GDP
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economy
CIBN inducts 741 members, reassures banks recapitalisation will expand Nigeria’s GDP
The Chartered Institute of Bankers of Nigeria (CIBN) held its 2024 second induction for 741 new members on Saturday in Lagos. The institute reassured Nigerians that the planned banks recapitalisation would boost the nation’s Gross Domestic Product (GDP). The President of CIBN, Prof. Pius Olarenwaju, during the hybrid induction and award ceremony, called for excellence in banking operations towards efficiency…
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Featured
Consider LGs for GDP growth – NULGE
The Nigeria Union of Local Government Employees (NULGE) has called for financial, administrative and political autonomy for local governments. The NULGE National President, Mr Ambali Olatunji, said in Lagos on Saturday that the autonomy was important for Nigeria to grow its gross domestic product more and curb insecurity. Olatunji spoke in an interview with the News Agency of Nigeria (NAN).…
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General News
Poverty eradication: ActionAid canvasses comprehensive social protection programme
ActionAid Nigeria (AAN) has urged the Federal Government to urgently implement a comprehensive social protection programme to provide a safety net for the most vulnerable in the country. Andrew Mamedu, AAN Country Director, made the call in a statement made available to the News Agency of Nigeria (NAN) on Tuesday in Abuja. Mamedu said there was a need for initiatives…
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economy
Declare state of emergency on manufacturing sector, Manufacturer urges FG
A pencil manufacturer, Mr. Muideen Ibrahim, has urged the Federal Government to urgently declare a state of emergency in the manufacturing sector to revamp the economy. Ibrahim, the Chief Executive Officer (CEO) of BAMIB Resources & Investments Company Limited, appealed while speaking with the News Agency of Nigeria (NAN) in Lagos on Tuesday. The manufacturer noted that erratic power supply,…
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foreign
UK economy returns to growth in January after dipping into recession
The UK economy returned to growth at the start of the year, according to official figures, raising hopes that the country could be on its way out of a shallow recession. Gross domestic product (GDP) is estimated to have risen by 0.2 percent in January, following a decline of 0.1 percent in December, the Office for National Statistics (ONS) said.…
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economy
Dangote Group commits to deepen Nigeria’s local content
The Dangote Group has restated its commitment to deepening Nigeria’s local content across business sectors. The representative of the company, Hajiya Halima Wali, said this on Thursday during the Dangote Group Special Day at the ongoing 45th Kaduna International Trade Fair. Wali said that investing in local industries, talent, and resources would not only create jobs but also empower communities…
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General News
Group of technocrats suggests ways to industrialise Nigeria
The Think Tank on Nigeria (TTON), a group of technocrats concerned with policy analysis and advocacy, has suggested ways to industrialise Nigeria and tackle its foreign exchange and other economic challenges TTON is an online policy advocacy platform with 278 members from various professions drawn from different geopolitical zones of Nigeria. The group’s suggestions are contained in a document titled…
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Featured
Nigeria’s GDP improves by 3.52% in Q4 2022- NBS
The National Bureau of Statistics (NBS), says Nigeria’s Gross Domestic Product (GDP) grew by 3.52 per cent in the fourth quarter of 2022 on a year-on-year basis. The NBS said this in the Nigerian Gross Domestic Product Report Q4 2022 released in Abuja on Friday. According to the report, this followed a growth of 2.25 per cent in the third…
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economy
11 African countries’ with GDP 6% or more— report
The 2023 Africa’s Macroeconomic Performance and Outlook has projected that 11 African countries will have a Gross Domestic Product (GDP) of more than six per cent in 2023 and 2024. According to the News Agency of Nigeria (NAN),The outlook was released by the African Development Bank (AfDB) in Abidjan, Côte d’Ivoire on Thursday. The countries are Libya with 12.9 per…
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economy
How FG’s 3.75% GDP projection can be achieved – Expert
Prof. Ndubisi Nwokoma, Director, Centre for Economic Policy Analysis and Research (CEPAR), on Friday said the Federal Government must institute structural reforms to achieve its 3.75 per cent GDP growth projection for 2023. According to the News Agency of Nigeria (NAN),Nwokoma said this in a statement titled, “Nigeria’s Economic Outlook 2023,” released in Lagos. He was emphatic that the Federal…
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Africa
Nigeria’s Economy Reaps Benefits of Real-Time and Digital Banking Transformation – US$6 billion of Additional GDP Growth Forecast by 2026 – ACI Worldwide Report
MIAMI & LAGOS, Nigeria — Nigeria’s real-time and digital payments revolution is driving economic growth and financial inclusion at unprecedented levels for the largest African economy, according to the third edition of Prime Time for Real-Time, published by ACI Worldwide, (NASDAQ: ACIW), in partnership with GlobalData, a leading data and analytics company, and the Centre for Economics and Business Research…
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economy
MPC: CBN retains MPR at 11.5%
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday announced a retention of the country’s Monetary Policy Rate (MPR) at 11.5 per cent. At the end of the first MPC meeting in 2022, Mr Godwin Emefiele, the CBN Governor, announced that the committee also unanimously agreed to retain all other monetary policy parameters. The Cash Reserved…
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Nigeria
Nigeria’s GDP grows by 0.51% in Q1 2021
The National Bureau of Statistics (NBS) has announced significant growth in Nigeria’s Gross Domestic Product (GDP). According to its Report for Q1 2021, released on its website on Sunday in Abuja, the bureau noted that the GDP grew by 0.51 percent year-on-year, in spite of the slower pace of economic activities in the first quarter of the year. This record…
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Finance
2021 Outlook: Nigeria will record positive GDP growth- Khan
An economist, Ms Razia Khan, also Managing Director/Chief Economist, Africa and Middle East, Global Research, Standard Chartered Bank, on Tuesday said Nigeria would see a restoration of positive growth. Khan made the assertion in her presentation at the virtual 2020 Market Recap and 2021 Outlook hosted by the Nigerian Stock Exchange (NSE) on Tuesday in Lagos. The virtual event had…
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Asia
Hong Kong’s GDP shrinks 0.1 % in Q2
Hong Kong’s economy shrank by 9.0 per cent in the second quarter from a year earlier, the government said on Wednesday, as the coronavirus pandemic weighed heavily on consumer spending, trade and tourism in the global financial hub. It was the fourth consecutive quarter of contraction for the economy, which was hit hard by anti-government protests last year and more…
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Technology
14.07% contribution of ICT to Nigeria’s GDP unprecedented – Pantami
The contribution of information communication and technology to Nigeria’s economy has been unprecedented, so far. Minister of Communications and Digital Economy, Dr Isa Pantami, said the sector has contributed an unprecedented 14.07 per cent to the nation’s Gross Domestic Product (GDP). Pantami stated this in a statement signed by Technical Assistant, Information Technology to the Minister, Dr Femi Adeluyi, on…
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Africa
Nigeria overtakes South Africa as Africa’s largest economy
Nigeria recorded 89.22 per cent growth in Gross Domestic Product (GDP) in 2013, making it the largest economy in Africa and 26th in the world. The position was previously occupied by South Africa. Dr Ngozi Okonjo-Iweala, the Coordinating Minister for the Economy and Minister of Finance, stated this on Sunday in Abuja at a press conference on “Rebasing/Re-benchmarking of Nigeria’s…
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