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Nigeria’s Economic Growth To hit 3.2%
The International Monetary Fund has predicted that Nigeria’s economy would grow from 3.0 per cent in 2022 to 3.2 per cent in 2023. The growth according to IMF would be due to measures made to address insecurity in the oil sector. In its World Economic Outlook Update (January 2023) report, IMF stated that growth across…
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Nigeria’s Growth DropTo 2.25% In Q3’22
The National Bureau of Statistics has disclosed that Nigeria’s Gross Domestic Product, GDP, fell quarter-on-quarter (QoQ) by 1.78 percentage points to 2.25 per cent in the third quarter of 2022 (Q3’22). This is a drop from the 3.54 per cent recorded in Q2’22. NBS said this in its Nigerian GDP report for Q3’22, citing the…
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Nigerians Consumption Expenditure Rises To N57tn
According to the ‘Nigerian Gross Domestic Product Report (Expenditure and Income Approach)’ by the National Bureau of Statistics, Nigerians’ consumption expenditure rose to N57.08 trillion in the first half of 2022. This is a 14.39 percent increase from the N49.89 trillion that was spent in the corresponding period of 2021. NBS defined household final consumption…
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Angola Becomes Africa’s Top Crude Oil Producer
A new report by the Organisation of the Petroleum Exporting Countries (OPEC) shared that Angola has taken first place in crude oil production after displacing Nigeria in the month of August. The report revealed that Nigeria’s crude oil production for August averaged 1.100 million barrels per day while Angola’s production averaged 1.187mb/d. In July, Angola…
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FG Receives N1.09tn From Indirect Taxes
According to data from the National Bureau of Statistics, the Federal Government received N1.09tn from indirect taxes in the first two quarters of 2022. This represents a 10.29 percent increase from N984.33bn obtained in the first two quarters of 2021. Indirect taxes are calculated based on current basic prices. They are taxes paid to the…
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Nigeria’s GDP Grew By 3.11% In Q1 2022
Nigeria’s Gross Domestic Product grew by 3.11 per cent in the first quarter of 2022. The National Bureau of Statistics disclosed this in its Nigerian Gross Domestic Product Report Q1, 2022. It stated that, “Nigeria’s Gross Domestic Product grew by 3.11 per cent (year-on-year) in real terms in the first quarter of 2022, showing a…
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In Four Years, Workers In Formal Sector Earn N159tn
According to data from the National Bureau of Statistics, employees in Nigeria’s formal sector earned N159.01 trillion from 2018 to 2021. This was contained in its ‘Nigerian Gross Domestic Product Report’. The NBS said the total compensation of employees in the nation, based on the GDP and expenditure at current purchasers’ value, was N34.36tn…
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Agric Imports Hit N2.7tn In 2021
Nigeria’s agricultural imports continued to take an upward trajectory, hitting N2.7tn in 2021. This is coming despite spending no less than N129.084bn on agriculture loans to farmers. According to findings by our correspondent, the Central Bank of Nigeria and the Federal Government, through the Agricultural Credit Guarantee Scheme Fund (ACGSF), has guaranteed a total of…
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Nigeria Drops To 118th In World Happiest Countries Ranking
A publication of the United Nations Sustainable Development Solutions Network, powered by the Gallup World Poll has revealed that Nigeria ranks 118th out of 146 happiest countries globally. This is a decline by two spots from its position last year. The 2022 World Happiness Report is global survey data used to report how people evaluate…
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Nigerians Spent $2.29 billion On Beer In 2019
A new report by Oxford Economics has shown that Nigerian consumers spent $2.29 billion (approximately N826.69billion) in 2019 on beer. The Study titled: “Beer’s Global Economic Footprint”, commissioned by World Brewery Alliance which assessed the beer sector across 70 countries, covering 89 percent of beer sold worldwide, by volume, revealed that Nigeria ranked 30th in…