On Tuesday, the National Bureau of Statistics (NBS) released the gross domestic product (GDP) numbers, showing a 1.93 percent growth in the Nigerian economy for the year 2018.Financial analysts, public commentators, local and foreign media, and opposition bigwigs have said repeatedly that President Muhammadu Buhari of the All Progressives Congress (APC) has done poorly with the revival of the economy.Former [...]
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ON THE GO
BY LOUIS OKOROMAAs the 2019 elections draws near, the issue of how to create jobs for the teeming millions of young school leavers, graduates and adults in the country is taking center stage. Creating jobs and growing the country’s Gross Domestic Product (GDP) is the mark of a sound economy and a sign that the government of the country is [...]
Festus Keyamo, director of media of the Buhari Campaign Organisation, says Nigeria is the best-performing economy in Africa.The senior advocate of Nigeria (SAN) also said the federal government has re-introduced "oil (subsidy) premium" in the 2019 budget proposal.Speaking on Channels TV on Monday, Keyamo said the Nigerian National Petroleum Corporation (NNPC) by the NNPC Act has the powers to spend [...]
South Africa is currently experiencing a “technical recession,” after the country’s statistical bureau said real gross domestic product (GDP) decreased by 0.7 percent in the second quarter of the year (Q2 2018).The nation’s GDP had decreased by 2.6 percent (revised from 2.2 percent) in Q1 2018.A technical recession happens when a country experiences two quarters of negative growth consecutively.It is [...]
The economy recorded a growth of 1.40 percent in the third quarter of 2017, according to data which the National Bureau of Statistics (NBS) released on Monday.This is the second time of such positive development since Nigeria exited recession in the second quarter.NBS statistics showed that the agricultural sector grew by 3.06 percent in the third quarter of 2017 as [...]
Yemi Kale, chief executive officer (CEO) of the National Bureau of Statistics (NBS), says the effect of Nigeria coming out of recession will not be immediately felt by the people.Kale made the statement at a news conference in Abuja on Wednesday.“There is a different stage Nigeria must go through before the masses will feel the effects of going out of [...]
This nightmare ends. We wake up to a new morning in segments of the contraption (apologies to Obafemi Awolowo) that was once called Nigeria. The nation we used to know had broken up into three, four or ten pieces.The night before, the Hausa/Fulani insisted that he feeds the Nigerians down south with his tomatoes, yams and cattle. He says without [...]
Lukman Otunuga, a research analyst at FXTM, says there was an undeniable feeling of disappointment across Nigerian markets, as the country failed to get out of recession in Q1 2017."An undeniable feeling of disappointment lingered across Nigerian markets on Tuesday following reports of the nation’s first quarter GDP growth of 2017 contracting by 0.52% year-on-year," Otunuga said, while reacting to the GDP [...]
The Nigerian naira remained stable at the parallel market on Monday, despite a continuous fall in the country's foreign exchange reserves.Foreign exchange reserves which has seen a boost in 2017, due to the rise in crude oil prices, has been on a free-fall for five consecutive days.According to CBN figures available on Monday, the reserves stood at $30,911,121,646, falling from $30,988,403,724, [...]
The National Bureau of Statistics (NBS) has confirmed that the 2016 economic recession was a full year recesssion, and the worst in the country's history since 1987.In 1987, according to World Bank data, Nigeria had a full year decline in gross domestic product (GDP) was put at 10.8 percent.The country recorded recessions in 1991 and 1995, recording a full year [...]
The ongoing Brexit saga has exposed Sterling to prolonged periods of pain this year with uncertainty effectively damaging buying sentiment towards the currency.It has become quite clear that Brexit fears have left a painful scar on the Pound, with weakness becoming the new norm as anxiety repels investor attraction. Much attention may be directed towards the latest third quarter [...]
Vice President Yemi Osinbajo says ethnic consideration in appointments into public offices is one of the major reasons Nigerian governments and the country as a whole typically underperform.Speaking in Delta state earlier in the week, Osinbajo assured Nigerians that the Muhammadu Buhari administration was working hard to stem the tide, stated five reasons why governments underperform.ETHNICITY OVER MERITHe said “government must stand for [...]
Official figures released on Wednesday by the National Bureau of Statistics (NBS) confirmed that the Nigerian economy is in recession — the technical term for a contracting GDP over two quarters.But the federal government has given Nigerians four reasons to cheer up, saying the second quarter of 2016 was promising.Adeyemi Dipeolu, special adviser to the president on economic matters, outlined [...]
Naira opened weak on Monday as Nigeria awaits the official gross domestic product (GDP) report from the National Bureau of Statistics (NBS), which will declare Nigeria's recession position.The NBS is billed to release the official report on August 31,and it is expected to confirm how deeply Nigeria has slid into recession, following a 0.36 percent slip in the first quarter [...]
Nigeria's gross domestic product (GDP), which measures the monetary worth of economic activities, saw its growth rate fall to a 25-year low in the first quarter of 2016, the Nigerian Bureau of Statistics (NBS) disclosed on Friday.The bureau said the economy shrunk by 0.36 percent in Q1 2016. To many Nigerians, these are but figures, but here is what those digits really mean. MUCH [...]
Nigeria’s gross domestic product (GDP), which measures the worth of economic activities, crashed to its lowest since 1991 in the first quarter of 2016.According to the GDP report released by the Nigerian Bureau of Statistics on Friday, the country’s economy crashed to a 25-year low of -0.36 percent GDP growth rate.NBS says Q1 GDP growth declined to -0.36 percent from 2.11 [...]
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