Investing.com - Financial Markets Worldwide

UPDATE 1-Nigeria's cabinet proposes 3% economic growth target for 2021 budget

Published 30/09/2020, 15:24
UPDATE 1-Nigeria's cabinet proposes 3% economic growth target for 2021 budget

(Adds details, context)
LAGOS, Sept 30 (Reuters) - Nigeria's cabinet proposed on
Wednesday a 3% economic growth target and an 11.95% inflation
target for its 2021 budget, a presidency aide said.
The cabinet also plans to target a $40 per barrel oil
benchmark and 1.86 million barrels per day of crude production
in the budget, the aide said on his official Twitter account.
Badly hit by the coronavirus pandemic, Nigeria's economy
contracted 6.1% in the second quarter of 2020 and now faces
possible recession in the third, with the government expecting
the economy to shrink by as much as 8.9% this year.
Low oil prices have also taken their toll on the African
continent's top producer, which relies on crude sales for 90% of
foreign exchange earnings.
The Nigerian cabinet signed off on planned expenditure in
2021 of 13.08 trillion naira ($34.37 billion) with a deficit of
4.48 trillion naira, and set its expected exchange rate for the
naira currency at 379 to the U.S. dollar, according to the aide.
The budget requires legislative and presidential approval
before coming into effect, a process that can take months.
($1 = 380.6000 naira)

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.