By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    IMF reaches staff-level deal with Somalia
    IMF reaches staff-level deal with Somalia
    March 21, 2023
    HDB allocates EGP 3.85bn to sustainable financing in 2022: Chairperson
    HDB allocates EGP 3.85bn to sustainable financing in 2022: Chairperson
    March 21, 2023
    Cooperation between MSMEDA, JICA to boost competitiveness of MSMEs
    Cooperation between MSMEDA, JICA to boost competitiveness of MSMEs
    March 21, 2023
    SCZONE discusses cooperation with American-Hellenic Chamber of Commerce
    SCZONE discusses cooperation with American-Hellenic Chamber of Commerce
    March 21, 2023
    EFG Hermes concludes valU’s 4th issuance in a securitized bond worth EGP 856.5m
    EFG Hermes concludes valU’s 4th issuance in a securitized bond worth EGP 856.5m
    March 21, 2023
  • Politics
    PoliticsShow More
    Shoukry confirms Egypt's full support to COP28 in UAE
    Shoukry confirms Egypt’s full support to COP28 in UAE
    March 21, 2023
    Egypt’s GAH, WHO discuss cooperation in health sector
    Egypt’s GAH, WHO discuss cooperation in health sector
    March 21, 2023
    Egypt, Turkey are not competitors in Libya: FM Cavusoglu 
    Egypt, Turkey are not competitors in Libya: FM Cavusoglu 
    March 21, 2023
    Chinese President Xi Jinping said on Tuesday that China is ready to expand cooperation with Russia during his meeting with Russian Prime Minister Mikhail Mishustin.
    Xi says China to expand cooperation with Russia in trade, investment, supply chain, mega projects, energy, hi-tech
    March 21, 2023
    Egypt’s Irrigation Minister heads to New York for UN water meeting 
    Egypt’s Irrigation Minister heads to New York for UN water meeting 
    March 21, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Nigerian economy shows upward trajectory despite strong headwinds: president
Share
Notification
Latest News
IMF reaches staff-level deal with Somalia
IMF reaches staff-level deal with Somalia
Business
HDB allocates EGP 3.85bn to sustainable financing in 2022: Chairperson
HDB allocates EGP 3.85bn to sustainable financing in 2022: Chairperson
Business
Shoukry confirms Egypt's full support to COP28 in UAE
Shoukry confirms Egypt’s full support to COP28 in UAE
Politics Egypt
Egypt’s GAH, WHO discuss cooperation in health sector
Egypt’s GAH, WHO discuss cooperation in health sector
Politics Egypt
American University in Cairo (AUC) launches Excellence Scholarship Program to support outstanding students
AUC launches Excellence Scholarship Program to support outstanding students
Society in depth
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Nigerian economy shows upward trajectory despite strong headwinds: president
BusinessPolitics

Nigerian economy shows upward trajectory despite strong headwinds: president

Xinhua
Last updated: 2022/09/11 at 3:26 PM
By Xinhua 2 Min Read
Share
Nigerian economy shows upward trajectory despite strong headwinds: president Buhari
SHARE

Nigeria’s economy has continued to be resilient and maintains an upward trajectory, despite the disruptions in the global economy, Nigerian President Muhammadu Buhari said on Friday.

Buhari, while inaugurating an 11-man Presidential Committee on the National Economy in Abuja, the Nigerian capital, said the loss of substantial volumes of oil, the mainstay of the economy, as well as the COVID-19 pandemic and the conflict between Russia and Ukraine, had brought negative impacts on the economy of Africa’s most populous country.

Today I inaugurated a Presidential Committee on the National Economy, to bring together all policy makers responsible for the economy, against the backdrop of disruptions caused by Covid-19, complications from the Russia-Ukraine conflict, and the decline in our oil production. pic.twitter.com/1EF8CrIc9N

— Muhammadu Buhari (@MBuhari) September 9, 2022

“Starting with COVID-19 and now the conflict in Ukraine, the past three years have been turbulent ones for the global economy. Global interdependence has become more apparent as we have had to deal with volatility, uncertainty, complexity, and ambiguity,” the Nigerian leader said.

He said while the global economy was largely affected by challenges which include lockdowns as COVID-19 raged — with disruptions to supply chains around the world and sharp fluctuations in prices, the Nigerian economy continued to show resilience and growth, despite the adverse effects of rising interest rates, a stronger U.S. dollar and higher inflation across the world.

Buhari charged the national economic committee to look inward in addressing the issues peculiar to Nigeria.

Last month, Nigeria, one of Africa’s largest oil producers, recorded a decline in the production of crude oil, with an estimation that the country produced less than 1 million barrels per day, Buhari said. This is a figure far less than the target of 1.88 million barrels per day in the president’s 2022 national budget speech in October 2021.

He attributed the fall in oil production to be “essentially due to economic sabotage.”

The newly inaugurated economic committee headed by Buhari will, according to the president, bring together all policymakers responsible for the economy to share a common understanding and approach toward solving the economic challenges swiftly and efficiently.

You Might Also Like

IMF reaches staff-level deal with Somalia

HDB allocates EGP 3.85bn to sustainable financing in 2022: Chairperson

Shoukry confirms Egypt’s full support to COP28 in UAE

Egypt’s GAH, WHO discuss cooperation in health sector

Egypt, Turkey are not competitors in Libya: FM Cavusoglu 

TAGGED: africa
Share this Article
Facebook Twitter Email Print
Previous Article King Charles III formally proclaimed Britain's new monarch King Charles III formally proclaimed Britain’s new monarch
Next Article  Zimbabwe embarks on road reconstruction drive to spur economic growth  Zimbabwe embarks on road reconstruction drive to spur economic growth
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

IMF reaches staff-level deal with Somalia
IMF reaches staff-level deal with Somalia
Business
HDB allocates EGP 3.85bn to sustainable financing in 2022: Chairperson
HDB allocates EGP 3.85bn to sustainable financing in 2022: Chairperson
Business
Shoukry confirms Egypt's full support to COP28 in UAE
Shoukry confirms Egypt’s full support to COP28 in UAE
Politics Egypt
Egypt’s GAH, WHO discuss cooperation in health sector
Egypt’s GAH, WHO discuss cooperation in health sector
Politics Egypt
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?