2021: IMF forecasts higher GDP growth for Nigeria at 2.5%

MF forecasts higher GDP growth for Nigeria at 2.5%

2021: IMF forecasts higher GDP growth for Nigeria at 2.5%     The International Monetary Fund (IMF) has projected growth of 2.5 percent for Nigeria this year indicating an increase from the one per cent it had predicted for the country in January. The IMF in its latest World Economic Outlook titled: “Managing Divergent Recoveries,” also projected a 2.3 per cent economic growth for the country in 2022.  The Fund also anticipated a growth rate of 3.4 per cent for Africa this year, higher than the 0.2 per cent in…

Read more

Sub-Saharan Africa poised for 3.4% GDP in 2021 – World Bank

Sub-Saharan Africa

Sub-Saharan Africa poised for 3.4% GDP in 2021 – World Bank The World Bank Wednesday said it expects growth in Sub-Saharan Africa this year to rise to between 2.3 and 3.4%, compared with the 2.7% it projected for the region in January. The Bank, which made the forecast in its latest Africa Pulse report titled: “The Future of Work in Africa: Emerging Trends in Digital Technology Adoption,” however, said its projection depends on the policies adopted by countries and the international community. Although the report notes that a slower spread…

Read more

Nigeria exits recession amidst weak economic recovery

Nigerian economy

Nigeria exits recession amidst weak economic recovery   As real GDP Grew by 0.11% in Q4 Slid -1.92% in Full Year 2020   Trudging along a challenging terrain created by the novel Coronavirus pandemic, the Nigerian economic has managed to pull out of recession after three quarters of shrinking in value. Specifically, the Gross Domestic Product (GDP) of the country grew by 0.11 per cent year-on-year in real terms in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters. Though weak, the positive…

Read more

Nigeria to rebase GDP in 2021, says NBS boss

Nigeria to rebase GDP in 2021

Nigeria to rebase GDP in 2021, says NBS boss     The Statistician-General of the Federation and Chief Executive Officer of the Nigerian National Bureau of Statistics (NBS) Yemi Kale, has disclosed that Nigeria would rebase its GDP later this year. Dr. Kale disclosed this at the media conference on the significance of the on-going National Survey of Establishment (NSE) on Thursday in Abuja, the News Agency of Nigeria (NAN) reported. He revealed that after the GDP is rebased, the NSE would include information on 17 economic activities which would…

Read more

METRICS: Nigeria loses 1.65m broadband connections in 30 days

Broadband

METRICS: Nigeria loses 1.65m broadband connections in 30 days   As penetration reverses to 45.07% Operators connect 13.88m to high speed internet in 11 months Total internet subscriptions hit 154.88m   One of the major metrics used to measure how well the telecoms sector is fearing in Nigeria is the movement in subscriber bases of voice, internet and broadband or high speed internet in the country. Findings through the latest industry statistics released by the Nigerian Communications Commission (NCC) has  shown a slight decline in the figures as at November,…

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

Nigeria’s GDP Contracts By -6.10% YoY in Real Terms, Widest in 16 years

Nigeria’s Gross Domestic Product (GDP) has decreased by -6.10% (year-on-year) in real terms in the second quarter of 2020, ending the 3-year trend of low but positive real growth rates recorded since the 2016/17 recession. in their swift response, analysts at Investdata Consulting limited noted that the figures, contained in the latest GDP report for 2020Q2 released today by the National Bureau of Statistics (NBS), marked the steepest fall since 2004, setting the worst record in 16 years. “It was the first economic contraction since the first quarter of 2017…

Read more