The pan-African research team appraised the impact of the Russian war on African economies.
According to the report, the warring economies are responsible for 3.6 per cent of African imports. Despite the little exposure to Ukraine and Russia, constrained supply from these economies means prices of these commodities, most of which are essential, will be elevated.
The report attributed the recent decline in the oil sector to crude theft, noting that, “an attack on one of Nigeria’s major onshore terminals, Escravos was responsible for the historic decline in Q1, 2022.”On inflation, the report stated that, “we see considerable risks from global food shortages, sustained fuel shortages, another energy crisis, higher power tariffs, and weaker exchange rates. Amid these varying outcomes, our base estimate for inflation is 17.50 per cent Y-o-Y in 2022.
The economists also noted a bear case scenario of 19 per cent, should recurring fuel shortages persist, while on monetary policy, it penned down a 100 to 200bps rate hike in H2, 2022. Similarly, the economists foresaw room for a slight depreciation in the naira towards N440 per dollar in the Investors & Exporters Window, saying, “we believe adopting a moving NAFEX rate helps prevent the naira from being grossly overvalued before critical adjustments are made.“Overvaluation of the NAFEX is lower than the defunct de-facto peg of N379/$. Thus, we do not see room for any significant downward adjustments in the official value of the Naira .
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South Africa inflation hits five-year high | The Guardian Nigeria News - Nigeria and World NewsSouth Africa's consumer prices rose to a five-year high in May, exceeding the central bank's stated target, official data showed Wednesday. Naija nko?100 year high
Source: GuardianNigeria - 🏆 1. / 94 Read more »
Zulum In Egypt, Discusses Boko Haram At High-Level Forum On AfricaThe Borno State governor, Babagana Umara Zulum, has travelled to Egypt, where he addressed participants at the third edition of Aswan Forum for Sustainable Yawo me amfani ba irin na Baba Buhari ba
Source: LeadershipNGA - 🏆 4. / 77 Read more »
AfDB: Africa must end dependence on food, medicine imports | TheCableAkinwumi Adesina, president of the African Development Bank (AfDB), says Africa must end dependence on the importation of food and medicine. Adesina said this in an interview with Reuters on
Source: thecableng - 🏆 2. / 80 Read more »
War: Brazil, Russia, India, China, South Africa, meet, declare positionBRICS countries have made their position known in the ongoing war between Russia and Ukraine. According to them, they are in support of talks between
Source: DailyPostNGR - 🏆 11. / 59 Read more »
Again, Nigeria scores ‘very bad’ in human rights, ‘worse than average’ in sub-Saharan Africa - Premium Times NigeriaOn the right to health, the report ranked Nigeria 41st out of 42 countries it reviewed in Sub-Saharan Africa; sitting just behind Equatorial Guinea. Those who brought the tyrant are warming up to replace him with a near grave friend.... God punish them
Source: PremiumTimesng - 🏆 3. / 78 Read more »
March to Kigali Movement with Over 300 Supporters Calls on Leaders to Eliminate Malaria and Neglected Tropical Diseases (NTDs) in Africa | The Guardian Nigeria News - Nigeria and World NewsEvery two minutes, an African child dies from malaria. The continent accounts for over 90% of global malaria deaths and over 40 per cent of the global burden of Neglected Tropical Diseases (NTDs). The Kigali Summit is a historic opportunity for world leaders to reaffirm commitments to end malaria and NTDs. KIGALI, Rwanda,23 June 2022,-/African Media Agency (AMA)/- The March […]
Source: GuardianNigeria - 🏆 1. / 94 Read more »