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Mining, Quarrying Sector Contributed N5.37tn To GDP In 2021
According to the National Bureau of Statistics, the mining and quarrying sector recorded a total contribution of N5.37tn to the Gross Domestic Product in 2021. This was according to the data obtained from the Gross Domestic Product for the year under review. The N5.37tn was, however, a decline when compared to the N5.82tn recorded in…
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How Nigeria’s 2021 GDP Beats Projections
The National Bureau of Statistics, in its quarterly report, has published that the country’s Gross Domestic Product grew by 3.98 percent in the fourth quarter of 2021. This, which is considered as the strongest growth since 2014, translates to 3.4 percent as the annual GDP growth for 2021. According to the bureau, “Nigeria Gross Domestic…
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Banks, Others Contribute N2.3trn To Economy
Findings from the Gross Domestic Product released by the National Bureau of Statistics Q4 2021 report has shown that Banks and other financial institutions excluding insurance, contributed N2.3 trillion to the nation’s real GDP, in 2021. This is up by 10.5 per cent from 2.1 trillion in 2020. The contribution of banks and other financial…
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Nigerian Insurance Sector Records 8.01%
Figures obtained from the National Bureau of Statistics have shown that the Nigerian insurance industry grew by 8.01 percent in 2021 when compared to a negative growth rate of 13.29 per cent in 2020. The NBS, in its Gross Domestic Product report for the fourth quarter of 2021, said the insurance industry also accounted for…
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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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Communications Ministry Gets N129.59bn In Six Years
According to an analysis of budgets from 2016 to 2021, the Federal Ministry of Communications and Digital Economy have been allocated a total of N129.59bn in six years. Breaking this down, the ministry got N15.99bn in 2016; N19.33bn in 2017, and N19.77bn in 2018. The allocation dropped to N17.62bn in 2019 and N17.41bn in 2020…
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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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IMF increases Nigeria’s 2021 Growth
The International Monetary Fund has increased Nigeria’s growth prospect to 2.6 percent and 2.7 percent for 2021 and 2022, respectively. This recent prospect is coming despite reducing the rate of global growth prospect due to the COVID-19 Delta variant. According to the October 2021 World Economic Outlook Report, the growth forecast for Nigeria was originally…
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Nigeria’s Economy To Grow By 2.4% In 2021
Projections by the World Bank has revealed that Nigeria’s economy would grow by 2.4 percent in 2021; an increase in the bank’s earlier growth projection of 1.8 per cent made in January this year. The bank made this disclosure in the new edition of its Africa’s Pulse report titled ‘Climate change adaptation and economic transformation…
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ICT Contributes N26tn To GDP In 18 Months
Analysis from the National Bureau of Statistics showed that the Information, Communication and Technology sector contributed N26.02tn to the nominal Gross Domestic Product in 18 months. This was extracted from the GDP reports for the four quarters of 2020 and the first two quarters of 2021; that isJanuary 2020 to June 2021. The ICT sector…