Economy
Economic Outlook: IMF Projects 6.0% Growth in 2021
By Adedapo Adesanya
The International Monetary Fund (IMF) has reviewed its World Economic Outlook (WEO) to 6.0 per cent this year after the contraction of 3.3 per cent in 2020 amid the COVID-19 pandemic.
According to the Bretton Wood Institution on Tuesday, accelerated vaccinations and a flood of government spending, especially in the United States, have boosted the outlook for the global economy, but more must be done to prevent permanent scars.
The IMF said governments had spent $16 trillion in their attempts to mitigate the economic damage caused by the virus and that without the unprecedented policy response the global economy would have contracted by 10 per cent last year.
The WEO warned that the recovery would be uneven, with faster progress in rich countries further advanced with their vaccine programmes and with the financial firepower to pay for stimulus packages. Inequality would increase both between and within countries, it stated.
The IMF warned against withdrawing government support too soon and urged policymakers to safeguard the recovery through policies to support firms, including ensuring the adequate supply of credit and workers with wage support and retraining.
Of the advanced countries, the United States has recorded the biggest improvement in its prospects, with the IMF raising its growth forecasts by 1.3 points to 6.4 per cent in 2021 and 1.0 points to 3.5 per cent in 2022.
The United Kingdom is expected to grow by 5.3 per cent in 2021 and by 5.1 per cent in 2022 – an upward revision of 0.8 and 0.1 percentage points respectively since January.
Meanwhile, China’s economy, one of few that grew last year, will expand 8.4 per cent in 2021, the IMF said.
The Euro Area too will see GDP expand 4.4 per cent, slightly better than the prior forecast.
Speaking on the report, Ms Gita Gopinath, the IMF’s economic counsellor, said in a blog: “It is one year into the COVID-19 pandemic and the global community still confronts extreme social and economic strain as the human toll rises and millions remain unemployed.
“Yet, even with high uncertainty about the path of the pandemic, a way out of this health and economic crisis is increasingly visible. Thanks to the ingenuity of the scientific community hundreds of millions of people are being vaccinated and this is expected to power recoveries in many countries later this year.”
Ms Gopinath said swift action had prevented a repeat of the financial meltdown of 2008 and as a result, medium-term losses – output that will never be recovered – would be smaller at about 3 per cent of global GDP.
Unlike after the 2008 crisis, it would be emerging markets and low-income countries that could be expected to suffer greater scarring given their limited ability to stimulate their economies.
Despite becoming more optimistic about growth prospects, she said the future presented daunting challenges.
“The pandemic is yet to be defeated and virus cases are accelerating in many countries. Recoveries are also diverging dangerously across and within countries, as economies with slower vaccine rollout, more limited policy support, and more reliant on tourism do less well.”
The IMF calculates that an additional 95 million people expected to have entered the ranks of the extreme poor in 2020, and there are 80 million more undernourished than before.
The lender noted that cooperation to ensure widespread vaccinations across the world to address the “deeply iniquitous” vaccine access where rich countries are scooping up the bulk of the supply.
IMF also called for resources to help children who have fallen behind in their education during the pandemic.
By Adedapo Adesanya
The Managing Director of Lekki Port LFTZ Enterprise Limited, Mr Wang Qiang, says the port has reached half of its designed operational capacity, with steady growth in container throughput since September 2025, reflecting increasing confidence by shipping lines and cargo owners in Nigeria’s first deep seaport.
“We already reached 50 per cent of our capacity now, almost 50 per cent of the port capacity.
“There is consistent improvement in the number of 20ft equivalent units (TEUs) handled monthly,” he said.
Mr Qiang explained further that efficient multimodal connectivity remains critical to sustaining and accelerating growth at the port.
According to him, barge operations have become an important evacuation channel and currently account for about 10 per cent of cargo movement from the port.
Mr Qiang mentioned that the ongoing Lagos–Calabar Coastal Road project would help ease congestion and improve access to the port.
He said that rail connectivity remained essential, particularly given the scale of industrial activities emerging within the Lekki corridor.
He said that Nigeria Government was concerned about the cargoes moving through rail and that the development would enhance more cargoes distribution outside the port.
Mr Qiang reiterated that Lekki port was a fully automated terminal, noting that delays may persist until all stakeholders, including government agencies, fully aligned with end-to-end digital processes.
He explained that customs procedures, particularly physical cargo examinations, and other port services should be fully digitalised to significantly reduce cargo dwell time.
“We must work together very closely with customers and all categories of operations for automation to yield results.
“Integration between the customs system, the terminal operating system and customers is already part of an agreed implementation schedule.
“For automation to work efficiently, all players must be ready — customers, government and every stakeholder. Only then can we have a fantastic system,” Mr Qiang said.
He also stressed that improved connectivity would allow the port to effectively double capacity through performance optimisation without expanding its physical footprint.
By Aduragbemi Omiyale
The series 1 of the N10 billion Commercial Paper (CP) issuance of Legend Internet Plc recorded an oversubscription of 19.7 per cent from investors.
This reaffirmed the strong confidence in the company’s financial stability and growth trajectory.
The exercise is a critical component of Legend Internet’s N10 billion multi-layered financing programme, designed to support its medium- to long-term growth.
Proceeds are expected to be used for broadband infrastructure expansion to deepen nationwide penetration, optimise the organisation’s working capital for operational efficiency, strategic acquisitions that will strengthen its market position and accelerate service innovation.
The telecommunications firm sees the acceptance of the debt instruments as a response to its performance, credit profile, and disciplined operational structure, noting it also reflects continued trust in its ability to execute on its strategic vision for nationwide digital infrastructure expansion.
“The strong investor participation in our Series 1 Commercial Paper issuance is both encouraging and validating. It demonstrates the market’s belief in our financial integrity, operational strength, and long-term vision for digital infrastructure growth. This support fuels our commitment to building a more connected, competitive, and digitally enabled Nigeria.
“This milestone is not just a financing event; it is a strategic enabler of our expansion plans, working capital needs, and future acquisitions. We extend our sincere appreciation to our investors, advisers, and market partners whose confidence continues to propel Legend Internet forward,” the chief executive of Legend Internet, Ms Aisha Abdulaziz, commented.
Also commenting, the Chief Financial Officer of Legend Internet, Mr Chris Pitan, said, “This achievement is powered by our disciplined financing framework, which enables us to scale sustainably, innovate continuously, and consistently meet the evolving needs of our customers.
“We remain committed to building a future where every connection drives opportunity, productivity, and growth for communities across Nigeria.”
By Adedapo Adesanya
President Bola Tinubu will, on Friday, present the 2026 Appropriation Bill to a joint session of the National Assembly.
The presentation, scheduled for 2:00 pm, was conveyed in a notice issued on Wednesday by the Office of the Clerk to the National Assembly.
According to the notice, all accredited persons are required to be at their duty posts by 11:00 am on the day of the presentation, as access into the National Assembly Complex will be restricted thereafter for security reasons.
The notice, signed by the Secretary, Human Resources and Staff Development, Mr Essien Eyo Essien, on behalf of the Clerk to the National Assembly, urged all concerned to ensure strict compliance with the arrangements ahead of the President’s budget presentation.
The 2026 budget is projected at N54.4 trillion, according to the approved 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
Meanwhile, President Tinubu has asked the National Assembly to repeal and re-enact the 2024 appropriation act in separate letters to the Senate and the House of Representatives on Wednesday and read during plenary by the presiding officers.
The bill was titled Appropriation (Repeal and Re-enactment Bill 2) 2024, involving a total proposed expenditure of N43.56 trillion.
In a letter dated December 16, 2025, the President said the bill seeks authorisation for the issuance of a total sum of N43.56 trillion from the Consolidated Revenue Fund of the Federation for the year ending December 31, 2025.
A breakdown of the proposed expenditure shows N1.74 trillion for statutory transfers, N8.27 trillion for debt service, N11.27 trillion for recurrent (non-debt) expenditure, and N22.28 trillion for capital expenditure and development fund contributions.
The President said the proposed legislation is aimed at ending the practice of running multiple budgets concurrently, while ensuring reasonable – indeed unprecedentedly high – capital performance rates on the 2024 and 2025 capital budgets.
He explained that the bill also provides a transparent and constitutionally grounded framework for consolidating and appropriating critical and time-sensitive expenditures undertaken in response to emergency situations, national security concerns, and other urgent needs.
President Tinubu added that the bill strengthens fiscal discipline and accountability by mandating that funds be released strictly for purposes approved by the National Assembly, restricting virement without prior legislative approval, and setting conditions for corrigenda in cases of genuine implementation errors.
The bill, which passed first and second reading in the House of Representatives, has been referred to the Committee on Appropriations for further legislative action.
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