An economist, Biodun Adedipe, has projected that the nation’s economy will achieve 3.27 to 3.32 per cent Gross Domestic Product (GDP) growth in 2023, leveraging a large youthful population, growing urbanisation, and deepening Internet penetration.
 
Adedipe, while addressing participants at the Nigerian-British Chamber of Commerce (NBCC) 2023 Real Estate Outlook held in Lagos at the weekend, said despite the nation’s rising macroeconomic distortions, the second half of the year (H2) is likely to witness robust activities considering the content of the manifestos of the three major presidential candidates.
 
Indeed, the nation’s economy had witnessed sluggish economic growth due to the fall in oil prices and other macroeconomic challenges.
 
More details at:
https://guardian.ng/business-services/nigerias-growth-hinged-on-youthful-population-internet-penetration
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The adoption of mobile technology continues to grow in Nigeria with the total number of mobile subscriptions hitting 225.88 million in January 2023.
 
This is 3.66 million more mobile subscriptions than the 222.23 million subscriptions that were recorded in December 2022. It also continues the sustained growth the mobile technology sector of Nigeria has been experiencing since the turn of 2022.
 
According to new industry data from the Nigerian Communications Commission, teledensity, the number of active telephones per 100 people living within an area, grew to 118.51 per cent.
 
More details at:
https://punchng.com/mobile-subscription-rises-to-225-88-million-says-ncc
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Nigeria’s insurance industry grew by 12.25 per cent in the fourth quarter of 2022, figures obtained from the National Bureau of Statistics have revealed.
 
According to the NBS report on Nigeria’s Gross Domestic Product for Q4 2022, the finance and insurance sector consisted of two subsectors: financial institutions and insurance.
 
While the former accounts for 92.84 per cent, the latter contributes 7.16 per cent to the sector’s growth in Q4.
 
More details at:
https://punchng.com/insurance-sector-records-12-growth-report
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The contributions of the real estate and construction sector to Nigeria’s real Gross Domestic Product increased by $19.3bn in the fourth quarter of 2022, according to the latest GDP report released by the National Bureau of Statistics.
 
The sector’s GDP contribution rose to $62.8bn despite high-interest rates, inflation, and cost of building materials, amongst other challenges, faced last year.
 
The report showed that construction services raked in $12.4bn while real estate contributed $6.7bn to the GDP in the fourth quarter.
 
More details at:
https://punchng.com/real-estate-construction-sectors-add-n8-9tn-to-gdp-report 

The federal government has identified new oil fields capable of delivering about 681,000 barrels of crude oil per day and 1.52 billion standard cubic feet of gas daily.
 
It disclosed this in a new document put together by the Nigerian Upstream Petroleum Regulatory Commission titled “Nigerian Upstream Petroleum Sector: Value Optimisation, Energy Transition and Regulatory Perspectives.”
 
In the document, obtained by our correspondent in Abuja, the Chief Executive of NUPRC, Gbenga Komolafe, explained that incremental volumes of crude were expected from new wells and well re-entry.
 
More details at:
https://punchng.com/fg-identifies-new-fields-for-681000bpd-oil-production
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Nigeria has the potential to earn $16bn from mini-grids, grid and solar power if properly harnessed, according to a new report.
 
The National Association of Petroleum Explorationists’ document on ‘Energy Security & Transition Strategies Opportunities & Challenges in Nigeria’ obtained by The PUNCH projected that there are between $10-$16bn revenue streams of income in providing electrification for the unelectrified people in Nigeria, if the Federal Government can latch on the grid, mini-grid and solar home system sector.
 
More details at:
https://punchng.com/nigeria-can-generate-n7tn-revenue-from-mini-grid-solar-report
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Nigeria’s Gross Domestic Product growth fell to 3.10 per cent in 2022 from 3.40 per cent in 2021 according to new GDP results from the National Bureau of Statistics.
 
The NBS stated that growth in the agriculture and industry sector of the economy reduced in 2022, while the performance of the service sector improved in the year that is being reported.
 
In the fourth quarter of 2022, GDP grew by 3.52 per cent (year-on-year) in real terms. This growth was driven by the services sector, which recorded a growth of 5.69 per cent and contributed 56.27 per cent to aggregate GDP.
 
More details at:
https://punchng.com/nigerias-gdp-growth-fell-to-3-10-in-2022-nbs
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Mediterranean Shipping Line is making a new move to grab 350,000 tonnes of cashew nuts for export from Nigeria to Vietnam and other countries. Nigeria accounts for about 30 per cent of West Africa’s total production of quality cashew nuts. Currently, West Africa produces over 60 per cent of the world’s total production of cashews.
 
Other leading countries in producing cashew nuts are Ivory Coast, Benin, Togo, Burkina Faso, Ghana and Guinea-Bissau. The shipping company said that it would be attending the World Cashew Conference in Dubai between 23 and 25 February 2023 to explain its expertise, reliability and flexibility in handling peak season cashew exports with its transportation and logistics services.
 
He explained: “It is estimated to represent over 10 per cent of Gross Domestic Product (GDP) based on export data of 2022 and it is becoming a commercial crop in Nigeria and is cultivated in 27 states, including the FCT...
 
More details at:
https://www.newtelegraphng.com/liner-moves-to-grab-350000-tonnes-of-cashew-nut-export-in-nigeria
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Agusto & Co. Limited, a pan-African credit rating agency and business information provider has said Nigeria’s insurance industry’s 2022 gross premium will rise above $1.5bn from increased economic activities.
 
It stated this in its 2023 insurance industry report titled ‘The Nigerian insurance industry – Poised to survive the weak macro economy and an election year’.
 
According to Agusto & Co, “The Nigerian insurance industry’s estimated gross premium income maintained its double-digit growth trend and crossed the $1.5bn mark in FY 2022. The uptick in the industry’s premium was driven by several factors including improved economic activities and stronger regulatory support.”
 
More details at:
https://punchng.com/insurance-industry-premium-to-hit-n700bn-report
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The global aircraft maintenance, repair and overhauling market has expanded from $56.46 billion to $67.47 billion in the last year, representing a compound annual growth rate (CAGR) of 19.5 per cent.
 
Nigeria, with very few aircraft maintenance and repair overhaul centres, is among the players, which carriers take their airplanes to offshore locations for airplane major fixing.
 
According to regulatory data, Nigerian carriers spent over $2.5 billion fixing their aircraft in offshore locations.
 
More details at:
https://thenationonlineng.net/global-aircraft-maintenance-market-inches-towards-67-47b