cbn statement, 2012-07-24
Overall, the slowdown in global economic activities would have serious implications for the Nigerian economy in the following respects: A softening in the demand for oil and consequent decline in oil revenues; reduction in foreign exchange earnings which would impair the build-up of external reserves and consequently exert pressures on the exchange rate; increased budget deficit as government would not be able to realize its revenue projections; and increased public sector borrowing to finance expenditure outlays.
Sentiment: neutral
Topic: mp_economic_activity