07 Oct

Daily Watch – IMF downgrades Nigeria’s growth forecast, Customer enumeration to begin for power

  • The IMF has downgraded growth its forecast for global growth this year as the world grapples with an economic downturn that is spreading fast. The IMF in its report noted that whilst global growth is expected to come from emerging markets they ironically will record the slowest growth this year. Emerging economies expected to record the slowest growth are Brazil, Nigeria, South Africa and Russia, with Nigeria’s growth now projected at 4 percent in 2015, some 2¼ percentage points lower than last year.
  • The British and Swiss governments have pledged to return stolen Nigerian which lie in various personal bank accounts in their countries. In two separate visits by their new ambassadors, Paul Arkwright for the UK, and Eric Mayoraz for Switzerland, the two countries also promised to work with the EFCC and other anti-graft agencies to prevent official corruption and theft.
  • The Association of Nigeria Electricity Distributors (ANED) has announced that power distribution firms would soon begin customer enumeration exercises across the country to arrest irregularities and malpractices in electricity distribution. Sunday Oduntan, Executive Director, research and advocacy, ANED, noted that the customers’ enumeration became imperative due to the series of sharp practices committed by illegal electricity users on Nigeria’s energy distribution lines and that these are part of the major problems of electricity distribution companies.
  • After months of insisting that its outstanding invoices would have to be paid in U.S. Dollars, Manitoba Hydro International Nigeria Limited (MHINL) which is contracted to manage the electricity Transmission Company of Nigeria (TCN), has agreed to collect payments in Naira. The development signified an end to months of disagreement that stalled the payments as Nigeria refused to pay the invoices in dollars as requested by MHINL. MHINL’s position that a naira payment was only a ‘onetime exception’, however only confirms that the firm was still sticking to its desire for dollar payments in future.