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Nigeria Records 3.4% GDP Growth in 2021
Nigeria’s Gross Domestic Product grew by 3.98 per cent in the fourth quarter of 2021, the strongest growth since 2014. This was contained in the quarter GDP report released by the National Bureau of Statistics. The report showed that the fourth-quarter growth accounted for annual growth of 3.40% in 2021. Part of the report read,…
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Nigeria’s GDP Grows By 4.03% In Q3
The National Bureau of Statistics announced that Nigeria’s Gross Domestic Product grew by 4.03 per cent in the third quarter of the year (Q3 2021). The Statistician-General of the Federation and the Chief Executive Officer of the NBS, Mr Simon Harry, explained that the negative GDP figures recorded in 2020 as a result of the…
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Nigeria’s Debt-to-GDP Ratio To Hit 42% By 2026
The International Monetary Fund has projected that Nigeria’s government gross debt to Gross Domestic Product ratio will rise to 42 percent by 2026. The IMF which said this in the October 2021 Fiscal Monitor Report published on its website stressed that it is an increase from 35.7 percent in 2021. It said the country’s gross…
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South Africa Reports Steady Economic Recovery In Q2
Though South Africa’s economic growth margin is still considered stuck in its longest downward cycle since World War II at below 3%, recent reports show the economy has quickened in the second quarter of 2021 as restrictions to contain the coronavirus pandemic were eased. According to Statistics South Africa, gross domestic product expanded 1.2% in the…
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‘Nigeria’s GDP To Grow By 2.6%’
Financial Derivatives Company Limited has said the Nigerian economy is expected to grow by 2.6 percent in the second quarter of 2021. Thai growth is up from 0.51 percent recorded in the first quarter. Analysts at Lagos-based FDC, led by an economic expert, Mr Bismarck Rewane, said the expansion of the GDP growth data coupled…
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Nigeria’s Revenue To GDP Ratio Lowest In The World
The World Bank says Nigeria’s revenue to gross domestic product ratio is the lowest in the world. The bank’s country director for Nigeria, Shubham Chaudhuri, said this during a panel session at a virtual public sector seminar organised by the Lagos Business School (LBS) themed ‘Nigeria in Challenging Times; Imperatives for a Cohesive National Development…
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Nigeria’s GDP Might Drop By 2030
The World Bank has said that Nigeria’s GDP may decline by $139 billion in 2030 on the back of a collapse in ecosystem services. The apex Institution in its latest report, “Economic Case for Nature”, said that the loss in GDP could cause a permanent reduction of the country’s potential productive economy. It added that…
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Non-oil Sector Driving Nigerian Economy
The Minister of Finance, Budget, and National Planning, Zainab Ahmed, has said the Nigerian economy is currently being driven by the non-oil sector. Ahmed said this when she led officials of her ministry to hold a meeting with the leadership of the National Assembly over the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper.…
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ANALYSIS: Nigeria’s Insecurity Threatens Agricultural Growth
Nigeria’s agricultural sector might begin to plunge in its growth owing to recurrent insecurity challenges emanating from different parts of the country. The impact of these insecurity challenges, just like the COVID-19 pandemic, are beginning to deny farmers and traders access to grow crops and make sales respectively. The Nigerian Economic Summit Group has said…
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ANALYSIS: The Slow Rise To Recovery
Nigeria might be gradually taking steps towards achieving the 2021’s projection by the International Monetary Fund, as the latest figure on the Gross Domestic Product shows a slight increase by 0.15 percent within three months. The National Bureau of Statistics published that the GDP real terms growth is the second consecutive growth after the negative…