{"id":11711,"date":"2024-12-29T16:18:24","date_gmt":"2024-12-29T16:18:24","guid":{"rendered":"https:\/\/thenewsnow.org\/?p=11711"},"modified":"2024-12-29T16:21:08","modified_gmt":"2024-12-29T16:21:08","slug":"nigeria-2024-economic-review-and-2025-outlook","status":"publish","type":"post","link":"https:\/\/thenewsnow.org\/index.php\/2024\/12\/29\/nigeria-2024-economic-review-and-2025-outlook\/","title":{"rendered":"NIGERIA 2024 ECONOMIC REVIEW AND 2025 OUTLOOK"},"content":{"rendered":"

CENTRE FOR THE PROMOTION OF PRIVATE ENTERPRISE [CPPE]<\/span><\/p>\n

NIGERIA 2024 ECONOMIC REVIEW AND 2025 OUTLOOK<\/span><\/span><\/p>\n

Gross Domestic Product [<\/span><\/span>GDP<\/span><\/span>]<\/span><\/span> Performance<\/span><\/span><\/p>\n

Despite the intense macroeconomic headwinds<\/span><\/span>in 2024<\/span><\/span>, the Nigerian economy <\/span><\/span>exhibited<\/span><\/span>resilience on account of GDP performance. The GDP grew at 2.98% in the first quarter, 3.19% in the second quarter and 3.46% in the third quarter. It may close the year at about <\/span><\/span>3.6%<\/span><\/span>.<\/span><\/span>\u00a0This <\/span><\/span>is at par with <\/span><\/span>IMF <\/span><\/span>forecasts for GDP growth for the <\/span><\/span>sub-Sahara<\/span><\/span> Africa which is 3.6% and better than global GDP forecast of 3.2%.<\/span><\/span><\/p>\n

Sectoral <\/span><\/span>Growth Disparities<\/span><\/span><\/p>\n

T<\/span><\/span>he service sector continued to dominate the <\/span><\/span>sectoral<\/span><\/span> growth performance for most part of the year. In Q3 2024, the financial services sector <\/span><\/span>outperformed other sectors with <\/span><\/span>a <\/span><\/span>growth performance <\/span><\/span>of<\/span><\/span> 32%. \u00a0Insurance grew by 19.8%, road transport grew by 17.9% and rail transportation <\/span><\/span>19.7%. \u00a0<\/span><\/span><\/p>\n

However, real sector growth remained<\/span><\/span> subdued<\/span><\/span>during<\/span><\/span> the year with agriculture posting a GDP growth of 1.14% and manufacturing, 0.92%<\/span><\/span> in the third quarter<\/span><\/span> of 2024<\/span><\/span>. \u00a0Air Transport, Quary & Minerals, <\/span><\/span>Petroleum<\/span><\/span> Refining<\/span><\/span> and <\/span><\/span>Textile<\/span><\/span>sector <\/span><\/span>remained<\/span><\/span> in recession as <\/span><\/span>at<\/span><\/span> third quarter of 2024. <\/span><\/span><\/p>\n

The implication is that sectors with high job creation potentials<\/span><\/span> and <\/span><\/span>prospects<\/span><\/span> for<\/span><\/span> economic inclusion <\/span><\/span>are<\/span><\/span> still<\/span><\/span> struggling<\/span><\/span>. \u00a0This situation needs to be reversed to fix the current high unemployment and reduce poverty. <\/span><\/span><\/p>\n

The huge disparities in the growth of financial services and the rest of the economy <\/span><\/span>are<\/span><\/span> a reflection of the growing<\/span><\/span> decoupling<\/span><\/span> of<\/span><\/span> the financial services sector <\/span><\/span>from the <\/span><\/span>real<\/span><\/span> economy. It also<\/span><\/span> exemplifies <\/span><\/span>the<\/span><\/span> failure of <\/span><\/span>the <\/span><\/span>financial intermediation role of the financial services sector in the Nigerian economy. <\/span><\/span>It <\/span><\/span>is a<\/span><\/span>significant <\/span><\/span>dysfunctionality in the economy<\/span><\/span>which deserves the<\/span><\/span> urgent<\/span><\/span> attention of policy makers<\/span><\/span>. <\/span><\/span>The current reality is that i<\/span><\/span>nvesting in financial instruments has become much more profitable than investing in the real economy.<\/span><\/span>The risk is also very low.<\/span><\/span> This is not consistent with our economic aspirations<\/span><\/span> as it is a major disincentive to real sector investment. <\/span><\/span>There is a need for appropriate policy measures to correct th<\/span><\/span>e huge disparity in the <\/span><\/span>profitability<\/span><\/span> between<\/span><\/span>the real economy and the financial economy<\/span><\/span>.<\/span><\/span>\u00a0There is also a <\/span><\/span>progressive <\/span><\/span>crowding out of the real <\/span><\/span>economy in the financial markets.<\/span><\/span><\/p>\n

Oil and <\/span><\/span>Non-Oil<\/span><\/span> Sectors<\/span><\/span><\/p>\n

From a structural perspective, the <\/span><\/span>non-oil<\/span><\/span> sector continues to dominate the economic space with the sector contributing 94.43% of the country\u2019s GDP in Q3 2024<\/span><\/span>,<\/span><\/span> while the oil sector contributed 5.57%<\/span><\/span>. \u00a0However, the economy is <\/span><\/span>characterized<\/span><\/span> by <\/span><\/span>a<\/span><\/span> paradox of the oil sector contributing <\/span><\/span>an estimated <\/span><\/span>9<\/span><\/span>0<\/span><\/span>% of <\/span><\/span>foreign<\/span><\/span>exchange earnings while the <\/span><\/span>non-oil<\/span><\/span> sector accounts for a<\/span><\/span>bout<\/span><\/span> 10<\/span><\/span>%. \u00a0<\/span><\/span><\/p>\n

This is <\/span><\/span>a structural shortcoming in <\/span><\/span>our<\/span><\/span> economy <\/span><\/span>which<\/span><\/span> needs to be addressed<\/span><\/span> as s<\/span><\/span>ectors that contribute hugely to GDP have no corresponding contribution to foreign exchange earnings<\/span><\/span>. \u00a0<\/span><\/span>However, <\/span><\/span>it<\/span><\/span> is noteworthy that the non-oil sector contribution to revenue had improved markedly in recent times.<\/span><\/span> This <\/span><\/span>economic structure <\/span><\/span>reflects the enormous productivity and <\/span><\/span>competitiveness<\/span><\/span> challenges of the <\/span><\/span>non-oil<\/span><\/span> sector of the Nigerian economy. <\/span><\/span><\/p>\n

The policy implication is that more should be done to fix the <\/span><\/span>challenges<\/span><\/span> of productivity and competitiveness of the <\/span><\/span>non-oil<\/span><\/span> sector of the economy. \u00a0Most of these challenges are the structural <\/span><\/span>issues, <\/span><\/span>infrastructural<\/span><\/span> challenges, funding <\/span><\/span>constraints<\/span><\/span>, <\/span><\/span>regulatory<\/span><\/span> issues and the general macroeconomic headwinds.<\/span><\/span><\/p>\n

FOREX REVIEW AND OUTLOOK<\/span><\/span><\/p>\n

As at the close of the year, official exchange rate \u00a0[NF<\/span><\/span>EM] was N1,537 up from an average of N1,455.59 in January 2024 \u00a0and N907.1 in December 2023. <\/span><\/span>However<\/span><\/span>, from July to December 2024, the rate had largely stabilized. \u00a0<\/span><\/span>The moderation in exchange rate volatility was informed by the <\/span><\/span>series of regulatory reforms and the periodic intervention by the Central Bank in the forex market<\/span><\/span>. \u00a0Meanwhile <\/span><\/span>the <\/span><\/span>balance <\/span><\/span>of <\/span><\/span>outlook for the exchange rate in 2025 is on the upside<\/span><\/span> based on the following expectations:<\/span><\/span><\/p>\n

\u2022 <\/span>Sustained improvement in foreign reserves which is currently in excess of $40 billion dollars<\/span><\/span>.<\/span><\/span><\/div>\n
\u2022 <\/span>Improvement in accretion to reserves on the back of improved inflows from the IMTOs and diaspora remittances.<\/span><\/span><\/div>\n
\u2022 <\/span>Improved capacity of the CBN to moderate rate volatility through periodic intervention in the forex market.<\/span><\/span><\/div>\n
\u2022 <\/span>The <\/span><\/span>positive <\/span><\/span>impact of the $2 billion Euro Bond proceeds on reserves.<\/span><\/span><\/div>\n
\u2022 <\/span>Positive <\/span><\/span>Impact of the successful domestic dollar bond of $500 million. <\/span><\/span><\/div>\n
\u2022 <\/span>The <\/span><\/span>successful <\/span><\/span>clearance of legacy forex obligations of about $7 billion by the CBN.<\/span><\/span><\/div>\n
\u2022 <\/span>The Import substitution effect of the Dangote and Port <\/span><\/span>Harcourt<\/span><\/span> refineries <\/span><\/span>with the consequential easing of <\/span><\/span>demand pressure on the forex market.<\/span><\/span><\/div>\n
\u2022 <\/span>Gradual recovery of <\/span><\/span>non-oil<\/span><\/span> export sector<\/span><\/span>and implications for forex inflows.<\/span><\/span><\/div>\n

Inflation Outlook<\/span><\/span><\/p>\n

High inflationary pressure was a major concern in 2024 with <\/span><\/span>November<\/span><\/span> inflation peaking at 34.2%.<\/span><\/span> This situation had the following impact on the economy :<\/span><\/span><\/p>\n

\u2022 <\/span>General increase in the cost of living with consequential effect of aggravation of the poverty situation.<\/span><\/span><\/div>\n
\u2022 <\/span>Elevate<\/span><\/span>d<\/span><\/span> cost of operations and cost of production for <\/span><\/span>businesses<\/span><\/span>.<\/span><\/span><\/div>\n
\u2022 <\/span>Significant<\/span><\/span> erosion of profit margins <\/span><\/span>of<\/span><\/span> many businesses as additional costs could not be <\/span><\/span>transferred<\/span><\/span> to consumers because of weak <\/span><\/span>purchasing power of consumers<\/span><\/span>.<\/span><\/span><\/div>\n
\u2022 <\/span>Elevated risk of loan defaults.<\/span><\/span><\/div>\n
\u2022 <\/span>High project costs across all sectors of the economy, with many cases of abandoned projects<\/span><\/span> resulting from unforeseen<\/span><\/span> cost escalation.<\/span><\/span><\/div>\n

Inflation <\/span><\/span>Outlook<\/span><\/span> for 2025<\/span><\/span><\/p>\n

\u2022 <\/span>Inflation may moderate slightly on the expected reduction of the <\/span><\/span>volatility<\/span><\/span> of the exchange rate and possible rebound of the naira.<\/span><\/span><\/div>\n
\u2022 <\/span>Moderation in energy cost as the geopolitical tension eases as result of the impact of Trump presidency. \u00a0There is <\/span><\/span>a <\/span><\/span>likely boost in global oil production as USA increases production and the embargo Russia eases. \u00a0These are <\/span><\/span>likely<\/span><\/span> outcomes of Trumps presidency.<\/span><\/span><\/div>\n
\u2022 <\/span>There is also the factor of the base effect on the inflation numbers<\/span><\/span> as inflation was generally elevated in 2024.<\/span><\/span><\/div>\n

However, the following key drivers of inflation may not completely dissipate<\/span><\/span> in 2025<\/span><\/span>:<\/span><\/span><\/p>\n

\u2022 <\/span>High energy cost including electricity tariff.<\/span><\/span><\/div>\n
\u2022 <\/span>Exchange rate<\/span><\/span><\/div>\n
\u2022 <\/span>Transportation cost<\/span><\/span><\/div>\n
\u2022 <\/span>High Interest rate<\/span><\/span><\/div>\n
\u2022 <\/span>High cargo clearing cost<\/span><\/span><\/div>\n
\u2022 <\/span>Impact of insecurity on agricultural output and food supply<\/span><\/span><\/div>\n
\u2022 <\/span>Climate Change and flooding<\/span><\/span><\/div>\n
\u2022 <\/span>Imported inflation resulting from geopolitical tensions<\/span><\/span>, <\/span><\/span>supply chain disruptions<\/span><\/span>, <\/span><\/span>trade war<\/span><\/span>and tight global monetary conditions<\/span><\/span>.<\/span><\/span><\/div>\n

Monetary <\/span><\/span>And Financial Conditions<\/span><\/span><\/p>\n

Given the current disposition of the central bank of Nigeria, monetary conditions may remain tight in 2025. However, the degree<\/span><\/span> of<\/span><\/span> tightening may decelerate in 2025 given the current high levels of MPR and CRR. \u00a0The space for further tightening has become limited. \u00a0Some of the key factors that would shape the monetary <\/span><\/span>outlook include the following:<\/span><\/span><\/p>\n

\u2022 <\/span>Strong <\/span><\/span>ideological commitment of the <\/span><\/span>CBN<\/span><\/span>to orthodox monetary policy<\/span><\/span> which may continue to result in <\/span><\/span>hike in <\/span><\/span>interest rates.<\/span><\/span><\/div>\n
\u2022 <\/span>Commitment of the CBN to philosophy of inflation targeting.<\/span><\/span><\/div>\n
\u2022 <\/span>Risk of elevated fiscal deficit<\/span><\/span> and its inflationary implications.<\/span><\/span> There is also the related risk <\/span><\/span>of higher money supply growth in 2025.<\/span><\/span><\/div>\n
\u2022 <\/span>Risk of heightened debt levels and consequential implications for <\/span><\/span>increased debt service.<\/span><\/span><\/div>\n

Policy <\/span><\/span>Implication<\/span><\/span><\/p>\n

\u2022 <\/span>Government should <\/span><\/span>expedite<\/span><\/span> action to <\/span><\/span>expedite<\/span><\/span> boost capitalization of the development finance institutions \u2013 BOI, BOA, NEXIM<\/span><\/span> to <\/span><\/span>deepen development finance interventions.<\/span><\/span><\/div>\n
\u2022 <\/span>Need to revitalize and restructure the <\/span><\/span>Bank of Agriculture to support the agricultural sector and agro<\/span><\/span>–<\/span><\/span>allied industries with the <\/span><\/span>much-needed<\/span><\/span> concessionary financing. \u00a0Current high interest rate in the <\/span><\/span>commercial <\/span><\/span>banks continues to impede<\/span><\/span> the recovery and growth of the Nigerian agricultural and agro-allied \u00a0sectors of the economy.<\/span><\/span><\/div>\n
\u2022 <\/span>The CBN should soften its tightening stance <\/span><\/span>in order <\/span><\/span>to support investment growth and job creation in the economy. <\/span><\/span><\/div>\n
\u2022 <\/span>Current high interest regime foisted by the tightening regime<\/span><\/span> increases the risk of loan defaults<\/span><\/span>, increasing the prospects of higher <\/span><\/span>non-performing<\/span><\/span> loans in the financial sector. <\/span><\/span><\/div>\n
\u2022 <\/span>High interest rate <\/span><\/span>also increases debt service cost for government<\/span><\/span> with the current huge exposure to domestic debts.<\/span><\/span><\/div>\n
\u2022 <\/span>High interest rates typically <\/span><\/span>pose<\/span><\/span> sig<\/span><\/span>ni<\/span><\/span>ficant risks to <\/span><\/span>business<\/span><\/span> sustainability<\/span><\/span> amidst numerous headwinds.<\/span><\/span><\/div>\n
\u2022 <\/span>There is a need to protect the real economy from the adverse consequences of <\/span><\/span>free market principles.<\/span><\/span> This is the basis of <\/span><\/span>government<\/span><\/span> intervention in a market economy.<\/span><\/span><\/div>\n

Energy Sector Outlook<\/span><\/span><\/p>\n

The outlook for the Nigeria energy sector is moderately positive especially following the increased capacity in domestic refining of petroleum products. \u00a0But this will require <\/span><\/span>supportive fiscal and monetary policy support to unlock the full potentials of the <\/span><\/span>domestic refineries and stimulate more investments in the sector. \u00a0factors that may drive the positive outlook for the sector include:<\/span><\/span><\/p>\n

\u2022 <\/span>Enhanced domestic petroleum refining capacity from the Dangote refineries, the Port Harcourt <\/span><\/span>Refineries<\/span><\/span> and others.<\/span><\/span><\/div>\n
\u2022 <\/span>Emerging competition among domestic refineries which may have a moderating effect on prices.<\/span><\/span><\/div>\n
\u2022 <\/span>Expectation of a slump in global energy prices on the back of Trump presidency and the easing of geopolitical challenges in the 2025.<\/span><\/span><\/div>\n
\u2022 <\/span>Sustenance<\/span><\/span> of the naira for cru<\/span><\/span>de arrangement which could help moderate prices of domestic refining of crude.<\/span><\/span><\/div>\n
\u2022 <\/span>More generous fiscal incentives for the CNG and renewable energy solutions.<\/span><\/span><\/div>\n

However, the electricity pricing <\/span><\/span>conundrum<\/span><\/span>would <\/span><\/span>remain a <\/span><\/span>tricky<\/span><\/span> issue in <\/span><\/span>2025. <\/span><\/span>The economy is too fragile to <\/span><\/span>absorb<\/span><\/span> the shocks of a fully deregulated or <\/span><\/span>commercial<\/span><\/span> electricity<\/span><\/span>market. \u00a0The quality of the <\/span><\/span>transmission<\/span><\/span>infrastructures<\/span><\/span> and the consequent frequent collapse of the transmission grid <\/span><\/span>require<\/span><\/span>significant investment which the government would have to struggle to provide. <\/span><\/span><\/p>\n

The outlook for the sector remains a major cause for worry in 2025<\/span><\/span>. \u00a0There <\/span><\/span>are<\/span><\/span> also the transition challenges of the states taking up regulatory responsibilities for electricity market. Not many states have the capacity to manage this transition. This is therefore a major source of risk for the electricity sector in 2025.<\/span><\/span><\/p>\n

Key Business Risks in 2025<\/span><\/span><\/p>\n

Businesses would have to worry about the following risks as they craft their <\/span><\/span>strategies<\/span><\/span> for 2025<\/span><\/span>.<\/span><\/span> Exposure to the risks vary across sectors.<\/span><\/span>Businesses<\/span><\/span> would therefore need to <\/span><\/span>calibrate<\/span><\/span>their strategies <\/span><\/span>according to the level of exposure these risks.<\/span><\/span><\/p>\n

\uf0b4 <\/span>Forex Volatility Risk<\/span><\/span><\/div>\n
\uf0b4 <\/span>Interest Rate Risk<\/span><\/span><\/div>\n
\uf0b4 <\/span>Inflation Risk<\/span><\/span><\/div>\n
\uf0b4 <\/span>Financial And Monetary Policy Risk<\/span><\/span><\/div>\n
\uf0b4 <\/span>Regulatory Risk<\/span><\/span><\/div>\n
\uf0b4 <\/span>Cybersecurity risk<\/span><\/span><\/div>\n
\uf0b4 <\/span>Insecurity<\/span><\/span> Risk<\/span><\/span><\/div>\n
\uf0b4 <\/span>Political Risk<\/span><\/span><\/div>\n
\uf0b4 <\/span>Corruption Risk<\/span><\/span>, especially with regard to public sector transactions and contracts.<\/span><\/span><\/div>\n
\uf0b4 <\/span>Environmental \/Climate Change Risk.<\/span><\/span><\/div>\n

Silver Lining <\/span><\/span>in<\/span><\/span> The Current Reforms<\/span><\/span><\/p>\n

Current economic reforms have their silver lining<\/span><\/span>s<\/span><\/span> which includes the following:<\/span><\/span><\/p>\n

\uf0b4 <\/span>Enormous <\/span><\/span>opportunities for import substitution across all sectors.<\/span><\/span> It reduces cost<\/span><\/span>, <\/span><\/span>improves patronage and profitability. \u00a0This is <\/span><\/span>essentially about focusing more on<\/span><\/span>backward integration initiatives.<\/span><\/span><\/div>\n
\uf0b4 <\/span>Boost to recycling business<\/span><\/span> because of the soaring cost of <\/span><\/span>raw materials and other inputs.<\/span><\/span><\/div>\n
\uf0b4 <\/span>Provision of domestic alternatives to medical tourism<\/span><\/span>, education tourism and vacations abroad. Many Nigeria elites are now seeking <\/span><\/span>domestic <\/span><\/span>alternatives in these areas<\/span><\/span> because of the forex situat<\/span><\/span>ion. This <\/span><\/span>offers new opportunities for domestic investors.<\/span><\/span><\/div>\n
\uf0b4 <\/span>Local fabrications of spare parts and other mechanical devices.<\/span><\/span><\/div>\n
\uf0b4 <\/span>High food prices <\/span><\/span>offer<\/span><\/span> new <\/span><\/span>opportunit<\/span><\/span>ies and incentives<\/span><\/span> for investment in agriculture<\/span><\/span>because of better profitability prospects.<\/span><\/span><\/div>\n
\uf0b4 <\/span>Outlook for export business has become very positive because of the weak domestic currency. It enhances the competitiveness of domestically produced products or services. \u00a0But the local content of such products must be very substantial to guarantee good profitability prospects.<\/span><\/span><\/div>\n
\uf0b4 <\/span>The weak currency <\/span><\/span>now offers bigger o<\/span><\/span>pportunities for diaspora Nigerians to invest at home.<\/span><\/span><\/div>\n
\uf0b4 <\/span>There should be deliberate policy to promote <\/span><\/span>legal <\/span><\/span>migration abroad<\/span><\/span> to fill skill gaps <\/span><\/span>in many of the countries in Europe and North America<\/span><\/span>, especially United States and Canada<\/span><\/span>. \u00a0<\/span><\/span>Many of these countries are also experiencing aging population which offer<\/span><\/span>s opportunities for our youths, many of whom are currently unemployed.<\/span><\/span><\/div>\n
\uf0b4 <\/span>Brighter prospects for o<\/span><\/span>utsourcing<\/span><\/span> business<\/span><\/span>for <\/span><\/span>foreign companies<\/span><\/span>.<\/span><\/span><\/div>\n
\uf0b4 <\/span>Bigger Investment opportunities in the petroleum refineries and related industries following the deregulation of the sector.<\/span><\/span><\/div>\n
\uf0b4 <\/span>Growing o<\/span><\/span>pportunities in renewable energy investment<\/span><\/span> which are <\/span><\/span>cheaper and more environment friendly.<\/span><\/span><\/div>\n
\uf0b4 <\/span>New opportunities in the use of CNG, LPG in transportation.<\/span><\/span><\/div>\n
\uf0b4 <\/span>Decentralization<\/span><\/span> of electricity provision <\/span><\/span>opens up <\/span><\/span>numerous <\/span><\/span>opportunities in the electricity value chain.<\/span><\/span><\/div>\n

Business Resilience Strategies in 2025<\/span><\/span><\/p>\n

Business managers and owners need to <\/span><\/span>prioritize<\/span><\/span> the following to ensure resilience in 2025.<\/span><\/span><\/p>\n

\u2022 <\/span>Leveraging technology to <\/span><\/span>reduce cost and ensure competitiveness.<\/span><\/span><\/div>\n
\u2022 <\/span>Industries need to deepen backward integration to reduce the forex exposure.<\/span><\/span><\/div>\n
\u2022 <\/span>Reduction in debt financing to reduce the burden of high interest rate.<\/span><\/span><\/div>\n
\u2022 <\/span>Adoption of efficient energy solutions to reduce the pressure of high energy cost.<\/span><\/span><\/div>\n
\u2022 <\/span>Supply chains should be domesticated as much as possible.<\/span><\/span><\/div>\n
\u2022 <\/span>Focus on talent retention, especially in specialized job functions.<\/span><\/span><\/div>\n
\u2022 <\/span>Incorporate scenario planning framework<\/span><\/span> in business strategy to manage uncertainties and volatilities.<\/span><\/span><\/div>\n
\u2022 <\/span>Businesses must ensure cost optimization.<\/span><\/span><\/div>\n

DR MUDA YUSUF<\/span><\/span><\/p>\n

DIRECTOR\/CEO<\/span><\/span><\/p>\n

CENTRE FOR THE PROMOTION OF PRIVATE ENTERPRISE [CPPE]<\/span><\/span><\/p>\n

29<\/span><\/span>TH <\/span><\/span>DECEMBER 202<\/span><\/span>4<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

CENTRE FOR THE PROMOTION OF PRIVATE ENTERPRISE [CPPE] NIGERIA 2024 ECONOMIC REVIEW AND 2025 OUTLOOK Gross Domestic Product [GDP] Performance<\/p>\n","protected":false},"author":1,"featured_media":11713,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[11],"tags":[],"class_list":["post-11711","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-from-the-grassroots"],"_links":{"self":[{"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/posts\/11711","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/comments?post=11711"}],"version-history":[{"count":2,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/posts\/11711\/revisions"}],"predecessor-version":[{"id":11714,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/posts\/11711\/revisions\/11714"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/media\/11713"}],"wp:attachment":[{"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/media?parent=11711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/categories?post=11711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/tags?post=11711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}