How telecoms sector led the charge to lift Nigeria out of recession

How telecoms sector led the charge to lift Nigeria out of recession

As sector boosts GDP by 12.45%   Nigeria’s telecommunications industry, regulated by the Nigerian Communications Commission (NCC), is one of the sectors whose performance lifted the country out of recession in the fourth quarter of 2020, contributing 12.45 percent to the country’s Gross Domestic Product (GDP). According to the latest data released by the National Bureau of Statistics (NBS), telecommunications & Information Services under Information and Communication grew by 17.64 per cent in Q4 2020 from 17.36 per cent in Q3 2020 and 10.26 per cent in Q4 2019. In the…

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‘Despites recession exit, further recovery tough for Nigerian economy’

Nigerian economy

‘Despites recession exit, further recovery tough for Nigerian economy’     Despite the recent thrilling news that the Nigerian economy has pulled out of recession, analysts at Financial Derivative Company Limited (FDC) have warned of certain lingering structural challenges capable of hindering further economic growth in the country. In its Monthly Economy Update, the analysts maintained that the recovery process in 2021 is expected to be gradual and tough, especially for sectors such as trade and manufacturing that are income elastic and forex dependent. “We expect the CBN to ease…

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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…

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Nigeria will exit recession soon, says finance minister

Hard time beckons as FG admits revenues crashing

The current recession, which the Nigerian economy recently slid into, will be short-lived, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has said. Ahmed said this on Monday at the ongoing 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, and National Planning. She said the country would emerge from the recession in the fourth quarter of this year or by the first quarter of 2021. Nigeria, Africa’s biggest economy, entered its second recession in five years in…

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Nigeria plunges into recession as COVID-19, oil prices bite

Nigeria plunges into recession as COVID-19, oil prices bite

Nigeria has slipped into a recession after its gross domestic product contracted for the second consecutive quarter, according to official data released. Africa’s biggest economy is in recession in less than five years with the 2016 recession four years ago, being its first in a generation, and the country emerged from it the following year, 2017. However, the growth of the Africa’s biggest economy has been fragile and this was further worsened by COVID-19 pandemic that disrupted both local and global economy amid low oil prices. The continent’s top oil producer…

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CBN resorts to expansion policies to combat recession

The Central Bank of Nigeria (CBN) has said it will pursue expansionist monetary policies to save the country from economic headwinds and combat recession. God Emefiele, the CBN governor has said that this is necessitated by many constraints against the fiscal policy. Emefiele said this was necessary to curb the rising inflation and address recession in the economy. He said this was part of the resolutions of the Monetary Policy Committee meeting held last week. He said, “The committee was therefore of the view that to abate the pressure, it…

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Recession looming large in Q3’2020, LCCI hints Nigerians

Nigeria plunges into recession as COVID-19, oil prices bite

The Lagos Chamber of commerce and Industry (LCCI) on has cautioned about growing prospects of the nation’s economy sliding into very deep recession at the end of the third quarter this year. Giving the warning at the chamber’s quarterly media briefing in Lagos, the President, Mrs, Toki Mabogunje, urged the federal government and other institutional stakeholders to adopt appropriate strategies to boost productivity across the broad spectrum of the economy. Mabogunje spoke against the backdrop of the lingering COVID-19 pandemic impact on all sectors of the economy. She projected that…

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We’ll save Nigeria from recession – CBN

CBN, Isaac Okoroafor, Economy, Recession

The Central Bank of Nigeria (CBN) has vowed to do all it takes to sustain efforts at steering the Nigerian economy away from the looming recession triggered by COVID-19. The apex bank said it will not be deterred despite move by selfish Nigerians working against the progressive interest of the bank. Isaac Okoroafor, the Director, Corporate Communications, said this on Wednesday in Abuja in a chat with reporters. Okorafor also said the CBN has uncovered “sinister plans by some persons with selfish interests in Nigeria’s economic and socio-political space to…

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Stanbic IBTC forecasts 3.3% contraction for Nigeria’s economy

Nigerian recession and contraction of economy

Analysts at Stanbic IBTC Bank have projected that Nigeria’s economy would sustain its recessionary trend in the second quarter of this year based on its current micro and macroeconomic indices. Anchoring some of their projections on the present purchasing managers index (PMI) which fell to 42.4 in May, amongst other indices, analysts at the bank foresee that the PMI picking in the months ahead but albeit at a level still below the 50 mark. In a statement issued by an economist with the bank, Gbolahan Taiwo, the lender predicted: “We…

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