The federal government has projected Nigeria’s Gross Domestic Product (GDP) to grow by 4.2 per cent in 2022.
 
The Minister of Finance, Budget and National Planning, Zainab Ahmed, said this at the Public Consultation on the Draft 2022 to 2024 Medium Term Fiscal Framework and Fiscal Strategy Paper (MTFF/FSP) on Thursday.
 
Mrs Ahmed said the GDP, projected in 2021 to rise three per cent, had been adjusted downwards to close at 2.5 per cent. “In 2022, we are expecting an uptake to 4.2 per cent, then a dip to 2.3 per cent in 2023 and up to 3.3 per cent in 2024.” The minister further said the Nominal GDP projected for 2022 was N184.38 trillion up from N168.6 trillion in 2021, and then to N201 trillion in 2023 and N222 trillion in 2024…
 
More details through:
https://www.premiumtimesng.com/news/top-news/471172-nigerias-gdp-to-rise-4-2-in-2022-official.html

Even with the spate of insecurity, high rate of inflation, unemployment and recessions, the 2021 World Population Review of World Bank rates Nigeria as the richest African country with a Gross Domestic Product (GDP) of $514.05 billion.
 
Nigeria is followed by Egypt with $394.28 billion, South Africa ($329.53 billion), Algeria ($151.46 billion), Morocco ($124 billion), Kenya ($106.04 billion), Ethiopia ($93.97 billion), Ghana ($74.26 billion), Ivory Coast ($70.99 billion) and Angola with $66.49 billion
 
“Many of the world’s poorest nations are in Africa. Most economies are unstable, and poverty is widespread. There are, however, some African countries that have the fastest-growing economies in the world. The largest components of the African economy are agriculture, trade, and natural resources, and the African economy is expected to reach a GDP of $29 trillion by 2050”, the document says, adding that there are several ways to compare a nation’s wealth and one of the best ways to measure it is by taking a look at the purchasing gross domestic product or GDP of a nation…
 
More details through:
https://www.sunnewsonline.com/nigeria-is-africas-richest-country-with-514bn-gdp-says-wbank/

Nigeria’s economic growth quickened in the first quarter as oil output started to recover and manufacturing production increased for the first time in a year.
 
Gross domestic product in the continent’s biggest oil producer expanded 0.5% in the three months through March from a year earlier, the Abuja-based National Bureau of Statistics said in a report published on Twitter on Sunday. That compares with 0.11% growth in the fourth quarter.
 
The median of three economists’ estimates in a Bloomberg survey was for an increase of 0.9%. The slow pickup in growth could reinforce central bank Governor Godwin Emefiele’s view that it’s still too early to increase the key interest rate from 11.5%...
 
More details through:
https://www.bloomberg.com/news/articles/2021-05-23/nigerian-economy-expands-less-than-forecast-in-first-quarter
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The Nigerian Investment Promotion Commission (NIPC) said it tracked $8.41billion worth of Investments from 15 projects across eight states. The states include Bayelsa, Lagos, Kano, Nasarawa, Delta, Edo, Bauchi and Akwa Ibom.
 
At the Q1 NIPC media parley, the Director, Strategic Communications of NIPC, Emeka Ofor, in his presentation said, the sources of the investments into these states are the United kingdom, the United States, India, China, Nigeria and others, while the sectors affected were manufacturing, construction, mining  and quarrying, agriculture and electricity.
 
Ofor stressed that other states in the federation need to wake up with sound investment ideas to attract both local and international investors to help their state more viable and independent without federal allocations…
 
More details through:
https://www.sunnewsonline.com/nigeria-records-8-41bn-investments-in-q1-2021-nipc/
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The International Monetary Fund (IMF) has projected growth of 2.5 per cent for Nigeria this year indicating an increase from the one per cent it had predicted for the country in January.
 
The IMF in its latest World Economic Outlook titled: “Managing Divergent Recoveries,” also projected a 2.3 per cent economic growth for the country in 2022.  The Fund also anticipated a growth rate of 3.4 per cent for Africa this year, higher than the 0.2 per cent in its earlier forecast.
 
It noted that the pandemic continues to exact a large toll on sub-Saharan Africa (especially, for example, Ghana, Kenya, Nigeria, South Africa)…
 
More details through:
https://dailytrust.com/imf-projects-2-5-growth-for-nigeria
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The World Bank has said Nigeria moved out of last year’s recession faster than expected. Nigeria slipped into recession in the second quarter of 2020 amid the economic fallout of the COVID-19 pandemic but emerged from it in the fourth quarter.
 
The bank, in its newly released Africa’s Pulse report, said real GDP in West and Central Africa was estimated to have contracted by 1.1 per cent in 2020, less than projected in the October 2020 Africa’s Pulse forecast, partly owing to a less severe contraction than expected in Nigeria in the second half of the year…
 
More details through:
https://punchng.com/nigeria-exited-recession-faster-than-expected-world-bank/

The International Monetary Fund is likely to revise higher its growth forecast for Nigeria, its mission chief said on Tuesday. Jesmin Rahman, the IMF mission chief to Nigeria, said the country’s surprise exit from recession in the fourth quarter would aid its economic outlook for the coming year.
 
“It wasn’t as bad as we expected,” Rahman said of the country’s 2020 recession…
 
More details through:
https://www.reuters.com/article/idUSKBN2BF1YL

The Lagos Free Zone (LFZ) which already has a committed investment of $2 billion is poised to attract an additional $5 billion over the next four years.
 
This was disclosed by the Chief Executive Officer, LFZ, Mr. Dinesh Rathi, at the headquarters of the company in Ibeju-Lekki during the official visit of Governor of Lagos State, Mr. Babajide Sanwo-Olu and his cabinet members to the zone at the weekend.
 
Rathi, further explained that the zone, which was established in the year 2012 was being promoted by Tolaram Group, a leading conglomerate in Nigeria – who have already attracted about $2 billion committed investment to the Zone currently…
 
More details through:
https://www.thisdaylive.com/index.php/2021/03/22/free-zone-lagos-to-attract-additional-5bn-in-4-years/
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The International Monetary Fund (IMF) has projected Nigeria’s real Gross Domestic Products (GDP) to rise to 3.3 per cent this year.
 
It however, hinged the growth on the implementation of Economic Recovery and Growth Plan (2017–20), which emphasises economic diversification. The Fund also noted that Nigeria is indebted to it to the tune of N31. 01 trillion. In May last year, IMF released over $1 trillion to poor members nations including Nigeria. The Managing Director of IMF, Kristalina Georgieva, added that the fund was a response to several distress calls by members who are in dire need of support.
 
“We have $1 trillion in lending capacity and are placing it at the service of our membership. We are responding to an unprecedented number of calls for emergency financing—from over 90 countries so far…
 
More details through:
https://www.sunnewsonline.com/we-have-1-trillion-in-lending-capacity-and-are-placing-it-at-the-serv/

Nigeria’s economy unexpectedly came out of a recession in the fourth quarter as restrictions to curb the spread of the coronavirus were eased.
 
Gross domestic product grew 0.11% in the three months through December from a year earlier, compared with a decline of 3.6% in the third quarter, the Abuja-based National Bureau of Statistics said on its website on Thursday. The median estimate of five economists in a Bloomberg survey was for a quarterly decline of 1.86%. The economy contracted 1.92% for the full year, the most since at least 1991, according to International Monetary Fund data.
 
The surprise rebound means Africa’s largest economy may recover faster than expected as the oil price and output increase this year. It could also point to the growing dominance of the non-crude sector, according to Joachim MacEbong, a senior analyst at SBM Intelligence in Lagos…
 
More details through:
https://www.bloomberg.com/news/articles/2021-02-18/nigeria-unexpectedly-exits-recession-with-0-11-growth-in-4q
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