarter.

Read more Naira devaluation hurt our business more than COVID-19 – Kamisafe

Nigeria’s economy was already grappling with sluggish growth before the pandemic following a 2016 recession. The International Monetary Fund has said it sees Nigeria’s GDP falling 5.4 per cent this year, while the government has said the economy may shrink by as much as 8.9 per cent.

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