Tag: Nigeria's GDP

?angote Refineryll raise Nigerias GDP to $322bn by 2025 Report

Aminu Imam
?angote Refinery on GDP

Refinery to get 400,000 bpd ?angote Oil Refinery will raise Nigerias Gross Domestic Product (GDP)to $322bn by 2025, according to a new report. The report, titled: Impact of Dangote Refinery on the Nigerian Economy, which was released recently by Data Services & Resources Ltd, indicated that without the refinery, Nigerias GDP was expected to grow by 3.34 percent in 2024, increasing to 4.13& by 2030. It noted that with the refinery in operation, GDP growth was projected to rise to 4.15% in 2024 and reach 6.21% by 2030. The report…

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FG targets $1.5bn GDP boost from Halal economy by 2027

Aminu Imam
Halal economy

The Federal Government will launch a strategy today, Wednesday, in a bid to position Nigeria as a leader in the Halal economy, projected to add $1.5 billion to the gross domestic product (GDP) by 2027 in a global market valued at $7 trillion. The announcement, made on Monday by the Special Assistant to the President on Export Expansion (Office of the Vice-President), Aliyu Bunu Sheriff, emphasised that the initiative will unite government agencies, private sector leaders, and international partners to leverage Nigerias position as the eighth-largest domestic Halal economy in…

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“Nigerias average GDP growth rate has been negative since 2014 Okonjo-Iweala

Aminu Imam
Okonjo Iweala on GDP

Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, has highlighted that Nigerias average Gross Domestic Product (GDP) growth rate has been steadily declining since 2014, indicating a downturn in the economic well-being of Nigerians. Speaking at the Nigerian Bar Association (NBA) annual general conference at the weekend, Okonjo-Iweala noted that Nigerias economic fortunes reversed following a decade of positive growth between 2000 and 2014 when the average GDP growth rate was approximately 3.8%. During this period, GDP growth outpaced the nations population growth by around 2.6% annually. However, the situation, according to her,…

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Nigerias economy grows 0.51% in Q1-2021 on oil recovery – NBS

Aminu Imam

The nations Gross Domestic Product (GDP) increased by 0.51 percent in the first quarter of 2021. This is according to the first-quarter GDP report released by the National Bureau of Statistics, (NBS), yesterday. Nigeria had recorded an increase of 0.11 percent in the fourth quarter of 2020. With the latest figure, the country has recorded its second consecutive quarter growth since the economy fell into recession in 2020. The NBS report further stated that, Nigerias GDP grew by 0.51% (year-on-year) in real terms in the first quarter of 2021, marking…

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Nigerias economy exits recession as GDP grows by 0.11% in Q4 2020 – NBS

Aminu Imam

…GDP contracts by 1.92% Nigerias Gross Domestic Product (GDP) grew by 0.11% (year-on-year) in real terms in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters. This is contained in the Nigerian Gross Domestic Product report, published yesterday by the National Bureau of Statistics (NBS). The growth was driven largely by positive growth recorded in the information and communication sector (15.9%) and agriculture (3.42%). The NBS further said that the country’s Gross Domestic Product (GDP) contracted by 1.92% in real terms in 2020,…

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