Monday, September 24, 2018

Tag "GDP"

    South Africa slips into recession

South Africa slips into recession

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 [...]

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    GDP growth doubles in Q3 — hits 1.4 percent

GDP growth doubles in Q3 — hits 1.4 percent

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 [...]

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    NBS: Recession over but the masses can’t feel the effect now

NBS: Recession over but the masses can’t feel the effect now

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 [...]

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    Here are the winners and losers of a broken Nigeria

Here are the winners and losers of a broken Nigeria

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 [...]

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    FXTM Analyst: Nigeria’s failure to get out of recession brought undeniable disappointment

FXTM Analyst: Nigeria’s failure to get out of recession brought undeniable disappointment

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 [...]

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    Naira stable as forex reserves continue on 5-day free fall

Naira stable as forex reserves continue on 5-day free fall

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, [...]

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    OFFICIAL: 2016 recession is Nigeria’s worst decline since 1987

OFFICIAL: 2016 recession is Nigeria’s worst decline since 1987

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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    Sterling shivers ahead of UK Q3 GDP

Sterling shivers ahead of UK Q3 GDP

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 [...]

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    Ethnic appointments and 5 other reasons Nigeria is underperforming – according to Osinbajo

Ethnic appointments and 5 other reasons Nigeria is underperforming – according to Osinbajo

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 [...]

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    FG on recession: Cheer up, Nigerians, 2016 second half is promising

FG on recession: Cheer up, Nigerians, 2016 second half is promising

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 [...]

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    ‘Vulnerable’ naira falls ahead of NBS ‘official recession report’

‘Vulnerable’ naira falls ahead of NBS ‘official recession report’

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 [...]

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    5 things Nigerians should expect as GDP growth crashes

5 things Nigerians should expect as GDP growth crashes

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 [...]

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    Nigeria’s GDP growth crashes to 25-year low

Nigeria’s GDP growth crashes to 25-year low

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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    IMF: Nigeria’s GDP will fall to new low in 2016

IMF: Nigeria’s GDP will fall to new low in 2016

The international monetary fund (IMF) says Nigeria’s gross domestic product (GDP) would be worse in 2016 than it was in 2015, despite plunging to a record low in 2015.The executive board of the IMF said it had concluded the article IV consultation with Nigeria, and projected a GDP growth of 2.3 percent in 2016 – lowest since democracy returned in [...]

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    Nigeria, Africa’s GDP growth ‘to hit 6-year low’

Nigeria, Africa’s GDP growth ‘to hit 6-year low’

The growth in gross domestic product (GDP) in Nigeria and the rest of sub-Sahara Africa is set to drop to a six-year low in 2015, World Bank projections have revealed.The projections have revealed that the region is maintaining growth, albeit at a slower pace, due to a more challenging economic environment.Growth will slow in 2015 to 3.7% from 4.6% in 2014, [...]

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    Nigeria ‘will rebase GDP again’

Nigeria ‘will rebase GDP again’

Adekunle Oyinloye, the managing director of the infrastructure bank, has said Nigeria must rebase its gross domestic product (GDP) to cater to areas and sectors missing in the current GDP.While speaking at the Lekki Gardens Investment Forum (LGIF) 2015, which held at the civic centre, Victoria Island, Lagos, the economic expert said Nigeria has a growing population and a growing [...]

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Exchange Rates

September 21, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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