Tag
GDP GROWTH
Nigeria’s economy grew by 3.84% year-on-year in real terms in the fourth quarter of 2024, marking an improvement from 3.46% recorded in both the same period of 2023 and the preceding quarter.
As Nigeria awaits the release of the Q4 2024 Gross Domestic Product (GDP) report, economic analysts predict that the growth rate will surpass the 3.46% recorded in Q3 2024.
Nigeria’s manufacturing sector experienced a staggering decline in growth, as its year-on-year (YoY) nominal GDP growth plummeted by 90.11% in the third quarter of 2024.
The Director General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, has observed that Nigeria’s Gross Domestic Product (GDP) growth rate on average has been steadily declining since 2014, signalling a downturn in the economic well-being of the average Nigerian.
Nigeria’s real Gross Domestic Product (GDP) is projected to reach $552 billion by 2031 according to research by Afrexim Bank.
As lenders expand in size and scale to meet the demand of a $1 trillion economy, analysts at Proshare have warned of poor Asset and Liability Management (ALM) risks.
The International Monetary Fund (IMF) has projected Nigeria’s inflation rate to drop to 26.3% in 2024 as it upgrades the country’s economic growth projection for the year to 3.3%.
Data from the National Bureau of Statistics shows that Nigeria's crude oil and gas mining sector recorded a negative real GDP growth rate of 13.43% in the second quarter of 2023.
Financial experts have called on President Bola Tinubu to improve on investment in the economy to enable him to achieve higher GDP growth.
The World Bank has advised Nigeria to increase its oil revenues to stabilize the country's economy.
The IMF also projected massive economic slowdown for the country due to Nigeria’s weak oil production and the heavy impact of flooding
The World Bank has estimated that climate change could cost Nigeria 30% of its Gross Domestic Product (GDP) in 2050.