Chinese authorities have announced a new package of measures aimed at supporting economic growth and reviving the country’s struggling property sector as pressure mounts ahead of the 2026 year-end growth target.

The measures, announced Tuesday, include lower funding costs for policy banks, increased lending support for technological innovation and new mortgage interest subsidies for eligible homebuyers.

The People’s Bank of China (PBOC) said it would cut the one-year interest rate on its pledged supplementary lending (PSL) facility by 0.25 percentage points to 1.5%.

PSL provides low-cost financing to China’s major state policy banks for state and public projects. The central bank said the rate reduction is intended to improve incentives for banks and better support national strategies.

The PBOC also announced a 200 billion yuan increase in its relending quota for technological innovation, taking the total to 1.4 trillion yuan.

China Offers Mortgage Support to Homebuyers

China’s Ministry of Finance separately announced new mortgage interest subsidies for homebuyers.

Starting in October, eligible first-time buyers will receive subsidies equivalent to an annualised 1 percentage point of their mortgage principal for up to five years.

The subsidy will apply to homes measuring no more than 120 square metres, with a purchase price capped at 1.5 million yuan.

Gary Ng, a senior economist for Asia-Pacific at French bank Natixis, described the measures as a targeted effort to reduce funding costs and support selected sectors, including real estate.

He said the property measures were aimed at strengthening housing demand in lower-tier Chinese cities, where the sector continues to face significant pressure.

China Faces Growth Pressure

Chinese leaders have set a 2026 economic growth target of between 4.5% and 5%, compared with 5% growth recorded last year.

The economy expanded by 4.3% in the April-June quarter, according to the report, marking its weakest growth pace in more than three years.

China’s property market has also remained under pressure following a prolonged liquidity crisis in the real estate sector after authorities moved to curb excessive borrowing.

Overall home prices have fallen by roughly 20% or more compared with 2021, according to the report.

Ng said Tuesday’s measures were likely intended to help China achieve the lower end of its annual growth target.

The announcements came a day after China’s State Council discussed strengthening and improving the effectiveness of macroeconomic policies in response to continuing economic challenges.

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The Federal Government has ruled out plans to seek financial support from the International Monetary Fund, despite the institution’s proposed $50 billion support package for struggling African economies.

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this position clear during a press briefing at the ongoing World Bank/IMF Spring Meetings in Washington, D.C.

Edun stated that Nigeria has no intention, for now, to approach the IMF for additional borrowing, stressing the government’s commitment to managing its economic challenges independently.

“Nigeria has no plan at the moment to approach the IMF for any such burden,” he said.

His comments come shortly after IMF Managing Director, Kristalina Georgieva, disclosed that the global lender is preparing between $20 billion and $50 billion in financial support for countries facing economic strain, particularly in Sub-Saharan Africa.

Georgieva had advised nations under economic pressure to act swiftly when seeking financial assistance, warning that delays could worsen macroeconomic conditions.

While Nigeria is not seeking direct funding, Edun acknowledged that African economies are currently facing heightened vulnerabilities, especially due to global disruptions linked to the Middle East crisis.

According to him, many African countries—particularly oil-importing nations—are disproportionately affected by rising global tensions, which threaten macroeconomic stability, job creation, and poverty reduction efforts.

He noted that these countries require additional support, even though they are not directly responsible for the external shocks impacting their economies.

The IMF chief also highlighted the broader global implications of the crisis, warning that ongoing conflicts and supply chain disruptions could weaken global economic growth.

She projected that global growth could decline from 3.4 percent last year to 2.1 percent in 2026, with a worst-case scenario of 2 percent if current pressures persist.

Georgieva further explained that higher oil prices and disrupted trade routes are already driving inflation and slowing economic expansion worldwide.

Despite these concerns, she revealed that African finance ministers and central bank governors have so far prioritised policy guidance over immediate financial assistance during discussions with the IMF.

Experts say Nigeria’s decision to avoid additional IMF borrowing may reflect concerns over rising debt levels and the conditions often attached to such loans.

The Federal Government has instead continued to focus on fiscal reforms, revenue generation, and economic policies aimed at stabilising the economy without increasing external debt exposure.

The development underscores Nigeria’s cautious approach to borrowing, even as global economic uncertainties continue to mount.

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The International Monetary Fund has revised Nigeria’s economic growth forecast for 2026 downward to 4.1 percent, citing rising global uncertainties and domestic cost pressures impacting key sectors.

The latest projection represents a 0.3 percentage point drop from the 4.4 percent estimate released earlier in January 2026, reflecting a more cautious outlook for Africa’s largest economy.

Speaking during a briefing for the IMF’s April 2026 Global Financial Stability Report, Deniz Igan explained that the downgrade mirrors broader economic headwinds affecting Sub-Saharan Africa.

She noted that while the region recorded relatively strong growth in 2025, new global shocks—particularly ongoing geopolitical tensions—have weakened momentum.

According to the IMF, rising fuel, fertiliser, and shipping costs are expected to weigh heavily on Nigeria’s non-oil sectors, even as higher crude oil prices provide limited support to overall growth.

“Turning to Nigeria, we have revised growth down by 0.3 percentage points to 4.1 percent in 2026,” Igan said, highlighting the dual pressures shaping the country’s outlook.

The Fund also pointed to declining foreign aid across the region, with bilateral support falling between 16 and 28 percent in 2025—a trend expected to persist and further strain developing economies.

Nigeria’s macroeconomic environment remains challenging, with inflation recorded at about 15.06 percent year-on-year as of February 2026. Meanwhile, interest rates remain elevated, reflecting ongoing efforts by the Central Bank of Nigeria to stabilise prices and manage inflation expectations.

The IMF advised policymakers to maintain tight monetary conditions while closely monitoring exchange rates and inflation trends to sustain economic stability.

Globally, growth is also slowing. The IMF projects world output to decline from 3.4 percent in 2025 to 3.1 percent in 2026, before a modest recovery to 3.2 percent in 2027.

Advanced economies are expected to see slower expansion, with countries like the United States projected to grow at 2.3 percent in 2026, while the United Kingdom is forecast to expand by just 0.8 percent.

In Europe, Germany is expected to recover gradually, while India stands out among major economies with a strong growth projection of 6.5 percent.

Across Sub-Saharan Africa, growth is projected to ease slightly from 4.5 percent in 2025 to 4.3 percent in 2026, reflecting both external shocks and persistent structural challenges.

The IMF linked much of the current uncertainty to rising tensions in the Middle East, particularly around the Strait of Hormuz, a critical global oil transit route. Disruptions in the region have increased energy prices, shipping costs, and insurance premiums, placing additional strain on import-dependent economies like Nigeria.

These pressures have worsened trade conditions, contributed to inflation, and slowed economic expansion—factors now reflected in the IMF’s revised outlook.

Despite the downgrade, the Fund projects a modest recovery for Nigeria in 2027, suggesting that current challenges may ease if global conditions stabilise and domestic reforms gain traction.

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Nestlé, the world’s largest food company, has announced plans to lay off about 16,000 employees worldwide over the next two years as part of a sweeping cost-reduction and automation initiative aimed at improving efficiency.

The Swiss multinational said the move will enable it to streamline operations through greater automation, digital transformation, and the expansion of shared services. According to the company, around 12,000 white-collar jobs will be affected, with another 4,000 positions cut from manufacturing and supply chain operations—representing nearly 6% of its global workforce.

“The world is changing, and Nestlé needs to change faster. This will include making hard but necessary decisions to reduce headcount,” Chief Executive Officer Philipp Navratil said in a statement on Thursday.

Nestlé noted that automation and AI-driven systems are already being used across its research, marketing, and product development units. The company’s 2024 annual report highlighted how advanced analytics and automation have helped optimize promotions, pricing, and retail displays.

While the firm did not specify which regions would be most affected, analysts predict that administrative and mid-level management roles in North America and Europe may face the biggest impact.

The restructuring comes amid growing economic pressures on multinational firms battling inflation, rising costs, and rapid technological shifts. Similar moves have recently been made by major tech firms Microsoft, which cut 9,000 jobs this year, and Google, which laid off hundreds from its Platforms & Devices division.

Despite the layoffs, Nestlé reported a 4.3% rise in organic sales in Q3 2025 and reaffirmed its commitment to long-term investment. Its shares rose 7.6% on Thursday following the cost-cutting announcement, reflecting investor confidence in the company’s transformation strategy.

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Miller said Africa’s rise is certain but depends on strong and strategic leadership. He warned that without careful planning, the continent risks repeating past mistakes.

He criticized past global partnerships, saying many only took resources and left broken promises. He called for private sector-led investments instead of debt-driven deals.

Miller urged African countries to focus on real value, avoid unsustainable loans, and build strong infrastructure like roads, ports, and data centers.

He also highlighted Africa’s young population and rich resources, saying these could make the continent a key player in the global AI supply chain.

“This is like the Industrial Revolution,” he said. “Africa has a chance to shape its future if it acts now.”

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