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Tag Archives: GDP

Nigeria’s GDP decelerates in Q2 2019 to 1.94% y/y

GDP

Economic activity in Nigeria’s economy slowed down in the second quarter of the year. Data from the National Bureau of Statistics (NBS) revealed that the country’s GDP slowed to 1.94% y/y from a revised growth rate of 2.10% y/y in Q1 2019.  On a half-year basis, real growth in H1 2019 stood at 2.02% y/y, higher than 1.69% for H1 2018. ...

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FG to process mining licences in 15 days

mining

The Federal Government has announced that it is decentralising the Nigeria Mining Cadastre Office for ease of operations, adding that this will cut down the time for processing licences from 45 to 15 days. The Minister of State for Mines and Steel Development, Bwari Abubakar, disclosed this in Lagos on Tuesday, during the Nigeria Mining Business Investment Summit, jointly organised ...

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Desmond Elliot gets constituents’ support for road uplift, other projects

Desmond Elliot

Nollywood actor cum politician, Desmond Elliot’s second term ambition to return to Lagos State House of Assembly as lawmaker representing Surulere 1 state constituency received a boost recently when a group under the auspices of Central Youth Movement (CYM) Ward G2 Surulere, Lagos, threw its weight behind him. While speaking at a recent event organised in Lagos, CYM Ward G2 ...

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Debt sustainability hinged on real sector growth, investments

real sector

Citing inconsistencies in population growth rate and the pace of the economy, stakeholders in the private sector have raised concerns about the sustainability of Nigeria’s debt profile considering the level of development in the real sector and other key drivers of the economy. Indeed, they noted that Nigeria’s debt profile may increase if managers of the economy do not address ...

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Governor Udom Tasks Private Sector to Invest in Agro-based Industries

Governor Udom

Governor Udom Emmanuel of Akwa Ibom has called on investors to take advantage of the vast economic potential and infrastructure provided by the state government to establish agro-based industries in the state. The state government, he said had expected people in the private sector to capitalise on the abundant economic potential of the state to set up agro-allied businesses. Governor ...

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Expert: Investments in infrastructure, port, logistics will boost Africa’s GDP

Investments

The rapid expansion of regional and international trade underscores the need for significant investments in port and logistics infrastructure as gateways for African exports, Chief Executive of Maritime and Port Authority of Singapore, Mr. Andrew Tan has said. Tan stated this while addressing delegates and stakeholders at the just concluded African Maritime Administrations (AAMA) Conference held in Sharm El Sheikh, ...

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Paint industry’s contribution to GDP is low – Berger Paints

GDP

The country’s paints industry is not contributing enough to the Gross Domestic Product (GDP), according to Berger Paints Nigeria Plc. This was the opinion of the Managing Director/Chief Executive Officer, Berger Paints Nigeria Plc, Peter Folikwe on Tuesday at the Facts behind the Figures presentation at the Nigerian Stock Exchange (NSE). According to Folikwe, the low investment in the country’s ...

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Nigeria’s weak Q2 GDP raises concerns for economy

GDP

About a week before the National Bureau of Statistics (NBS) released second quarter 2018 Gross Domestic Product (GDP) data, the Statistician-General of the bureau, Dr. Yemi Kale, had hinted that the numbers would fall short of expectations. He reportedly stated that apart from the political and economic uncertainty over the general elections in 2019, what is contributing mainly to slow ...

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Nigeria records annual reduction in skilled construction workers

construction workers

The Managing Director, Bank of Industry, Mr. Olukayode Pitan, has said the stock of competent skilled construction workers is rapidly dwindling, with a 15 per cent annual decline of artisans in the construction sector. He stated that jobs hitherto meant for Nigerians were gradually being taken by people from other West African countries, leaving the indigenous artisans without work and ...

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High mortgage interest rate delays housing delivery – Experts

housing

The impact of high mortgage interest on the nation’s housing delivery has continued to be a source of worry for operators. This is because of the importance of housing finance in improving coverage rate, which has unfortunately remained at a dismal 25 per cent. Experts have insisted that housing finance is central to the nation’s economic development. Lack of proper ...

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