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Nigeria’s GDP Grows By 5.01% In Q2
Nigeria’s Gross Domestic Product has grown by 5.01 percent, year-on-year, in the second quarter of 2021. This is according to the National Bureau of Statistics in its GDP Report for Q2. According to the report, the 5.01 percent marks three consecutive quarters of growth following the negative growth rates recorded in the second and third…
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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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Insurance Sector Contracted By 2.08% In Q1
Latest data by the National Bureau of Statistics has shown that the insurance sector contracted by 2.08 percent in the first quarter of 2021. The figures, which were contained in its report on Gross Domestic Product for the first quarter, said the sector accounted for 12.45 per cent of the financial sector during the period…
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COVID-19: Africa Loses $190bn In GDP
The President of the African Development Bank Group, Akinwumi Adesina, has said that the African economy lost over $190 billion due to the effect of the COVID-19 pandemic. Adesina, during the AfDB’s 2021 virtual Annual Meeting, added that the pandemic has forced 30 million people into extreme poverty with an estimation of 39 people going…
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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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Expert: Nigeria’s Economy Can Grow Up By To 10% Annually
The former Director, Budgeting Department, Central Bank of Nigeria,Dr Titus Okunrounmu, says Nigeria’s economy can grow by between seven percent and 10 percent annually if the necessary measures are put in place. Okunrounmu made the projection reacting to the International Monetary Fund projection that Nigeria’s economy would grow by 2.5 per cent in 2021. The…
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IMF Projects 2.5% Growth For Nigeria Economy
The International Monetary Fund has raised Nigeria’s growth forecast for 2021 to 2.5 percent from 1.5 per cent earlier announced in January. The report also projected a 16 per cent consumer price for the country in 2021. IMF disclosed this in its World Economic Outlook for April with the theme ‘Managing divergent recoveries’, projecting an…
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GDP Growth: IMF To Revise Nigeria’s 2021 Forecast
The International Monetary Fund has said that it may revise its 2021 outlook for Nigeria’s economy upwards from 1.5 percent it projected earlier. IMF said the revision would come the next round of its projection this April given recent positive developments in the economy. The IMF had projected that Nigeria’s economy would grow by 1.5…
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Expert: How Nigeria GDP Could Hit $1.5 Trillion In 2030
According to Bismarck Rewane, foremost economist, Nigeria could attain $1.5trn Gross Domestic Product (GDP) by 2030, if it attracts both domestic and international capital to achieve a gross domestic product level. Rewane, the Chief Executive Officer of Financial Derivatives Company, said achieving this level will lead to an accelerated, sustainable and inclusive growth for the…