Tag: Nigeria’s GDP

  • Nigeria’s GDP To Grow By 3.2% In 2023 – IMF

    Nigeria’s GDP To Grow By 3.2% In 2023 – IMF

    The International Monetary Fund (IMF) has retained its growth forecast of 3.2 percent for Nigeria’s economy in 2023.

    The IMF, in its World Economic Outlook for April 2023 titled ‘A Rocky Recovery’, also forecast a three percent growth in the country’s gross domestic product (GDP) for 2024.

    Other countries highlighted in its 2023 projections were USA (1.6%), Germany (-0.1%), France (0.7%), Italy (0.7%), Spain (1.5%). Japan (1.3%), UK (-0.3%), and Canada (1.5%).

    Others are China (5.2%), India (5.9%), Russia (0.7%), Brazil (0.9%), Mexico (1.8%), Saudi Arabia (3.1%), and South Africa (0.1%).

    Naira Depreciation
    The projection by the Washington DC-based global lender comes days after the World Bank revealed that the naira recorded a 10.2 percent depreciation in 2022, prompted by rising food and fuel prices globally, among other stimulants.

    In its Africa Pulse report published last week, the World Bank stated that the depreciation of the exchange rate was also a major contributor to inflationary pressures in the Sub-Saharan region.

    “In Nigeria, recently released activity data show mixed results. On the one hand, real GDP growth was higher than expected in the fourth quarter of 2022. It picked up to 3.5 percent y/y, from 2.3 percent in the third quarter. Both oil and non-oil sector activity improved by late 2022,” it said.

    “After a 22.7 percent y/y contraction in the third quarter of 2022, oil GDP fell by 13.4 percent y/y in the fourth quarter as security services were making headway against oil theft.”

    Recession In Third Of The World
    In January, Head of IMF Kristalina Georgieva ushered the comity of nations into 2023 with a warning that the world’s economy was in for a tougher year as it projected one-third of the globe sliding into recession.

    The year 2022 had seen various countries suffering the ripple effects of the ongoing Russia- Ukraine conflict, the resurgence of the COVID-19 virus in China as well as stifling inflation indices not just on the African continent but amongst some of the biggest economies.

    Georgieva, explaining the IMF’s October global economic growth outlook for 2023, insisted that the best of economies might likely not be spared from the far-reaching effects of the recession.

    “We expect one-third of the world economy to be in recession, she said on the CBS news programme Face the Nation.

    “Even countries that are not in recession, it would feel like a recession for hundreds of millions of people.”

  • Nigeria’s GDP Slows to 3.54% in Q2

    Nigeria’s Gross Domestic Product (GDP) grew by 3.54 per cent (year-on-year) in real terms in the second quarter of 2022, the National Bureau of Statistics (NBS) said Friday.

    The growth rate indicated a decline from the 5.01 per cent recorded in the second quarter of 2021 when rapid growth was recorded following the toll the COVID-19 pandemic exacted on the economy in Q2 2020.

    According to the Nigerian GDP Report Q2 2022, which was posted on the NBS website, the recent rising prices of goods and commodities have adversely impacted on the Q2 2022 performance.

    The growth rate in Q2 decreased by 1.47 per cent from 5.01 per cent growth rate recorded in Q2 2021 and increased by 0.44 per cent relative to 3.11 per cent in Q1 2022.

    However, quarter-on-quarter, real GDP grew at -0.37 per cent in Q2, reflecting lower economic activity compared to the preceding quarter.

    Details later….

  • Nigeria’s GDP Grew By 3.98% In 2021 Q4 – NBS

    Nigeria’s GDP Grew By 3.98% In 2021 Q4 – NBS

    The National Bureau of Statistics says Nigeria’s GDP grew by 3.98% in Q4 2021, sustaining a positive trajectory.

    “Nigeria Gross Domestic Product (GDP) grew by 3.98%(year-on-year) in real terms in the fourth quarter of 2021, showing a sustained positive growth for the fifth quarter since the recession witnessed in 2020 when output contracted by -6.10% and -3.62% in Q2 and Q3 of 2020 under the COVID pandemic. The fourth-quarter growth indicates a steady economic recovery accounting for an annual growth of 3.40% in 2021,” a report by the NBS disclosed on Thursday.

    It further stated that the Q4 2021 growth rate was higher than the 0.11% growth rate recorded in Q4 2020 by 3.87% points and lower than 4.03% recorded in Q3 2021 by 0.05% points.

    Nevertheless, the report noted that quarter on quarter, real GDP grew at 9.63% in Q4 2021 compared to Q3 2021, reflecting a higher economic activity than the preceding quarter. In the quarter under review, aggregate GDP stood at N49,276,018.23 million in nominal terms.

    This performance is higher when compared to the fourth quarter of 2020 which recorded aggregate GDP of N43,564,006.29 million, indicating a year-on-year nominal growth rate of 13.11%.

    The nominal GDP growth rate in Q4 2021 was higher relative to 10.07% growth recorded in the fourth quarter of 2020 but lower compared to 15.41% growth recorded in the preceding quarter. 2021 annual nominal growth stood at 13.92%.

  • BREAKING: Nigeria’s GDP Slows to 4.03% in 3rd Quater

    Nigeria’s Gross Domestic Product (GDP) growth rate slowed to 4.03 per cent in the third quarter of the year (Q3 2021) compared to 5. 01 per cent in the preceding quarter, the National Bureau of Statistics (NBS) said Thursday.

    The GDP measures the country’s economic performance from time to time.

    Statistician General/Chief Executive, National Bureau of Statistics,
    Dr. Simon Harry, at a media briefing said the negative impact of the COVID-19 pandemic continued to impact economic performance.

    Details later…