E-Financial
IMF Downgrades Nigeria’s GDP Outlook, Warns of Rising Risks
Nigeria’s economy is projected to grow at 4.1 per cent in 2026 and strengthen slightly to 4.3 per cent in 2027, even as the International Monetary Fund (IMF) warned that the ongoing Middle East conflict is clouding the global outlook.
The projections, contained in the IMF’s April 2026 World Economic Outlook released at the ongoing IMF/World Bank Spring Meetings in Washington DC, the United States, show a relatively stable trajectory for Nigeria despite rising external risks, particularly from energy market disruptions triggered by the war.
The IMF had earlier projected stronger growth of about 4.4 per cent in early January before the latest global shock, reflecting the impact of domestic reforms and improving macroeconomic conditions.
While Nigeria’s growth outlook remains steady, the IMF warned that countries like Nigeria face growing vulnerability from higher global energy prices, inflation pressures and tighter financial conditions.
The war, which has disrupted oil supply routes and pushed up fuel costs, is already feeding into domestic inflation and cost-of-living pressures.
Recent data show petrol and diesel prices have surged sharply since the conflict began, straining households and businesses.
Although higher crude prices may support government revenues, the broader macroeconomic impact remains mixed, with inflation and exchange rate pressures posing downside risks.
The IMF also cut global growth to 3.1 per cent in 2026, with only a modest recovery to 3.2 per cent in 2027 as the Middle East conflict disrupts trade and energy markets.
Emerging markets and developing economies, including Nigeria, are expected to grow at 3.9 per cent this year before recovering to 4.2 per cent in 2027, reflecting the uneven impact of the shock across regions.
Sub-Saharan Africa is projected to expand by 4.3 per cent in 2026 and 4.4 per cent in 2027, placing Nigeria slightly below the regional average but still among the stronger performers.
South Africa, the continent’s largest economy, continues to lag with growth forecast at one per cent in 2026, rising modestly to 1.3 per cent in 2027.
Among major economies, the U.S. is projected to grow by 2.3 per cent in 2026 before easing to 2.1 per cent in 2027, while China is projected to grow by 4.4 per cent and four per cent respectively.
India remains the fastest-growing major economy at 6.5 per cent through 2027, while the Euro Area continues to struggle with weak growth, particularly in Germany and France.
The IMF warned that many developing economies, particularly energy importers, remain vulnerable to rising costs and external shocks.
The IMF urged central banks to prioritise price stability, warning against easing policy prematurely in response to supply shocks. It stressed the need for clear communication and strong institutional independence.
On fiscal policy, the Fund cautioned against broad-based energy subsidies, describing them as costly and inefficient. It recommended a targeted and temporary support for vulnerable households, funded within existing budgets.
The IMF also warned against the use of trade restrictions to address external imbalances, noting that such measures tend to weaken output without resolving underlying issues. It called instead for coordinated global action to stabilise trade and restore energy supply chains.
E-Financial
First Securities Brokers Empowers Nigerians to Trade in the Stock Market with the Launch of FirstInvest App
First Securities Brokers, one of Nigeria’s leading stockbroking firms and a subsidiary of FirstHoldCo Plc, is pleased to announce the official launch of the FirstInvest App, an innovative mobile investment platform designed to make stock market investing simpler, faster, and more accessible for Nigerians.
The FirstInvest App offers investors a seamless digital experience, enabling them to open and manage their investment accounts, monitor their portfolios, and trade equities listed on the Nigerian Exchange (NGX) directly from their mobile devices.
Designed with both new and experienced investors in mind, the platform combines convenience, security, and ease of use to help users make informed investment decisions anytime and anywhere.
As Nigeria continues to embrace digital financial services, the FirstInvest App reinforces First Securities Brokers’ commitment to driving financial inclusion and expanding access to wealth creation opportunities through technology.
Speaking on the launch, Fiona Ahmed Ahimie, Managing Director of First Securities Brokers, said: “The launch of the FirstInvest App represents another significant milestone in our digital transformation journey and our commitment to delivering innovative investment solutions to our clients.
“We understand that today’s investors value convenience, speed, and accessibility. FirstInvest has been developed to provide exactly that: a secure and intuitive platform that empowers individuals to participate confidently in the capital market from wherever they are.”
She added: “Our goal is to remove the traditional barriers associated with investing by placing the power of timely investment and decision making in the stock market directly in the hands of Nigerians. Whether you are taking your first investment step, actively managing your portfolio or just evaluating your investment, FirstInvest provides the tools and flexibility needed to support your financial aspirations.”
The app delivers a range of features designed to enhance your investing experience, including: Secure digital account opening and onboarding, Real-time access to investment portfolios, Buy and sell Nigerian equities with ease, User-friendly trading interface, Secure transaction processing, Convenient access to market information and investment opportunities.
The launch of FirstInvest aligns with First Securities Brokers’ broader strategy of leveraging technology to improve customer experience while supporting the growth of retail participation in Nigeria’s capital market.
First Securities Brokers remains committed to providing trusted investment advisory services, innovative financial solutions, and exceptional customer service, helping clients build and preserve wealth across generations. The FirstInvest App is now available for download on the Google Play Store and the Apple App Store.
The next currency crisis could accelerate the shift of the roughly $315 billion global stablecoin market into a digital-dollar alternative for citizens in emerging economies, notably in regions like sub-Saharan Africa and Latin America.
As local fiat currencies face devaluation and high inflation, citizens and businesses are increasingly utilizing smartphone-based stablecoins (such as USDT and USDC) as hedges and primary mediums of exchange.
According to the International Monetary Fund (IMF), the rapid adoption of dollar-linked digital assets—particularly in countries heavily affected by inflation like Nigeria—poses significant risks to monetary sovereignty.
With up to 95% of surveyed individuals in some African markets preferring to receive payments in stablecoins over local fiat, the rising volume of these decentralized, cross-border channels weakens domestic currency demand and dilutes the effectiveness of local monetary policy.
IMF observed in a report titled “Stablecoins in Nigeria: A Growing Cross-Border Channel” noted that the widespread use of stablecoins poses risks to monetary sovereignty, particularly as more individuals and businesses turn to digital dollar-linked assets for savings and transactions.
Nodding in agreement is Future Investment Initiative Institute (FII Institute), a non-profit organisation run by the Public Investment Fund, Saudi Arabia’s main sovereign wealth fund.
FII Institute said that central banks face structural challenges.
And according to the institute, when citizens move savings out of national banks and into private digital wallets, conventional capital controls lose their grip.
Institutions like the Bank for International Settlements warn that interest-bearing stablecoins compete directly with domestic-currency deposits, complicating financial oversight and making smartphone-based transfers incredibly difficult for authorities to monitor.
In Nigeria, Naira depreciation has pushed users toward dollar-stablecoins, according to report by Gino Matos in cryptoslate.com.
A stablecoin is a type of cryptocurrency designed to maintain a steady value by pegging its price to a reserve asset, such as a fiat currency (e.g., the U.S. dollar) or a commodity (e.g., gold).
They act as a bridge between traditional money and the digital asset world, providing the speed of crypto without the extreme price swings of assets like Bitcoin.
Federal government has reopened three federal government of Nigeria (FGN) bond issues valued at N1.2 trillion for subscription as part of efforts to raise long-term funds from the domestic debt market.
The Debt Management Office (DMO), which announced the offer on Tuesday, said the three reopened bond issues are each valued at N400 billion.
According to the DMO, the first offer is the January 2035 FGN Bond, a 10-year reopening, carrying an interest rate of 22.60 per cent per annum.
The second is the May 2028 FGN Bond, a 15-year reopening, with a coupon rate of 15.45 per cent per annum, while the third is the June 2037 FGN Bond, a 20-year reopening, also valued at N400 billion.
The office said the bond auction is scheduled for July 20, while successful subscriptions will be settled on July 22.
It explained that the bonds are offered at N1,000 per unit, with a minimum subscription of N50 million and additional investments in multiples of N1,000.
For the reopened bonds, the DMO said successful bidders would pay a price based on the yield-to-maturity that clears the auction, in addition to any accrued interest on the instruments.
Interest on the bonds will be paid every six months, while the principal will be repaid in full on the respective maturity dates.
The DMO reaffirmed that FGN bonds are backed by the full faith and credit of the Federal Government and constitute obligations chargeable on the general assets of the federation.
It added that the bonds qualify as trustee investment securities under the Trustee Investment Act and enjoy tax exemptions for eligible investors, including pension funds, under the Company Income Tax Act and Personal Income Tax Act.
The bonds are listed on the Nigerian Exchange (NGX) and FMDQ Securities Exchange and also qualify as liquid assets for banks in computing their liquidity ratios.
FGN bonds are long-term debt instruments through which investors lend money to the Federal Government in exchange for periodic interest payments and repayment of the principal at maturity.
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