Three Sectors Bigger Than the Oil Industry in Nigeria
The National Bureau of Statistics recently released data on the growth of Nigeria’s economy in 2019. The GDP report showed that the country’s economy had grown by 2.27 percent in the year just passed. It had performed slightly better than many analysts (including those at the IMF) had expected. But it will need to grow […]
Nigeria Decides 2019: Key Concerns from the World of Business and Economics
By now, you’ve already decided who your preferred candidates are for the public offices to be contested at the polls this weekend. You’ve weighed the options, thought through their proposals, and figured which ones merit your votes. Or maybe you’ve always had your choice locked in anyways, and Saturday’s elections will be a long-awaited opportunity […]
Osinbajo Celebrates World Bank Ranking of Nigeria
In the midst of outrageous narratives about the nation’s economy, it is laudable to discover that the nation is indeed moving out of the shackles of economic recession. It is on this high note that Vice President Yemi Osinbajo celebrates Nigeria’s phenomenal improvement on the World Bank’ Doing Business latest rankings. The report recorded an increase as Nigeria moves up […]
Nigeria Moves out of Economic Recession
The Gross Domestic Product of a nation is one of the primary indicators to measure the health of a country’s economy. Nigeria’s economy has been sick for a long time, it has however for the first time in 25 years made an immense improvement. It has recovered from economic recession recording a positive growth. The […]
The National Bureau of Statistics Releases GDP Report for Q4 2016
The National Bureau of Statistics on Tuesday published its report on Nigeria’s Gross Domestic Product for the fourth quarter of 2016. The report, which summarizes the performance of the various sectors of the Nigerian economy in the last three months of the year gone by, shows a continuing but slowing decline in the nation’s economic […]
These States had the Highest Internally Generated Revenue In the First Half of 2016
On Wednesday, January 18, the National Bureau of Statistics (NBS) published its report on states’ Internally Generated Revenue for the first half (H1) of 2016. The report detailed revenues for 29 states of the federation which had submitted their figures to the NBS. The following are the top revenue generating states according to the report: […]
President Buhari’s China Deal: What It Means For Nigeria
The drastic drop in the oil price has made it difficult for the Nigerian government to finance the deficit in an ambitious budget for the year 2016, without racking up more debt for the country. Nigeria’s finance minister, Kemi Adeosun, has forecasted a budget deficit of about ₦2.2 trillion ($11 billion). In a bid to […]
Naira to Rise Further as Banks Reject Dollars
The United States’ dollar will fall against the naira at the parallel market this week as banks across the country continue to reject cash deposits of foreign currencies into customers’ domiciliary accounts. The naira had appreciated against the dollar from 245 to 220 at the parallel market last week after banks started implementing the new […]
Rice Production Generates N400b To Nigeria’s Economy
Rice production has generated about N400 billion to the Nigerian economy in the last 3 years, a top Nigerian government official has stated. Speaking at the second Nigeria Rice Investment Forum in Abuja on Monday, Nigeria’s Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina, said Nigeria has currently attained 80 per cent self-sufficiency in paddy rice […]
Nigeria’s Economy Attracted N12.52 Trillion Between 2007-2013
The Nigerian economy attracted a total investment inflow of $78.27bn (N12.52tn) between 2007 and 2013, a report by the National Bureau of Statistics has shown. The figure was contained in the ‘Capital Importation’ report prepared by the NBS, and a copy was obtained and published by Punch Newspaper. According to the report, the global financial […]
Aliko Dangote to invest $2.3 Billion in Rice and Sugar Production in Nigeria’s Northern Region
Nigeria and Africa’s richest man, Aliko Dangote, have announced plans to invest $2.3 billion in rice and sugar production in Nigeria’s northern region in a bid to combat poverty and insurgency. Dangote, who was speaking during a plenary session at the World Economic Forum currently being held in Abuja, Nigeria, said that creating jobs was […]
Nigeria, South Africa, Egypt Account For Half of Africa’s Economy, World Bank
According to new data released by the World Bank Group last week, Nigeria, South Africa and Egypt account for about half of the African economy. The report said that low income economies, as a share of world GDP, were more than two times larger based on Purchasing Power Parity, PPP, than respective exchange […]
Nigeria’s non-oil Exports to ECOWAS Markets Rise to $375m
Nigeria’s quest for economic diversification has caused such a boost in its non-oil exports to fifteen member-states of the Economic Community of West African States (ECOWAS) that by the end of 2013, it moved from $312.477 million and $276.53 million as recorded in 2012 and 2011 respectively to $375.338 million. The boost shows a 20% […]
Oyo Govt. Reveals Plans For Economic Summit 2014
Oyo State Government has concluded plans to hold its first economic summit in conjuction with the International Institute of Tropical Agriculture (IITA) in Ibadan in April 14th – 15th, 2014. The Ministry of Trade, Investment and Cooperatives told journalists at a press conference in Ibadan that the IITA was chosen as a partner for the project […]
Nigeria Plans to Re-weigh Inflation
The National Bureau of Statistics (NBS) told Reuters on Monday that Nigeria plans to re measure its inflation index from 2004 to 2009 by the end of this year to give evidence of the impact of non-food items on prices accurately. After the country’s re-basing, GDP was re evaluated and announced on Sunday for the […]
Nigeria is the 26th Largest Economy in the World and Africa’s Biggest Economy
Nigeria becomes the 26th largest economy in the world as it has re-based its nominal gross domestic product (GDP), with estimates from $285.56 billion to $509.9 billion. The new nominal GDP places Nigeria ahead of countries like Austria with $394.7 billion, Venezuela with $381.26 billion, Columbia with $369.6 billion, Thailand with $365.96 billion, Malaysia with […]