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Nigeria's gross domestic product (GDP) grew by 2.51 percent in the second quarter (Q2) of 2023, but the growth rate is lower than the same quarter last year. The National Bureau of Statistics (NBS) attributed the growth rate to the challenging economic conditions. The services sector drove the growth, while the agriculture and industry sectors underperformed. Nigeria's daily average oil production also declined compared to the previous year, while the non-oil sector contributed significantly to the country's GDP.
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 GDP growth rate in the second quarter of 2023 has shown a decline compared to the same period in the previous year. The National Bureau of Statistics (NBS) attributes this slower growth to the challenging economic conditions prevailing in the country. While the Services sector remains a key driver of GDP growth, the agriculture and industry sectors have contributed less to the overall GDP. Despite the decline in the oil sector, the non-oil sector has shown positive growth, driven by various economic activities such as trade, crop production, and telecommunication.
The Nigerian Military has vowed to track down and bring to justice those responsible for the ambush and killing of its personnel in Niger State. The Chief of Defence Staff, Gen. Christopher Musa, emphasized the military’s determination to avenge the deaths of the slain officers during a burial ceremony held in Abuja. This article examines the military's commitment to apprehend the perpetrators and seek justice for the fallen soldiers.
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 Gross Domestic Product (GDP) grew by 2.51% in the second quarter of 2023, driven mainly by the services sector, according to a report released by the National Bureau of Statistics (NBS). The oil sector, however, recorded a decrease in growth compared to the previous year. The non-oil sector showed positive growth and contributed significantly to the country's GDP.
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 GDP growth rate dropped to 2.51% year over year in the second quarter of 2023, reflecting slower economic expansion compared to the previous year. The services sector played a crucial role in driving the GDP growth, while the agriculture and industry sectors contributed less to the overall GDP. Despite the slowdown, the country's nominal growth showed improvement, highlighting potential opportunities for future economic development.
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.
Edo State Governor, Mr. Godwin Obaseki, has called on voters in Orhionmwon Local Government Area (LGA) to support the Peoples Democratic Party (PDP) candidates during the upcoming local council elections. The governor emphasized his personal attachment to Orhionmwon and the need for a reliable council chairman to facilitate development in the area. The PDP candidate, Hon. Oghomwen Newman Ugiagbe, expressed gratitude and promised to build on the foundation laid by Governor Obaseki. The Edo PDP Chairman and other party leaders also encouraged the people to vote for the PDP, highlighting the governor's achievements in the region.
NEXIM Bank, the Nigerian Export-Import Bank, has pledged its assistance to Nigerian agro-exporters in facilitating the export processes by providing the necessary financial instruments. The bank's Managing Director, Mr Abba Bello, expressed the importance of increasing the volume of agro-produce exports within Nigeria and internationally. NEXIM Bank has committed to collaborating with the Aviacargo Cargo Committee to aid agro-exports and assist Nigerian air cargo airlines in building export capacity. The bank aims to promote the export of Nigerian products, both commodities and manufactured goods, to global markets, including regional and continental markets. Furthermore, NEXIM Bank will address the issue of cargo planes leaving Nigerian airports empty, encouraging the exploration of air transportation for trade purposes. This comes as part of efforts to consolidate Nigeria's position as an export hub in Africa.
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.
Human rights activist and former lawmaker Senator Shehu Sani has raised concerns about the People's Democratic Party (PDP) as its presidential candidate, Atiku Abubakar, continues to contest the election results in court while a top party member, Nyesom Wike, joins the ruling All Progressives Congress (APC) administration as a Minister. This move has sparked debates about the PDP's strength and integrity. Senator Sani questioned the party's consistency and urged Wike to be cautious in his new role.
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