Business

Nigeria’s economy slides into second recession in five years – NBS

Published

2 years ago

November 21, 2020

Nigeria has entered its second recession in five years, according to the latest report from the National Bureau of Statistics released on Saturday.

The figures further reveal that the economy shrank again in the third quarter of this year.

It was gathered that this year’s recession, occasioned by the economic fallout of the COVID-19 pandemic, is worse than that of 2016.

The NBS, in its Gross Domestic Product report for Q3, said the GDP, the broadest measure of economic prosperity, fell by 3.62 in the three months to September.

Economists consider two consecutive quarters of shrinking GDP as the technical definition of a recession.

For the first time in more than three years, the Nigerian economy shrank in the second quarter of this year as the GDP fell by 6.10 per cent, compared with a growth of 1.87 per cent in Q1.

The NBS had said in August that the economic decline in Q2 was largely attributable to significantly lower levels of both domestic and international economic activity resulting from nationwide shutdown efforts aimed at containing the COVID-19 pandemic.

It said the contraction in Q2 brought to an end the three-year trend of low but positive real growth rates recorded since the 2016/17 recession.

The economy, which emerged from its first recession in 25 years in Q2 2017 when it posted a 0.7 per cent growth, had continued its slow recovery since then but the COVID-19 crisis made things worse.

Business

FG targets 1.4mbpd domestic refining before 2027

Published

22 hours ago

May 24, 2022

Trends Admin

Minister of State for Petroleum Resources, Chief Timipre Sylva

The Federal Government has disclosed plans to actualise 1.4 million barrels per day, mbpd, domestic refining of crude oil in the next five years.

The Minister of State for Petroleum Resources, Timipre Sylva, made this known yesterday, during the ongoing Nigerian Content Midstream and Downstream Oil and Gas Summit organised by the Nigerian Content Development and Monitoring Board (NCDMB) in Lagos, with its theme: “Maximising Potential in the Midstream and Downstream Oil and Gas Sector – A Local Content Perspective.”

e stated that one of the mandates of the ministry under the Next Level Agenda of the current administration was to increase Nigeria’s domestic refining capacity.

In his words: “Waltersmith Refinery, Azikel Refinery, and Atlantic Refinery are some of the partnerships that NCDMB has built to grow domestic refining capacity.

”This is in line with the vision of the board to be the catalyst for the industrialisation of the Nigerian oil and gas industry and its linkage

“Nigeria has adopted gas as its transition fuel towards actualising its net-zero carbon emission and was supporting critical projects to that effect.

“The projects included the Nigerian Liquefied Natural Gas Train 7, Ajaokuta-Kaduna-Kano Gas Pipeline, Nigeria/Morocco Gas Pipeline, TransSaharan Pipeline and the National Gas Transportation Network Code.

Business

Nigeria’s GDP grew by 3.11% in Q1 – NBS report

Published

1 day ago

May 23, 2022

Trends Admin

The National Bureau of Statistics has said the nation’s gross domestic product (GDP) grew by 3.11 per cent in the first quarter of 2022.

The NBS said this on Monday in its new Gross Domestic Product Report, showing the sixth consecutive quarter of positive growth.

It stated the first quarter 2022 growth rate further represented gradual economic stability due to strong growth posted by the non-oil sector.

Part of the report read, “The Q1 2022 growth rate was higher than the 0.51% growth rate recorded in Q1 2021 by 2.60% points and lower than 3.98% recorded in Q4 2021 by 0.88% points. “Nevertheless, quarter-on-quarter, real GDP grew at -14.66% in Q1 2022 compared to Q4 2021, reflecting a lower economic activity than the preceding quarter.

“In the quarter under review, aggregate GDP stood at N45,317,823.33 million in nominal terms.

“This performance is higher when compared to the first quarter of 2021, which recorded aggregate GDP of N40,014,482.74 million, indicating a year-on-year nominal growth rate of 13.25%.

“The nominal GDP growth rate in Q1 2022 was higher relative to the 12.25% growth recorded in the first quarter of 2021 and higher compared to the 13.11% growth recorded in the preceding quarter.”

Business

Reps summon NPA, terminal operators over huge debt owed FG

Published

1 day ago

May 23, 2022

Trends Admin

The House of Representatives Public Accounts Committee has summoned the leadership of the Nigerian Ports Authority and seaport terminal operators over $852.094 million and N1.897 billion and other funds owed the Federal Government.

According to the committee, N269.410 million of the N1.8 billion has been recovered while the balance of N1.6 billion “invoices processed on the encumbered areas remains unpaid.”

It added, “The sum of $504,663,452.37 is volume change on fix lease lease fee payment by APMT arising from clauses in the concession agreement between NPA and APMT out of the total sum of $852,093,730.77.

“Bills raised on encumbered areas which remain unpaid is $19,169,459.00. The following has been paid GMT-$54,707,700.08, unpaid penalties – $11,922,642.68 and unpaid VAT-$28,693,707.07”.

“$92,533,518.72 has been recovered; leaving unpaid lease and throughput fee in the sum of $139,970,637.71 (made up of $113,982,486.82 and $5,988,150.89) respectively.

The committee directed the NPA management to reconcile their records with the office of the AuGF and provide evidence of remitting the recovered N269.51m and $92.534m to the government.