GDP

An renowned economist, Dr Paul Alaje, has frowned at a situation whereby Nigeria spends up to 60% of its revenue on debt servicing, describing the development as disturbing and worrisome.

India’s economy grew 0.4 per cent year-on-year in the final quarter of 2020, official data showed Friday, ending its first recession since independence as easing coronavirus restrictions sparked a modest recovery. The country has struggled...

The Minister of Aviation, Sen. Hadi Sirika, on Thursday received a new aircraft brought by Allied Air at the Nnamdi Azikiwe International Airport, Abuja for the distribution of COVID-19 vaccines across the country.

Emefiele, said this on Friday, while speaking at a CBN/Bankers’ Committee’s initiative for economic growth, which is a one-day special summit on the economy by bank chief executive officers.

With a population of over 40 million people, the South West Gross Domestic Product (GDP) is estimated to be worth over $80 billion.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, Thursday said a supplementary budget would be presented to the National Assembly for COVID-19 vaccines and vaccination of frontline workers.

Notwithstanding Nigeria owing $86.39 billion (N32.9 trillion) to external creditors, the nation will continue to borrow to finance infrastructural development, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said yesterday.

The total borrowing of the country as of 31 December is 21.6 per cent of the GDP. So, if we were not looking at adding the other category of loans that I mentioned, we don’t even need to increase that at this time As of 2019, the debt to GDP ratio was 19.2 per cent so only two per cent was added.

The federal government has described as a welcome development, the rising price of crude oil in the global market, saying, “this is a good omen for Nigeria”.

It pointed out that rising oil exports would be the main growth driver for the country in 2021, while consumer spending and business investment were likely to be subdued because of persistently high inflation and the slow rollout of a Covid-19 vaccine.

The Nigerian Communications Commission (NCC) has highlighted the role played by the telecommunications sector in lifting the country out of recession in the recently released fourth quarter Gross Domestic Product (GDP) figures for the fourth quarter of 2020.

In its bid to ensure the regular maintenance of its road network across Nigeria, the Federal Ministry of Works and Housing plans to concession no fewer than 12 federal highways to private entities to manage.

Nigeria’s prompt exit from recession is a key indicator of the success of the ongoing Economic Sustainability Plan (ESP) approved by the Federal Government, the Presidency has said in a statement on Sunday in Abuja.

Former Vice President, Alhaji Atiku Abubakar has commended President Muhammadu Buhari’s willingness to privatize the nation’s existing refineries and other assets to revamp the country’s economy.

The Minister of Information and Culture, Alhaji Lai Mohammed, says Nigeria did not exit the latest recession by accident, but with “hard work, foresight and deliberate planning by the government.”

The Executive Director/CEO of the Nigerian Export Promotion Council, NEPC, Mr Segun Awolowo, yesterday assured that given the steps being taken to improve the non-oil exports, Nigeria will exit its dependence on crude oil revenue in the next 10 years.

South Africa’s consolidated fiscal deficit is expected to narrow this year because of an economic rebound, although the long-term trend of higher debt remains unchanged due to COVID-19 and pre-existing spending, a Reuters poll forecast on Friday.

Economic expert, Prof Uche Uwaleke has listed four major lessons to be learnt from National Bureau of Statistics (NBS) report which stated that Nigeria has exited the current economic recession.

The National Bureau of Statistics (NBS) says Nigeria’s GDP grew by 0.11 per cent in Quarter Four (Q4) 2020, from the 6.11 per cent contraction in Q3, signalling a gradual recovery from recession.

The International Monetary Fund (IMF) has expressed its support for the recent directive of the Central Bank of Nigeria (CBN) to financial institutions to ban transactions with cryptocurrency.

Mexico on Wednesday made a plea at the U.N. Security Council for countries to stop hoarding vaccines against COVID-19 as poorer ones fall behind in the race to vaccinate their citizens.

The Nigeria Labour Congress (NLC) on Wednesday held their National Executive Council (NEC) meeting, at the Nigerian Airforce Conference Centre, Abuja, where they lamented the precarious state of insecurity and economic woes in the country.