Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News Politics

[GRIM] Inflation rate spikes, GDP growth rate drops…GEJ will handover a failing economy

Nairametrics by Nairametrics
May 14, 2015
in Politics, Spotlight
[GRIM] Inflation rate spikes, GDP growth rate drops…GEJ will handover a failing economy
Share on FacebookShare on TwitterShare on Linkedin

Things have gotten worse for the legacy of outgoing Nigerian President, Goodluck Jonathan, as the National Bureau of Statistics just reeled out its inflation and GDP figures for the month of April and Q1 respectively, picturing the state of the economy in a rather grim mood.

Galloping Inflation

According to the report, Nigeria’s inflation rate soared YoY to 8.7% from 8.5% a month ago making it the fifth consecutive month of a faster increase in the headline index and the highest inflation rate recorded for the year. The Headline rate for April also equals the highest rate recorded since July 2013. According to the Bureau;

RelatedPosts

Oil prices have surged despite new measures aimed at calming markets worried by the invasion of Ukraine

Oil marginally down on profit-taking but still trades at multi-year highs

The faster pace of the Headline index was as a result of increases in most COICOP Divisions which contribute to the headline index, with the exception of slower increases in Recreation and Culture, and Communications Divisions. The faster pace of increases were also observed in the Food and Core sub- indices.

Declining GDP Growth rate

Nigeria’s GDP growth rate in 2015 Q1 also grew by 3.96% in real terms, year-on- year. This was lower by 2.25% points from the preceding quarter and by 1.98% points from the corresponding quarter of 2014. Quarter on quarter, real GDP was lower by 11.57%.
In nominal terms, aggregate GDP stood at N21,041,701.10 million at basic prices. Compared with the opening quarter 2014 value of 20,169,778.04 million, this was 4.32% higher, whereas relative to the preceding quarter value of N24,205,863.34 million, nominal growth was lower by 13.07%.

News continues after this ad


Real growth of the oil sector was negative, at -8.15% in real terms whilst the non-oil sector grew by 5.59% in real terms in Q1 of 2015

The GDP growth rate of 3.96% from available data is also the lowest since 2013 (previous low was 4.45% in Q1 2013).

The Bureau attributed the reason for this drop to depressed global oil prices, as well as challenges in supply in Nigeria which saw oil production remaining essentially flat (YoY) at 2.18 million barrels per day (mbpd) in Q1 of 2015.

The Agricultural sector which is  typically the engine of growth also churned out grim numbers with the sector growing by 19.79% representing a 26% using a quarter on quarter comparison.
GEJ Bowing out on a low
Things couldn’t have been bad for the outgoing Jonathan administration as the economy has been on the doldrums in recent months. The government is facing a fiscal crisis as revenues have fallen to the lowest in recent times whilst our debt profile has ballooned to about N12trillion.
The country also faces a major fuel scarcity, the worst since Mr Jonathan became president just as oil marketers claim the government is owing them about N200billion. The exchange rate continues to be under pressure despite the quasi capital controls put in place by the CBN. In fact, analysts believe the exchange rate might be further devalued once the CBN relaxed some of its controls which many believe is artificially supporting the value of the naira.

Related

Tags: Oil & Gasoil price

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Brent falls below $100 for the first time since April 2022
    • The emergence of a Third Force…
    • Nigeria losing 20% of daily crude production to oil thieves – Wale Tinubu

    Follow us on social media:

    Recent News

    sanctions against Russia

    Brent falls below $100 for the first time since April 2022

    July 6, 2022
    2023 Presidency: Meet the men who want Buhari’s job

    The emergence of a Third Force…

    July 6, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com