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Tag: GDP

How inflation, forex crisis may affect consumer goods industry - Report
Economy

Nigeria’s GDP rose 19.54% in Q2 2023 – Report

In the second quarter of 2023, ICT-related activities accounted for 19.54% of Nigeria’s real Gross Domestic Product. This information was included in the Q2 GDP data by the National Bureau of Statistics. When compared to the 18.44% observed during the same period previous year, this indicates an increase in contribution. The sector’s real GDP contribution […]

Oil and Gas

Oil, gas contributed 5.34% to Nigeria’s GDP – Report

Nigeria’s oil and gas sector generated only 5.34% of the country’s Gross Domestic Product. Its contribution was lower than in the equivalent time of 2022 and the previous quarter, 6.33% and 6.21%, respectively. This is according to the most recent GDP data, which the National Bureau of Statistics released on Friday, August 25. According to the NBS […]

Internet usage drops in Nigeria after 50% tariff hike – NCC
Telecommunications

Nigeria’s internet subscribers hit 159m in May 2023

In Nigeria, there are now 159.5 million active internet subscriptions across fixed, mobile, and VOIP networks. According to the Nigerian Communications Commission’s most recent industry figures, this is an 8.6% increase over the 158.2 million recorded in April. With 159 million subscriptions, the mobile network providers MTN, Airtel, Globacom, and 9mobile continued to dominate the internet […]

How Canada's largest strike will affect its economy - Report
Economy

How Canada’s largest strike will affect its economy – Report

Analysts have predicted that the largest strike in Canadian history, which is currently on the tenth day, will have an impact on this month’s growth. With the overall effect being a lower start to the second quarter than had been anticipated, the Canadian economy grew less than expected in February from the previous month due to […]

Fuel, electricity tariff cap costly, IMF warns Nigeria
Economy

GDP growth in Sub-Saharan Africa to drop in 2023 – IMF

With a worldwide recovery, the International Monetary Fund has reported that growth in sub-Saharan Africa is anticipated to drop to 3.6 percent before bouncing back to 4.2 percent in 2024. They further stated that both domestic and international borrowing costs for SSA nations have increased due to the rapid tightening of global monetary policy. Director […]

A photo of President Buhari and the redesigned note
Uncategorized

Nigeria’s GDP to grow by slow rate of 3% – KPMG

KPMG has estimated that Nigeria’s Gross Domestic Product will have a slow growth rate of 3% in 2023 due to challenges related to the redesign of the naira and the ongoing political transition. This was in its report titled, ‘2023 Global Economic Outlook H1″ accessed by AMBusiness. According to the report the global economic slowdown […]

Nigeria's mineral production rose by 39% in 2021 - NBS
Business

Nigeria’s GDP growth rate records 3.10% decline – NBS

The Nigerian annual Gross Domestic Product recorded a 3.1 percent growth in 2022, this represents a 0.3 percentage point decline from the 3.4 percent recorded in 2021. This was disclosed by the National Bureau of Statistics in the just released GDP report for the fourth quarter, Q4’22. However, the GDP growth in the fourth quarter […]

Lagos plans CNG-powered buses by end of 2024
Economy

LIRS, FIRS joint tax agreement’ll benefit Nigerians – Sanwo-Olu

Governor Babajide Sanwo-Olu of Lagos State has expressed optimism that the state’s bilateral agreement with the Federal Government of Nigeria will benefit Nigerians. Sanwo-Olu stated this on Monday during the signing ceremony for a memorandum of understanding between the Federal Inland Revenue Service and the Lagos State Inland Revenue Service, according to Arise TV. The agreement creates […]

Economy

Nigeria may lose 34% GDP to climate disaster – Analyst

  With a median GDP impact of -20% by 2050 and -64% by 2100 under present climate policy, a study has been published by Christian Aid highlighting that the eight poorest countries, including Nigeria could face a bleak economic future. Even if global warming is kept to 1.5 degrees Celsius, the African continent will suffer […]

Agribusiness

‘Palm oil can contribute $20bn to Nigeria’s GDP yearly’

The National Palm Produce Association of Nigeria, have said that Nigeria’s oil palm is capable of contributing $20 billion annually to the country’s Gross Domestic Product, along with massive job creation along the value chain.   Vanguard reported that, however, the National President, National Palm Produce Association of Nigeria, Alphonsus Inyang, has lamented that the […]

Africa's GDP grew  6.9% in 2021
Economy

Africa’s GDP grew  6.9% in 2021

Africa’s Gross Domestic Product grew by an estimated 6.9 per cent in 2021, a report has revealed but the continent still faces uncertainty. Leading global specialist risk consultancy, Control Risks and its economics consulting partner, Oxford Economics Africa disclosed this in the just concluded Africa Risk-Reward Index seventh edition event. The seventh edition themed, “Opportunity […]

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