|
The National Bureau of Statistics says Nigeria’s Gross Domestic Product grew by 3.54% in the second quarter of 2022 on a year-on-year basis.
This is contained in a statement issued by the Statistician-General of the Federation and Chief Executive Officer, National Bureau of Statistics, Prince Semiu Adeniran, on the Nigerian Gross Domestic Product Report Q2, 2022 in Abuja on Friday. Semiu said in nominal terms, aggregate GDP stood at $106.5 billion in the second quarter of 2022. More details at: https://punchng.com/gdp-grows-by-3-54-in-q2-2022-nbs/
0 Comments
The House of Representatives Committee on Commerce has described the Lekki Free Trade Zone (FTZ) quadrant as Nigeria’s new economic powerhouse, explaining that it harbours $25 billion worth of investments.
Richard Gbande, deputy chairman of the Committee, said this when he led some members of the committee on inspection of the Lagos Free Zone, Lekki Free Zone, and the Dangote Free Trade Zone Enterprises in Lagos. Gbande said that the concept of the free trade zone had revolutionised the development of the Lekki axis of Lagos once upon a time considered as an undeveloped peninsular. More details at: https://businessday.ng/news/article/lekki-ftz-is-nigerias-new-economic-powerhouse-with-25bn-investments-reps/ The International Monetary Fund (IMF) has held its projection about Nigeria’s economic growth prospect at 3.4 per cent amid growing concern about elevated inflation and the possibility of a technical recession in the year.
The Fund is also more bullish about sub-Saharan Africa (SSA), which is expected to grow 3.8 per cent this year and four per cent through next year. The figures are not different from April forecasts about the performance of the regional economy. More details at: https://guardian.ng/business-services/imf-holds-nigerias-growth-projection-at-3-4-per-cent Nigeria spent N1.22tn on consumer goods imports in 2021, according to the Foreign Trade Statistics of the National Bureau of Statistics. This was a 109.25 per cent increase from the N584.41bn spent on importing consumer goods in 2018. The consumer goods imported into the country are categorised into durable, semi-durable and non-durable…
More details through: https://punchng.com/consumer-goods-imports-rise-by-109-25-amid-dollar-shortage/ The African Development Bank (AfDB) has forecasted Nigeria’s economy to grow by an average of 3.2 percent in two years despite suffering from the impact of the Russian-Ukraine war.
This was disclosed by AfDB in its African Economic Outlook 2022, released at the ongoing annual general meeting (AGM) of the bank in Accra, Ghana... More details through: https://businessday.ng/business-economy/article/nigerias-economy-to-grow-average-of-3-2-till-2023-afdb/ In its latest report published on Monday, the NBS revealed that the figure showed sustained positive growth for the sixth consecutive quarter since the recession witnessed in 2020 when negative growth rates were recorded in quarters two and three of that year.
“The first quarter 2022 growth rate further represents an improvement in economic performance,” the report said. “The observed trend since Q4 2020 is an indication of gradual economic stability. “The Q1 2022 growth rate was higher than the 0.51 per cent growth rate recorded in Q1 2021 by 2.60 per cent points and lower than 3.98 per cent recorded in Q4 2021 by 0.88 per cent points. Nevertheless, quarter-on-quarter, real GDP grew at -14.66 per cent in Q1 2022 compared to Q4 2021, reflecting a lower economic activity than the preceding quarter… More details through: https://www.channelstv.com/2022/05/23/nigerias-gdp-records-3-11-growth-in-first-quarter/ https://www.thecable.ng/nbs-nigerias-economy-grew-by-3-11-in-q1-2022 https://businessday.ng/technology/article/telecoms-lifts-nigerias-q1-gdp-to-most-in-7-years/ Nigeria’s household consumption expenditure returned to positive growth in 2021 for the first time in three years, BusinessDay analysis shows, an indication that economic activities picked up.
The annual growth rate in real household consumption expenditure stood at 25.65 percent in 2021, compared to -1.69 percent and -1.06 percent in 2020 and 2019 respectively, according to data from the National Bureau of Statistics (NBS). It rose by 4.63 percent in 2018. “The observed trend in 2020 indicates that real household consumption expenditure declined in Q1 and Q2, accounting for negative growth rates informed by the COVID-19 pandemic,’ the NBS said in a report... More details through: https://businessday.ng/business-economy/article/household-spending-rises-for-first-time-in-three-years/ 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/ 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/ |
Categories
All
Archives
September 2022
News Archive from before July 2018
|
RSS Feed