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Mr Olowookere can be reached via dipo.olowookere@businesspost.ng
Nigeria’s Gross Domestic Product (GDP) in real terms declined by 6.10% (year-on-year) in Q2 2020, thereby ending the 3-year trend of low but positive real growth …
This is a decline compared to the 9.50% contribution recorded in Q1 2020 and 8.82% in Q2 2019.The non-oil sector witnessed a 6.05% contraction in Q2 2020, the first negative growth experienced in the non-oil segment of the GDP since Q3 2017. This led to increased consumption of broadband data services by the labour force for these virtual engagements. The dip follows thirteen quarters of positive but low economic growth rates. Tuesday, September 1, 2020 - Oil prices rose on Tuesday on new manufacturing data from both the U.S. and China, which surprised on...
Nigeria breaks GDP growth forecast . Over the years, sports sponsorships became an important piece of marketing plans of big companies willing to spend millions of dollars to get their...
Nigeria recorded a 2.27 percent Gross Domestic Product (GDP) growth in 2019, according to data released by the country’s National Bureau of Statistics (NBS). The first phase of the lockdown, which began on March 30, lasted five weeks with the President enacting a shutdown of all but essential activities in the nation’s economic powerhouses including the commercial capital of Lagos, the neighbouring state of Ogun, and the Federal Capital TerritoryAlthough some reprieve is expected as economic activities pick up with the gradual phasing out of lockdowns and the improvement in the global oil market, significant downside risks remain. OILPRICE.COM
Local economists had predicted that despite the seemingly promising Q1 2020 GDP growth rate of 1.87%, Q2 2020 would show up with less flattering numbers. The oil sector GDP contracted by 6.63% year-on-year in Q2 2020, a sharp fall compared to the preceding quarter in which the oil sector grew by 5.06% year-on-year.
The reading marked the first decline in output … Losing your phone and wallet or having them stolen can be very frustrating. World Bank national accounts data, and OECD National Accounts data files. The ICT sector has emerged the brightest spot in this pandemic as the lockdown of Nigeria’s largest cities– Lagos and Abuja led to the adoption of remote work and virtual engagements for large sections of corporates in these cities.
Similarly, measures such as the easing of lockdowns and opening up of the country for travel are expected to support non-oil GDP.The outlook remains tapered in view of Nigeria’s persistent foreign exchange shortages, amidst the fragile oil market and reform inertia on the part of the government. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights. The global oil market was pushed to the doldrums at the onset of Q2, with Brent crude price, a major global benchmark averaging $29.7 per barrel over the quarter as compared to the $50.3 per barrel average price recorded in Q1.In terms of contribution to overall GDP, the oil sector accounted for 8.93%. In addition, COVID-19-related spending is likely to affect expenditure,” the statement said.Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. We believe this trend will subsist for the rest of 2020 as the work-from-home trend still remains increasingly popular even after the easing of lockdown measures.We note that for the greater part of Q2 2020, restrictions were in place limiting economic activities and movement of goods and people both within and outside the country.