Mr. Wamkele Mene, Secretary General of the African Continental Free Trade Area (AfCFTA), described the AfCFTA as an engine for Africa’s recovery from the effects of the coronavirus pandemic. He said this would help restore the effects of the pandemic on the continent’s industry growth and development agenda. Mene made the claim during a courtesy visit to the Lagos Chamber of Commerce and Industry (LCCI) on Friday in Lagos. He said the continent’s ability to trade goods and services, including the airline industry, tourism and other components, was critical to its recovery. Mene said Africa, before the start of the pandemic, was an important market with a growth rate of 3.4% per year, and the producer of six of the world’s ten fastest growing economies. “With COVID-19, we went from that to a contraction of a magnitude that we haven’t had in about 30 years. “But with the objectives of […]
Last Thursday, the National Bureau of Statistics (NBS) announced that Nigeria’s economy has exited recession in the fourth quarter of 2020 as Gross Domestic Product grew 0.11% in the three months through December from a year earlier, compared with a decline of 3.6% in the third quarter.
The post RECESSION EXIT: There’s still much to do — MAN, LCCI, CPJ, others appeared first on Vanguard News.
’Femi Asu Manufacturing firms borrowed a total of N570bn from Nigerian banks last year amid the economic fallout of the COVID-19 pandemic. Banks’ credit to the manufacturing sector rose to N3.19tn as of December 2020 from N2.62tn at the end of 2019, according to the sectoral analysis of banks’ credit by the Central Bank of […] Read Full Story