Gross Domestic Product
Non-oil sector grows Nigeria’s GDP to 1.8%, says NBS
Data from the National Bureau of Statistics (NBS) has shown that Nigeria’s Gross Domestic Product (GDP) grew to 1.81 per cent (year-on-year) in real terms in the third quarter of 2018, driven mainly by the non-oil sector, which contributed 90.62 per cent. When compared to the third quarter of 2017, which grew by 1.17 per…
Nigeria’s economy is bleak, says World Bank
The World Bank has said that Nigeria’s Gross Domestic Product (GDP) growth is expected to hover slightly below two per cent in 2018, largely driven by non-oil industry and services.
PenCom’s multi-fund policy lifts contributions above N8.3 trillion
With just two months after the effective take off of the newly introduced Multi-Fund Structure by the National Pension Commission (PenCom), the contributions under the watch of the institution has risen to N8.34 trillion as at September 30, from N8.04 trillion at the end of March 2018. Already, PenCom has attributed the quantum leap in…
‘Absence of national property databank impeding investment’
The lack of market information with which to benchmark valuations or support investment decisions is affecting prospective investors from committing funds to the real estate sector. The severity of situation has continued to remain a black box within the industry. While some firms have established own proprietary data and others have started to publish useful…
NITDA puts ICT contributions to GDP at 11.8% in second quarter
The National Information Technology Development Agency (NITDA) has said that the contributions of the Information and Communications Technology sector to the country’s Gross Domestic Product (GDP) grew to 11.8 per cent in Q2, 2018. NITDA, which said the figure actually increased by 1.58 per cent from Q1, noted that the Federal Government was working to…
‘Why non-oil export sector may remain at level of potential’
The expectations of an end to the rhetorics of “potential” in the non-oil sector may remain unrealised, with assessed myriads of challenges and declining fortunes presently assailing the sector. According to the non-oil exporters, challenges revolving around products, pricing, paperwork, payment, promotion and policies need to be addressed for the non-oil export sector to contribute…
Industrialists target five per cent GDP input by 2020
The industrialists, who disclosed this in Lagos at a press briefing, noted that the current GDP contribution of the pharmaceutical industry has been modestly put at about 0.001 per cent and it’s not encouraging.
Recession to worsen Nigeria’s rising debt burden
Barely two weeks after meeting with top government officials, Fitch Ratings has passed a negative verdict on the economy, saying that its weak state will worsen Nigeria’s debt profile.
Beyond faltering economic data, recession
The Nigerian Bureau of Statistics (NBS) last week reeled out sombre numbers about the economy, which also dented the country’s status among the League of Nations and the investment community.