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NIGERIA GDP
Data on Gross Domestic Product Of Nigeria
Last week, the National Bureau of Statistics (NBS) released Nigeria’s Gross Domestic Product (GDP) report for the third quarter of 2023.
The lower non-oil sector growth rate recorded in Q3 of 2023 highlights shortcomings in the economic diversification efforts of FG.
Nigeria’s oil sector grew –0.85% in Q3/2023. This is according to the GDP report recently released by the NBS.
NBS latest report on Nigeria’s GDP growth rate for Q3 2023 shows that the economy grew by 2.54%, slightly up from the 2.51% in Q2 2023.
Africa is projected to lose around $30 billion in Gross Domestic Product (GDP) by 2030 as a result of climate change effects on the continent.
The quest by the Tinubu administration to revive the Nigerian economy and grow it to a $1 trillion GDP will no doubt require massive local and foreign investments.
CEO of Chapel Hill Denham, Mr. Bolaji Balogun has said that the Nigerian economy is worth around $600 to $650 billion.
South Africa will briefly surpass Nigeria as Africa’s largest economy in 2024 according to reports from the IMF in its World Economic Outlook.
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, says that the economic policy proposals of President Bola Tinubu’s administration can achieve a Gross Domestic Product (GDP) of $1 trillion in 8 years.
The Minister of Budget and Economic Planning, Sen. Atiku Bagudu has revealed the Federal government’s target to increase the country’s GDP per capita to $6000 and reduce unemployment to 6% by 2030.
The federal government has said it hopes to increase its revenue coming from the telecommunications industry by 100% between now and 2027.
The International Monetary Fund (IMF) has recommended that Nigeria and other Sub-Saharan African nations prioritize the removal of tax exemptions and enhance domestic revenue generation to mitigate their fiscal deficits.