Business Okonjo-Iweala Reveals Impact of Boko Haram Insurgency, Ebola Outbreak on Nigeria's Economy



Nigeria's Minister of Finance and Coordinating Minister of Economy, Dr. Ngozi Okonjo-Iweala, yesterday in Lagos said that the Ebola virus disease and acts of violence by the Boko Haram sect had adversely effected business and economic activities, slashing the nation’s projected economic growth rate for this year from seven to 6.5 per cent.

“We have discounted our growth by a half percentage point this year. We are still projecting to grow around 6.5 per cent. We would have grown at about seven per cent. But we have discounted that. Part of that includes consideration for Ebola.

“The half a percentage point reduction in our economic growth includes the effect of Boko Haram. We have discounted the effect of terrorism in the North East.”

According to her, some international business meetings scheduled to hold in the country have been canceled, while hotel occupancy rates in major cities are currently down.

However the Federal Government has instituted a team led by the Chief Economic Adviser to continue monitoring the impact of the Ebola virus disease on the economy, she said according to PUNCH.

On the nature of impact the problems would have, Okonjo-Iweala said, “You know our economy is largely driven by internal consumption. That is why we are not thinking that it would have quite a large impact. But there would be some (impact): you can see that hotel occupancy rates are down and some business meetings have been postponed by people from outside.

“So, we are taking that into account. So far, half a percentage point is largely for terror and a little bit for Ebola. But the impact is not that much.”

#Nigeria #Ebola #BokoHaram #Ngozi #OkonjoIweala #Punchn