Global Pandemic: Nigeria’s foreign trade plunges 28% to N6.24trn in Q2

Insurance sector contracted by 12.05% in Q4 – NBS

As the global economy continues to count losses to the impacts of coronavirus pandemic, the Nigerian economy has recorded significant fall in its foreign trade portfolio in the second quarter of the year. Forign trades, both import and export, within the period suffered by 27.46 per cent to N6.24 trillion, according to the latest report by the National Bureau of Statistics (NBS). This is coming following an  earlier disclosure by the NBS that the country’s capital imports fell by 78.6 per cent in the second quarter of the year to…

Read more

COVID-19 takes toll on Nigeria’s capital import; inflow sinks by 79%

capital importation

As a result of the coronavirus pandemic, Nigeria’s capital importation plunged 78.6 per cent in the second quarter year-on-year to $1.295 billion, as lower oil prices push Africa’s largest economy towards recession. Nigeria, Africa’s top oil exporter, is suffering its worst crisis in decades in the wake of the pandemic as this alongside other socio-economic headwinds take tolls on the prosperity of the country. The economy shrank by the most in a decade in the second quarter, government revenues have taken a hit and the local currency weakened. The country…

Read more

Telecoms attracts $105m inflow as sector contributes N2.3trn to Q2 GDP

telecoms infrastructure

Recent key economic reports by the National Bureau of Statistics (NBS) have further underscored the notion that the  telecoms sector of the Nigerian economy is crucial to the prosperity of the country. The gross domestic domestic (GDP) report for the second quarter of 2020 and capital importation report for the same period released on Friday by the bureau have given credence to this claim. First, it was the GDP report that revealed that despite the economic impact of the COVID-19 pandemic which, alongside other socio-economic contradictions,  caused the economy to…

Read more