Fidelity bank card banner Camano banner
Nigeria promotes growth plan to investors on New York roadshow

By News Express on 07/10/2018

Views: 589

•Acting Finance Minister, Zainab Ahmed
•Acting Finance Minister, Zainab Ahmed

Nigerian government officials met with fund managers in New York last week on a non-deal roadshow held to update bondholders on the country’s growth plan after getting out of recession, an investor presentation seen by Reuters on Saturday showed.

The economy recovered from its worst downturn in a quarter of a century last year, but growth is still fragile and the government is trying to diversify its revenue away from an over-reliance on global oil prices to greater tax collection.

The government sees growth of 4.6 percent by 2020 from the 1.5 percent achieved in the first half, by boosting local production, investing in infrastructure and creating jobs. Nigeria’s economy grew just 0.8 percent in 2017.

Zainab Ahmed, who took over as finance minister after Kemi Adeosun resigned last month, was joined by Central Bank Governor Godwin Emefiele, the head of the debt office and the budget and trade ministers for the meeting held on the sidelines of the United Nations General Assembly on Sept. 27.

Emefiele told investors Nigeria would continue to welcome foreign investment and that the bank was engaging with MTN after it claimed that the South African telecoms firm had moved $8.1 billion out of Nigeria illegally, with a view to finding a solution.

Officials also outlined plans for the power, transport, agriculture and social sectors including improvements in the business environment.

The West African country wants to raise $2.8 billion of debt offshore as part of its 2018 budget of 9.12 trillion naira, but the government needs approval from parliament before going ahead with bond sales.

Parliament is due to resume on Tuesday after political parties on Oct. 7 pick their candidates for next February’s presidential election, when President Muhammadu Buhari plans to run for a second term. The ruling party has nominated Buhari for re-election.

Nigeria has said it would borrow more abroad even as interest rates rise in the United States, which could see the west African country pay a higher premium than on its most recent debt sale, held in February.

It wants foreign debt as a percentage of its total loans to hit 40 percent by next year from 30.2 percent in the first half of this year, the presentation showed. (Reuters)

Source News Express

Posted 07/10/2018 09:56:05 AM

 

 

CLASSIFIED ADS

 

You may also like...
Jonathan, Buhari unite at Shagari's 90th birthday

Buhari’s good intentions on budget not enough, says...

Dickson orders ‘Adaka Boro Day’ celebrated in all...

Why men die earlier than women, by WHO...

Lagos police boss sacks 8 officers, demotes 6...

TUC lauds FG on 10 per cent housing...

Trump travel ban: People denied entry to US...

JTF swoops on suspected criminals in Akwa Ibom,...

Operation-Crush-Malawi: EAGLES DEFY RAIN TO TRAIN

Army court martial sentences soldiers to death, life...

Intending RCCG couples to undergo mandatory genital tests...

Akwa Ibom people re-affirm support for Gov. Emmanuel...

 

Latest News Gunmen reportedly abduct 28 travellers in Ondo State Herdsmen Menace in South-East: Obiano Administration may have case to answer — Intersociety How I was raped by Ex-President — Beauty Queen Abuja pastor jailed seven years for rape, abortion Man shoots 10-month-old girl in head after her mother rejects him Why Buhari has not unveiled cabinet list — SGF Three abducted Lebanese rescued in Rivers Taraba boils again Youth Corp member stabs brother to death in Anambra Bayelsa Council Polls: APC boycotting election because of lack capacity to win — Gov Dickson 2019 polls not just imperfect but stolen — HURIWA Super Eagles set sights on Guinea in crucial AFCON group clash

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (498,627 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (427,371 views) Shameless Genevieve Nnaji exposes breasts in public (367,653 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (313,484 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (278,220 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (245,024 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (235,546 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (217,567 views) 10 cars more expensive than Jets (215,310 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (205,805 views) Lagos plane crash: Journalist releases victims’ names (185,712 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (184,788 views)

 

NNPC 2019 National Science Quiz Competition

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (94) Business & Economy (4,328) Business Verdict (75) Columnists (1,055) Complaints & Requests (95) Enterprise & Opportunities (209) Entertainment (627) Features (767) Global Business Monitor (384) ICT Monitor (53) International (3,626) Interview (184) Live Commentary (30) Love Matters (162) Maggie's Blog (314) News (47,814) Opinion (1,268) Pidgin (17) Politics (11,070) Religion (1,033) Sports (2,052) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera