The IMF disclosed this on Tuesday during the 2021 Virtual Spring meetings.
Nigeria exited recession with a 0.11 percent in the fourth quarters of 2020.
The body also forecast a growth of 3.4 percent for the Sub-Saharan Africa region in 2021, up 0.2 percent, from the previous forecast.
It also lifted its global economic growth forecast for 2021 to six percent — the strongest annual growth in more than four decades, up from the 5.2 percent it anticipated in October. The rebound comes after a 3.3 percent contraction in 2020.
“Global prospects remain highly uncertain one year into the pandemic. New virus mutations and the accumulating human toll raise concerns, even as growing vaccine coverage lifts sentiment.
“The outlook depends not just on the outcome of the battle between the virus and vaccines—it also hinges on how effectively economic policies deployed under high uncertainty can limit lasting damage from this unprecedented crisis.
“Global growth is projected at 6 percent in 2021, moderating to 4.4 percent in 2022. The projections for 2021 and 2022 are stronger than in the October 2020 WEO.
“High uncertainty surrounds this outlook, related to the path of the pandemic, the effectiveness of policy support to provide a bridge to vaccine-powered normalization, and the evolution of financial conditions.”
Discos gross N2.4trn revenue in 5 years amidst power outage
The Electricity Distribution Companies (Discos) raked in a total of N2.4 trillion as revenue between 2015 and 2020, the National Bureau of Statistics (NBS) has revealed.
According to the NBS, revenue generated by the DisCos in 2015 stood at N278.89 billion and rose to N303.03 billion in 2016, showing an 8.65 percent growth rate.
Also, in 2017, revenue generated by the Discos increased by 22.25 percent to N370.46 billion and further rose by 19.48 percent in 2018 to N442.63 billion.
It further increased by 9.03 percent in 2019, to N482.61 billion as well as a sustained positive growth of 9.15 percent when N526.77 billion was collected in 2020.
The statistical agency disclosed this in its June Electricity Report which presents statistics on electricity from 2015 to 2020.
The report focuses on customer numbers, metered customers, estimated billing customers, and most importantly, electricity supply and revenue collected under the reviewed period.
In the 2020 revenue receipt, the highest collection was by Ibadan Electricity Distribution Company (IEDC) with N102.10 billion. It was closely followed by EKEDC with N81.39 billion while the least collection was recorded in YEDC with N10.64 billion.
Nonetheless, electricity supplied to customers during the period of the review showed an unstable trajectory.
The NBS stated that in 2015, 20,337.40 Gigawatt hours (GWh) were supplied across Nigeria. This fell by 6.36 percent in 2016, when 19,044.30 GWh were supplied. Also, it rose in 2017 by 2.04 percent with 19,432.39 GWh and further rose in 2018 by 10.55 percent with 21,483.25 GWh.
In total, electricity supplied in 2019 stood at 22,450.67 GWh but declined in 2020 by 1.82 percent when 22,042.28 GWh were supplied.
The NBS pointed out that customer numbers under the reviewed period increased successively on a year-on-year basis, with the highest numbers recorded in IBEDC.
Generally, customers numbers rose from 6.99 million in 2015 to 10.37 million in 2020.
Similarly, the number of metered customers increased consecutively on a year-on-year basis from 3.15 million in 2015 to 3.80 million in 2019 but declined to 3.51 million in 2020.
In 2015, Benin Electricity Distribution Company (BEDC) recorded the highest number, while IBEDC stood top between 2016 and 2019 while Abuja Electricity Distribution Company (AEDC) recorded the highest in 2020.
The NBS said the estimated billing customer records also showed a year-on-year positive growth rate consecutively from 3.85 million in 2015 to 6.86 million in 2020.
It added that in 2020, the customer numbers were highest in IBEDC with 1,282,136 and lowest in Eko Distribution Company (EKEDC) with 269,022.
The Statistician-General of the Federation, Mr. Adeyemi Adeniran, said: “Today, with the overwhelming global demand for energy and the emphasis positioned by the Sustainable Development Goal (7) on access to energy for all places the need for statistics on electricity as a form of energy.
“Thus, electricity statistics remain a very useful tool for socio-economic planning and development, particularly for a developing economy like Nigeria. These numbers will provide an insight and shape policymaking on improving energy, specifically the electricity supply in Nigeria.”
The report further stated that the trajectory of metered customers had shown annual positive growth rates consecutively except in 2020.
In 2015, metered customers were 3.15 million and rose slightly by 0.23 percent in 2016. This also increased in 2017 and 2018 with 3.57 million and 3.58 million customers respectively.
Metered customers in 2019 stood at 3.80 million, showing a 5.96 percent growth rate, yet lower in 2020 when 3.51 million customers were metered.
AfCFTA Secretary-General allays fears of turning Nigeria into dumping ground
“So, we have to make sure that we are very vigilant against the transshipment of goods, against fraudulent invoicing.
“In the agreement, there are rules: anti-dumping measures, all these rules are meant to protect domestic economies.
“If you see there is the importation of certain goods from certain countries, the agreement allows you to take action against those goods in that country.
“So we have built into the agreement safeguards to make sure that we minimize these.
“Fraudulent invoicing, and transshipment, like any other crimes, those things will always be there, the issue is to mitigate and make it difficult” Mr Mene declared.
“What I always find interesting is that many times, we are willing to accept goods from a country whose name I would not mention that is not on this continent., substandard goods, goods that don’t meet our own requirements, these are the things we have to be vigilant against because it is not a Nigerian market, a Malian market, a Ghanian market, it is AFCTA market.
“We are now creating one market, so if there is dumping in Nigeria, it impacts all of us. If it is dumped in another country, it imparts on all of us.
“So I really appreciate the sensitivity of this issue of dumping and I understand it.
“I mentioned in the previous session that in Southern Africa, there is a sugar that is being dumped from another part of the world that is being brought here, displacing the local market in Southern Africa, and creating job loss.
Auditor General indicts MTN over evasion of Customs duty since 2021
The Office of the Auditor General of Federation has indicted the telecom giant, MTN, over evasion of payment of Customs duties since 2021.
Speaking at the resumed hearing of the investigations on queries issued by the office of the Auditor General of the Federation against the Ministries, Departments and Agencies, (MDAs) of the Federal Government, the Chairman of the committee Hon Oluwole Oluwole Oke, lamented the level of external borrowings by the federal government, saying that the committee’s probe of public funds was aimed at curtailing revenue leakages to boost government treasury.
His statement was coming against the backdrop of tax evasion by the telecom service provider, MTN whose current assets stand at N2.68 trillion in the country, yet does not have proof of customs duty over the years.
Following the failure of the MTN representative to tender the relevant documents to buttress his position that the company was up to date, the committee resolved to write the Nigeria Customs Service, (NCS) to furnish it with relevant documents, including MTN duty permit so as to ascertain the total amount it owes government since 2001.
Hon Oke, therefore, directed the Clerk of the Committee to write to the Management of the Nigeria Customs Service on the financial indebtedness of the firm to the federal government.
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