Business

NBS Puts GDP’s Growth At 5.01 Per Cent

Published

2 years ago

August 26, 2021

NewTimes

The National Bureau of Statistics (NBS) has put Nigeria’s Gross Domestic Product’s growth at 5.01 per cent, year-on-year, in the second quarter.

NBS disclosed this in its GDP Report for Q2 released on Thursday.

According to the report, the 5.01 per cent marks three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020.

The Q2 2021 growth rate was higher than the -6.10 per cent growth rate recorded in Q2 2020 and the 0.51 per cent recorded in Q1 2021 year on year.

This is an indication of the return of business and economic activity near levels seen prior to the nationwide implementation of COVID-19 related restrictions.

The report stated that steady recovery observed since the end of 2020, with the gradual return of commercial activity as well as local and international travel, accounted for the significant increase in growth performance relative to the second quarter of 2020 when nationwide restrictions took effect.

Year to date, real GDP grew 2.70 per cent in 2021 compared to -2.18 per cent for the first half of 2020.

Nevertheless, quarter on quarter, real GDP grew at -0.79 per cent in Q2 2021 compared to Q1 2021, reflecting slightly slower economic activity than the preceding quarter due largely to seasonality.

In the quarter under review, aggregate GDP stood at N39.12trn in nominal terms, higher than the second quarter of 2020 with aggregate GDP of N34.02trn, indicating a year on year nominal growth rate of 14.99 per cent.

The nominal GDP growth rate in Q2 2021 was higher than -2.80 per cent growth recorded in the second quarter of 2020 when economic activities slowed sharply at the onset of the pandemic.

The Q2 2021 nominal growth rate was also higher than 12.25 per cent growth recorded in Q1 2021.

Read more authentic news on our social media platforms

Business

BREAKING: CBN Speaks On Devaluation Of Naira To N630/$1

Published

5 days ago

June 1, 2023

NewTimes

BREAKING: Old Naira Notes Deadline Stays - Emefiele

CBN Governor Godwin Emefiele

The Central Bank of Nigeria ( CBN) on Thursday denied devaluing the naira .

This clarification came from the
Acting Director, Corporate Communication, Dr. Isa AbdulMumin, in a statement titled, “CBN Has Not Devalued the Naira”.

He said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled “CBN Devalues Naira To 630/31”.

“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.

“For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this moming (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.”

The bank advised the public to ignore the news report in its entirety, saying it’s speculative and calculated at causing panic in the market.

Arts & Culture

BREAKING: After Subsidy Removal, NNPC Increases Petrol Price To Over N500

Published

6 days ago

May 31, 2023

NewTimes

Senator Withdraws Support For Tinubu Over Choice Of Muslim Running Mate

President Tinubu

The Nigerian National Petroleum Company Limited (NNPC) on Wednesday adjusted the pump price of petrol by over 100% to between N488 and N557.

The development followed the announcement by President Bola Tinubu during his inaugural address on Monday that fuel subsidy was ‘gone’.

However, it was learnt that the president will meet with organised labour from 2pm Thursday (today) afternoon.

The prices have now been adjusted upward from between N189 to N194 to N537 per litre in Abuja and other North-central States.

For Lagos and other South-west states, a litre of fuel now sells for between N488 and N500 per litre.

In the South-east, the price will range from N515 to N520, while in the North-west, the price of the product was raised to N540. In the North-east, it moved from N199 to N557 per litre.

For the South-south, it is now from N511 to N525 per litre. Nigeria’s subsidy budget of N3.6 trillion for this year, expires in June, 2023.