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The National Bureau of Statistics (NBS) says Nigeria’s Gross Domestic Product (GDP) increased by 4.03 per cent in the third quarter of last year.
This is according to a report released by the NBS on Nigerian Gross Domestic Product Report (Expenditure and Income Approach) for third and fourth quarter (Q3, Q4 2021) in Abuja yesterday. In the third quarter of last year, the report said, Nigeria’s real GDP at basic prices grew by 4.03 per cent on a year-on-year basis showing a steady improvement from the economic downturn in 2020… More details through: https://thenationonlineng.net/nbs-nigerias-gdp-improves-by-4-03/
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Lagos State has attracted over $1 billion (about N415.4bn) worth of committed investments from technology giants in the last one-month, Chief Executive Officer of MainOne, Funke Opeke, has said.
Tech giants like Microsoft had last month opened their new African Development Centre (ADCs) in the state; Google, last week launched its state-of-the-art submarine internet cable, which is expected to boost Nigeria’s GDP by $10.1bn by 2025, and as well create 1.6 million jobs by 2025. Also, Equinix recently completed its acquisition of MainOne with a $320m deal… More details through: https://dailytrust.com/lagos-attracts-n415bn-from-tech-giants-in-30-days https://guardian.ng/business-services/lagos-tops-investment-destination-list-in-africa-attracts-1b-commitment/ The increase in global oil prices has caused the International Monetary Fund to review Nigeria’s economic growth potential to 3.4 per cent in 2022. The IMF disclosed this in its ‘World Economic Outlook: War Sets Back the Global Recovery, April 2022,’ report.
In its January report, the Washington-based lender predicted a growth rate of 2.7 per cent for Nigeria in 2022. But it has adjusted its projection based on increasing oil prices… More details through: https://punchng.com/imf-upgrades-nigerias-economic-growth-forecast-to-3-4/ Nigeria’s Purchasing Managers’ Index (PMI) eased to 54.1 in March from 57.3 in February, but stayed comfortably above the 50.0-mark, which signals an improvement in business conditions, Stanbic IBTC’s latest PMI report for the country’s private sector shows. According to the report, “at 54.1 in March, down from 57.3 in February, the latest expansion pointed to a softer, yet solid, improvement in business conditions. Growth has now been seen in each of the last 21 months. While demand conditions were favourable in March, firms reported softer inflows of new orders.
Cash shortages and surging prices were commonly associated with the moderation. That said, the rate of expansion was still sharp.” The report further stated that all four of the monitored sub-sectors recorded marked upticks with the manufacturing sector leading the expansion, followed closely by services, adding that agriculture and wholesale and retail followed respectively… More details through: https://www.newtelegraphng.com/report-nigerias-pmi-eases-to-54-1-in-march/ The National Bureau of Statistics (NBS) said this in its fourth-quarter GDP report yesterday, stating that 3.98 per cent was recorded in the quarter of last year, from 4.03% and 5.01% recorded in Q3 and Q2 2021, respectively.
However, the figure indicated that the economy is recording a continuous positive growth when compared to the 0.11% and 0.51% recorded in Q4 2020 and Q1 2021 respectively, on the back of the nation’s negative growth due to the effects of COVID-19. The Statistician-General of Federation/Chief Executive Officer of the National Bureau of Statistics (NBS) at a press briefing, yesterday, noted that the new figure, which would be seen as lower than the 4.03% growth rate in Q3, is analytically better when viewed “in terms of the base effect of the corresponding period in Q4 of 2020 when the economy recorded a GDP growth rate of 0.11% as against the growth rate recorded in Q3 of the same year which was -3.62%... More details through: https://dailytrust.com/nigerias-gdp-records-3-4-growth-highest-since-2014 Nigeria’s economy grew faster than forecast by the central bank and government last year after an expansion in the agriculture and trade industries in the fourth quarter offset a sharp drop in oil production.
Gross domestic product expanded 3.4% last year, after contracting 1.92% in 2020, Statistician-General Simon Harry told reporters in Abuja, the capital, on Thursday, that compares with the Finance Ministry’s estimate of 2.5% and the central bank’s projection for 3.1% growth. The full-year number was lifted by better-than-expected growth of 3.98% in the three months through December from a year earlier, compared with 4% in the third quarter The median estimate of 12 economists in a Bloomberg survey was for a quarterly number of 1.4%... More details through: https://www.bloomberg.com/news/articles/2022-02-17/africa-s-largest-economy-exceeds-2021-growth-forecast The Nigerian Investment Promotion Commission (NIPC) has stated that investment proposals worth $23.30 billion were announced in 2021. The figure, according to NIPC is 39 percent higher than the $16.74 billion investment announcements made in 2020.
Emeka Offor, Acting Executive Secretary of NIPC, in chats with Daily Independent, said the increase was indicative of the growing adaptation to the global ‘new normal’ after the economic disruption occasioned by the restrictions imposed to check the spread of the COVID-19 pandemic… More details through: https://independent.ng/how-investment-proposals-rose-by-39-worth-23bn-in-2021-nipc/ International Monetary Fund (IMF) says the Nigerian economy is recovering from a historic downturn benefitting from government policy support, rising oil prices and international financial assistance. IMF disclosed this in a statement issued from its headquarters in Washington D.C. on Monday.
The organisation said Nigeria exited the recession in fourth quarter 2020 and output rose by 4.1 per cent (year-on-year) in the third quarter, with broad based growth except for the oil sector, which is facing security and technical challenges… More details through: https://www.sunnewsonline.com/imf-attributes-nigerias-economic-recovery-to-govt-policy-support/ The international oil benchmark, Brent crude, extended its gains on Friday, rising above $93 per barrel, in what is a potential boost to Nigeria’s crude oil export revenue.
Brent crude, against which Nigeria’s oil is priced, hit a fresh seven-year high of $93.44 per barrel as of 4:15pm Nigerian time on Friday, trading more than $30 higher than the Federal Government’s benchmark for the 2022 budget. The 2022 budget, which was signed by President Muhammadu Buhari in December, was based on oil production of 1.88 million barrels per day, with an oil benchmark price of $62 per barrel… More details through: https://punchng.com/oil-soars-above-93-nigerias-revenue-prospects-brighten/ Kashifu Inuwa Abdullahi, Director-General of National Information Technology Development Agency(NITDA), has said the Nigerian start-ups attracted over $1.5 billion investments in 2021.
Abdullahi who stated this at the virtual NITDA Nigerian Innovation Ecosystem Engagement 2022, said the attraction of over $1.5billion by Nigerian start-ups represents 35% of total investments in Africa in 2021. Addressing the operators of Nigerian start-ups, Abdullahi said, “It is amazing that you have succeeded in building the most investment appealing ecosystem in Africa, attracting over 1.5billion USD representing 35% of total investment in Africa in 2021… More details through: https://independent.ng/nigerian-start-ups-attract-over-1-5bn-investments-in-2021/ |
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