Connect with us

Business

UPDATED: Nigeria’s GDP grew by 3.46% in Q4 2023 – NBS

Published

on

 

The National Bureau of Statistics (NBS), says Nigeria’s gross domestic product (GDP) grew by 3.46 percent in the fourth quarter (Q4) of 2023.

 

The growth rate, the data bureau said, is lower than the 3.52 percent recorded in the same quarter in 2022 and higher than the 2.54 percent recorded in the third quarter (Q3) of 2023.

 

NBS disclosed this in its GDP report for Q4, released on Thursday.

 

The bureau said the growth rate was mainly driven by the services sector, which recorded a 3.98 percent and contributed 56.55 percent to the aggregate GDP.

 

“The agriculture sector grew by 2.10%, from the growth of 2.05% recorded in the fourth quarter of 2022,” the NBS said.

 

“The growth of the industry sector was 3.86%, an improvement from -0.94% recorded in the fourth quarter of 2022.

 

“In terms of share of the GDP, industry, and the services sectors contributed more to the aggregate GDP in the fourth quarter of 2023 compared to the fourth quarter of 2022. On an annual basis, GDP grew by 2.74% in 2023 relative to 3.10% in 2022.”

READ  Rivers crisis: ‘Thank you for your statesmanship’, Tinubu tells Fubara

 

On an annual basis, GDP grew by 2.74 percent in 2023 relative to 3.10 percent in 2022, the NBS said.

 

The statistics body further said in Q4, the country’s nominal GDP stood at N65.9 trillion — higher than the 60.5 trillion recorded in Q3 2023.

 

NBS added that the performance is also higher relative to the fourth quarter of 2022 which recorded an aggregate GDP of N56.7 trillion, indicating a year-on-year nominal growth of 16.12 percent.

OIL PRODUCTION HITS 1.5M BARRELS IN Q4 2023

The report said in the quarter under review, Nigeria recorded an average daily oil production of 1.55 million barrels per day (mbpd).

 

This is higher than the daily average production of 1.34mbpd recorded in the same quarter of 2022 by 0.21mbpd and higher than the Q3 2023 production volume of 1.45mbpd by 0.10mbpd.

 

“The real growth of the oil sector was 12.11% (year-on-year) in Q4 2023, indicating an increase of 25.50% points relative to the rate recorded in the corresponding quarter of 2022 (-13.38%). Growth also increased by 12.96% points when compared to Q3 2023 which was -0.85%,” the bureau said.

READ  Newspaper Headlines Today: Wike camp shuns campaign flag-off

 

“On a quarter-on-quarter basis, the oil sector recorded a growth rate of -3.81% in Q4 2023. On an annual basis, the oil sector growth stood at -2.22% in 2023 compared to -19.22% in 2022.

 

“The Oil sector contributed 4.70% to the total real GDP in Q4 2023, up from the figure recorded in the corresponding period of 2022 and down from the preceding quarter, where it contributed 4.34% and 5.48% respectively.”

 

‘NON-OIL SECTOR CONTRIBUTED 95.3% TO Q4 2023 GDP’

NBS said the non-oil sector grew by 3.07 percent in real terms during the reference quarter.

 

However, the firm said the rate was lower by 1.37 percent points compared to the rate recorded in the same quarter of 2022 and 0.32 percent points
higher than the rate of Q3 2023.

“This sector was driven in the fourth quarter of 2023 mainly by financial and insurance (financial institutions); Information and Communication (Telecommunication); agriculture (Crop production); trade; construction; manufacturing (food, beverage, and tobacco) and real estate, accounting for positive GDP growth,” NBS said.

READ  EndSARS Anniversary: Despite ban, Falz, Mr Macaroni join car procession at Lekki tollgate

 

“On an annual basis, the non-oil sector growth in 2023 stood at 3.04% relative to 4.84% recorded in 2022. In real terms, the non-oil sector contributed 95.30% to the nation’s GDP in the fourth quarter of 2023.”

 

The bureau added that the non-oil sector’s performance was lower than the share recorded in the Q4 in 2022 which was 95.66 percent; and higher than the Q3 2023 result recorded at 94.52 percent.

Business

Naira appreciates to N1,100/$ in parallel market

Published

on

By

 

The naira appreciated further on Monday in the parallel section of the foreign exchange (FX) market.

 

At the Lagos street market, currency traders, also known as bureau de change (BDC) operators, quoted the naira at N1,100 to the greenback.

 

The traders put the buying price of the dollar at N1,070 and the selling price at N1,100 — leaving a profit margin of N30.

 

The figure represents an appreciation of N50 or 4.34 percent from the N1,150/$ it traded on April 12.

 

At the FMDQ Exchange, a platform that oversees official foreign exchange (FX) trading in Nigeria, the local currency rose by 5.72 percent or N69.02 to N1,136.04/$ on Monday — from N1,205.06/$ on April 12.

 

On April 11, the presidency said President Bola Tinubu’s multi-faceted approach to eliminating foreign exchange (FX) racketeering is strengthening the naira against global currencies.

 

In a statement on Wednesday, Ajuri Ngelale, special adviser to the president on media, said the country’s financial position will improve, leading to the possibility of Nigerians experiencing a stronger naira and a decrease in the prices of goods.

READ  GHANA versus NIGERIA: Head-to-head record between two great football giants

 

“The President has been very consistent in his view that the labour pains felt by our people and the incredible sacrifices made by our people over the past 10 months would be rewarded across the board,” Ngelale said.

 

On April 12, Goldman Sachs Group said the naira could extend gains to trade below N1,000 to the dollar.

Continue Reading

Business

Naira strengthens, trades at N1,150/$ in parallel market

Published

on

By

 

The naira, on Friday, appreciated to N1,150 per dollar at the parallel section of the foreign exchange (FX) market.

Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the greenback at N1,110 and the selling price at N1,150 — leaving a profit margin of N40.

 

The naira appreciated by 0.86 percent from the N1,160 recorded on April 11.

 

“The dollar is falling and it is not my fault. It is how the FX market is now,” Lawal, a BDC operator, said.

 

Also, FMDQ Exchange, a platform that oversees official foreign exchange (FX) trading in Nigeria, said the naira rose by 7.16 percent or N88.23 to N1,142.38/$ on Friday — from N1,230.61/$ on Monday.

 

The appreciation of the naira is coming a few days after the CBN opened the third tranche of sales to BDC operations.

 

The apex bank began the sale of foreign exchange to BDC operators at the rate of N1,101/$ on April 8.

READ  Afenifere congratulates Tinubu, says he must hit the ground running

 

Also, on the same day, the CBN directed all banks to stop the use of foreign currency-denominated collaterals for naira loans.

 

The financial regulator is intensifying its efforts to boost liquidity and strengthen the naira.

 

Meanwhile, earlier today, Goldman Sachs Group Inc. said the naira could extend gains to trade below N1,000 to the dollar.

Continue Reading

Business

Air Peace: Patronise local airlines on int’l routes, Keyamo urges Nigerians

Published

on

By

 

The minister of aviation and aerospace development, Festus Keyamo, has asked Nigerians to fully patronise Air Peace and other local airlines flying international routes.

 

This, Keyamo said, is the only way local airlines can survive stiff competition from foreign carriers.

 

On March 30, Air Peace, Nigeria’s flag carrier, commenced its Lagos-London flight services — a landmark achievement celebrated by many Nigerians.

 

Following the milestone, Allen Onyema, chief executive officer (CEO) of Air Peace, on April 9, said some airlines are conspiring to take his company out of business by underpricing the flight tickets for the Lagos-London route.

According to the entrepreneur, the foreign airlines’ governments are supporting them to do this and take Air Peace out.

Speaking to TheCable on Thursday, Keyamo said while he cannot currently make a policy statement on what the Nigerian government will do to support Air Peace, President Bola Tinubu’s administration would continue to assist local entrepreneurs.

READ  Newspaper Headlines Today: Wike camp shuns campaign flag-off

“The first thing is for Nigerians to fully patronise not only Air Peace but all indigenous airlines on international routes. Before the federal government does anything, let Nigerians patronise him and know that this is our indigenous airline,” he said.

 

“As for government, I cannot make any policy statement for the government now because I am a minister. Whatever we can do, we will discuss that behind the scenes. But it’s wrong for me to make a policy statement now.

“As I have said earlier, one of my main goals in office is to help Nigeria’s domestic airlines grow and improve, supporting President Bola Tinubu’s Renewed Hope Agenda”.

Keyamo added that the federal government would continue to protect Air Peace and other Nigerian carriers that may seek to operate international service.

Continue Reading

Trending News