Economy

Agriculture And Industry Sector Reduced Nigeria’s GDP Growth In 2022- NBS

Published

1 month ago

February 22, 2023

According to latest GDP data from the National Bureau of Statistics, Nigeria’s Gross Domestic Product growth decreased to 3.10 percent in 2022 from 3.40 percent in 2021.

Fidel Info reports that the NBS indicated that while the service sector’s performance increased in the year under review, growth in the economy’s agriculture and industry sectors was lowered in 2022.

Real GDP increased by 3.52 percent (year over year) in the fourth quarter of 2022. The services sector, which saw growth of 5.69% and made up 56.27% of the total GDP, was the main driver of this expansion.

In its Nigerian Gross Domestic Product Report Q4 2022, the NBS said, “Nigeria’s GDP grew by 3.52 per cent (year-on-year) in real terms in the fourth quarter of 2022, following a growth of 2.25 per cent in the third quarter of 2022 and 3.98 per cent in the fourth quarter of 2021.

“The performance of the GDP in the fourth quarter of 2022 was driven mainly by the services sector, which recorded a growth of 5.69 per cent and contributed 56.27 per cent to the aggregate GDP.”

According to the national statistics body, the agriculture sector grew by only 2.05 per cent in the period under review because of flooding experienced across the country.

It added, “Moreover, the Industry sector was yet challenged recording -0.94 per cent growth and contributing less to the aggregate GDP relative to the third quarter of 2022 and the fourth quarter of 2021.

“Overall, the annual GDP growth rate in 2022 stood at 3.10 per cent, from the 3.40 per cent reported in 2021. Thus, the performance of agriculture and Industry reduced in 2022 relative to 2021, while the performance of the Services sector improved in 2022.”

Aggregate GDP for Q4 2022 stood at N56.76tn in nominal terms, higher than the N49.28tn that was recorded in Q4 2021.

Economy

JUST IN: CBN Announces Old Notes Remain Legal Tender

Published

2 weeks ago

March 13, 2023

H B. Ray

The Central Bank of Nigeria (CBN) has announced that old N200, N500, N1,000 bank notes remain legal tender till December 31, 2023.

Fidel Info reports that The apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin made the announcement in a statement late Monday evening.

“In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023,” the statement reads.

“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023”

“Consequently, all concerned are directed to conform accordingly.”

The statement comes after the country was thrown into confusion after the supreme court’s ruled that the old Naira notes remain Legal tender. However, with no back up statements from the president or CBN, Nigerians didn’t comply.

Economy

Council Of State Drums Support For Naira Redesign Policy

Published

1 month ago

February 10, 2023

H B. Ray

The Central Bank of Nigeria’s policy to redesign the naira has received approval from members of the council of state (CBN).

Fidel Info reports that in order to alleviate Nigerians’ suffering, the council requested that the CBN governor, Godwin Emefiele, make new naira notes available or reissue existing ones.

President Muhammadu Buhari presided over the gathering, which took place on Friday at the presidential palace.

Economy

Emefiele Finally Honours House Of Reps’ Summons

Published

2 months ago

January 31, 2023

H B. Ray

The Governor of the central bank, Mr. Godwin Emefiele, is today testifying before the House of Representatives’ special committee on cashless transactions.

Fidel Info reports that the House invited Emefiele and the heads of the nation’s commercial banks last week.

Emefiele, however, was unable to attend due to his overseas travel to Dakar, Senegal, with President Muhammadu Buhari.

The House vowed to utilize the appropriate legal provisions last Thursday at plenary to issue a warrant for the governor’s arrest in response to the CBN’s refusal to prolong the usage of the old N200, N500, and N1000 notes by six months.

However, Emefiele declared on Sunday that the deadline would now be extended to February 10, 2023.

On Tuesday, the governor finally complied with the committee’s summons.

The interface is underway everyone is now seated.