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 [...]
Tag "GDP"
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BY LOUIS OKOROMA As 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 [...]
Nigeria and South Africa’s largest economies by Gross Domestic Product (GDP) are set to lose their economic dominance of the continent by 2030. According to the Euromonitor International in its report titled - Shifting Market Frontiers Megatrend: Africa Rising, Ethiopia, Rwanda and Mozambique are set to record the fastest growth in real GDP terms, with growth rates that are well above [...]
Akinwumi Adesina, president of the African Development Bank (AfDB) says the bank plans to raise Africa’s industrial Gross Domestic Product (GDP) to 130 per cent by 2025 and drive the overall GDP from $2.3 trillion to $5.6 trillion to enhance industrialisation. Adesina said structural transformation was needed to ensure sustainable, inclusive and shared growth in Africa. According to him, structural transformation will [...]
Akinwumi Adesina, president of the African Development Bank (AfDB) says the bank plans to raise Africa’s industrial Gross Domestic Product (GDP) to 130% by 2025 and drive the overall GDP from 2.3 trillion dollars to 5.6 trillion dollars to enhance industrialisation. Adesina said structural transformation was needed to ensure sustainable, inclusive and shared growth in Africa. According to him, structural transformation will [...]
Since the advent of the Muhammadu Buhari administration, the diversification of the Nigerian economy has occupied the front burner. But after the nation entered a recession in Q3 of 2016, there were fears falling earnings from crude oil, coupled with militant attacks on the energy infrastructure, and a drastic capital flight arising from forex controls would make the dream of having [...]
The National Bureau of Statistics (NBS) on Monday said gross domestic product (GDP) growth rate doubled from 0.70 percent in second quarter (Q2) to 1.40 percent in third quarter (Q3). Growth rate for Q2 was revised from 0.55% to 0.70% largely due to increased output in the oil sector. While this can be viewed as a progressive development, analysts would argue that [...]
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 [...]
Abdusalam Rabiu, chairman, BUA Group, says Nigeria earns $2 billion annually from export of cement. Rabiu made this known while speaking to state house correspondents following the inaugural meeting of Nigeria Industrial Policy and Competitiveness Advisory Council (NIPCAC). The council, chaired by Yemi Osinbajo, Vice President, has a key mandate to encourage public-private partnership and boost the contribution of manufacturing to the [...]
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 [...]
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