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Nigeria's Gross Domestic Product (GDP) grew by 2.51% in the second quarter of 2023, indicating a steady recovery from the challenges faced in previous quarters. The services sector played a significant role, contributing 58.42% to the overall GDP. However, there was a slight decrease in economic activity compared to the preceding quarter. Despite this, the economy has shown resilience and progress, surpassing the corresponding quarter of the previous year.
Nigeria's Gross Domestic Product (GDP) grew by 2.51% in the second quarter of 2023, but at a slower pace than the previous quarter. The reduction in daily crude oil production was one of the reasons for the slower growth. However, the agricultural sector managed to grow despite the security challenges in the country. The services sector remained the major driver of the economy, contributing 58.42% to the GDP.
Nigeria's Gross Domestic Product (GDP) grew by 2.51% year-on-year in real terms in the second quarter of 2023, according to the recently released GDP report by the National Bureau of Statistics. The Services sector drove the growth with a 4.42% increase, while the agriculture and industry sectors showed improvement compared to the previous year. The oil sector, however, experienced a significant decline. The non-oil sector played a crucial role in the GDP growth, contributing 94.66% in real terms. This article analyzes the key findings of the report and highlights the sectors that contributed to Nigeria's economic growth in Q2 2023.
Nigeria's annual economic growth rate slowed to 2.51% in the second quarter due to a decline in oil production and the impact of reforms introduced by President Bola Tinubu. The reforms aimed at reviving the nation's largest economy have included the removal of petrol subsidies and the lifting of foreign exchange trading restrictions. While these measures have sparked rising inflation and a cost of living crisis, they are part of Tinubu's plan to expand the economy, attract investment, create jobs, and address security challenges.
Nigeria's annual economic growth rate in the second quarter slowed to 2.51%, impacted by a decline in oil production and the implementation of reforms by President Bola Tinubu. The country's bold reforms, including the removal of petrol subsidies and lifting of foreign exchange trading restrictions, have brought about challenges such as high inflation and a cost of living crisis. Despite these obstacles, Tinubu remains committed to boosting the economy, creating jobs, and addressing security issues.
Nigeria's Gross Domestic Product (GDP) growth rate in real terms declined by 2.51% in the second quarter (Q2) of 2023, according to the National Bureau of Statistics (NBS). The services sector was the major driver of the economy, contributing 58.42% to the aggregate GDP. The quarter-on-quarter growth was also negative, reflecting a low production level. However, in nominal terms, the GDP showed a year-on-year growth rate of 15.77%.
Nigeria's unemployment rate has dropped to a record low of 4.1% in the first quarter, according to the National Bureau of Statistics. The revised methodology now defines employed persons as those in paid jobs, and considers underemployment as working less than 40 hours a week. Despite the positive news, the majority of employed Nigerians are still in the informal sector.
Nigeria's Gross Domestic Product (GDP) growth rate in real terms was down by 2.51% in the second quarter (Q2) of 2023 compared to the previous year. The services sector was a major contributor to the economy, recording a growth of 4.42%. However, the quarter-on-quarter GDP growth decreased by 0.17% in Q2 2023, indicating lower production levels than the preceding quarter. The nominal GDP also saw a year-on-year growth of 15.77% in current prices.
Nigeria ranks first in Africa for the highest food expenditure, with an average monthly expense of $62 per household. A recent report by Picodi Research reveals that Nigerians allocate the highest percentage of their income to groceries compared to other countries. This rise in food prices has put a significant strain on citizens' budgets, as the minimum wage remains unchanged.
The Lagos State Internal Revenue Service (LIRS) has reiterated its dedication to utilizing modern technology and effective advocacy in boosting revenue generation within the state. The Executive Chairman, Mr Ayodele Subair, praised the introduction of technology by past and present governors, highlighting its role in optimizing operations and achieving remarkable results. This article explores LIRS's commitment to leveraging cutting-edge technology and the positive impact it has on revenue generation in Lagos State.
The National Bureau of Statistics (NBS) has released a report stating that Nigeria's unemployment rate has dropped to 4.1% in Q1 2023. The report highlights the increase in employment rates and the prevalence of underemployment and informal employment. This article explores the implications of the report for Nigeria's job market and economy.
The Anambra State government, under the leadership of Governor Prof. Chukwuma Soludo, is taking significant steps towards preserving data collated in local government areas. With the distribution of laptops to rural areas and training programs for department heads, the government aims to improve data management and security. This move aligns with the government's vision to digitize governance processes.
Researchers from the University of Lagos and international collaborators have discovered a genetic variant that increases the risk of Parkinson's Disease (PD) in Africans and African admixed populations. This groundbreaking research finding could revolutionize the treatment of Parkinson's Disease in these populations.
The director general of the Nigeria Hydrological Services Agency (NIHSA) and a director in the agency have admitted to allegations of cornering jobs in the agency. Clement Nze and Stephen Jaboin made the confession before the House of Representatives Ad-Hoc committee investigating job racketeering during a recent recruitment exercise. Find out more about this case of corruption and its implications.
Nigeria's successful containment of the deadly Ebola outbreak in West Africa in 2014 is attributed to its quick response and proactive measures undertaken by its Centers for Disease Control. While the government has shifted its focus to monkeypox, ProPublica's recent investigation highlights the need for health officials to adopt a proactive approach rather than relying solely on post-outbreak data. By utilizing an AI algorithm, researchers have identified potential hotspots for disease transmission, emphasizing the importance of careful inspection of natural reservoir zones.
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