The Nigerian economy continues to struggle amid falling oil prices, rising inflation, high unemployment and militant attacks that have seen the former largest African economy turn against itself in recent time.
The economy declined by 2.06 percent on a yearly basis in the second quarter, worse than a decline of 0.36 percent recorded in the first quarter of the year, the National Bureau of Statistics (NBS) said on Wednesday.
This was 4.41 percent lower than 2.35 percent growth rate recorded in the corresponding quarter of 2015.
On a quarterly basis, the economy increased by 0.82 percent, while nominal GDP stood at N23,483,954.78 million (in nominal terms) at basic prices. A 2.73 percent more than N22,859,153.01 million recorded in the second quarter of 2015.
Year-on-year, real growth in the oil sector declined 17.48 percent in the second quarter of the year. But when compared with the same period in 2015 growth declined by 10.68 percent, and 15.59 percent lower than first quarter of 2016.
Quarter-on-quarter, growth slowed by -19.11 percent.
Also, oil sector contribution to the economy drop from 9.8 percent in the first quarter to 8.26 percent in the second quarter.
The non-oil sector declined by 0.38 percent in the second quarter, lower than decline of 0.18 percent recorded in the first quarter and 3.84 percent worse than the corresponding quarter of 2015.
The non-oil sector contributed 91.74 percent to the total GDP, up from 89.71 percent in the first quarter and more than 90.20 percent recorded in the second quarter of 2015.
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Nigeria’s Presidential CNG Initiative Allocates N100bn for CNG Buses and EV Adoption
The Presidential Compressed Natural Gas (CNG) Initiative has allocated N100 billion to expedite the deployment of CNG buses nationwide, according to a statement released on Wednesday.
The initiative, designed to catalyze an Auto-gas and Electric Vehicle (EV) revolution in mass transit and transportation, aims to enhance sustainability and cost-effectiveness.
The statement revealed that the fund would be instrumental in supporting the adoption of auto-gas and electric vehicles, signaling a commitment to a more sustainable and economical future in the transportation sector.
The Presidential CNG Initiative plans to leverage over 11,500 CNG and electric-fueled vehicles, along with the deployment of 55,000 conversion kits.
This strategic approach is intended to reduce transportation costs for Nigerians and mitigate the challenges posed by the rising cost of living.
Under the Renewed Hope Agenda, the Presidential CNG Initiative is dedicated to realizing the President’s vision, guided by its steering committee led by FIRS Chairman Zacch Adedeji.
The statement highlighted recent achievements, including strategic technical partnerships and the ongoing commissioning of CNG Conversion centers in key states such as Lagos, Abuja, Kaduna, Ogun, and Rivers.
Several more centers are slated for commissioning in the coming weeks, reflecting the initiative’s momentum and commitment to achieving its objectives.
Nigeria’s Power Transformation: 53 Projects Worth N122bn on Track for May 2024 Completion
The Central Bank of Nigeria (CBN), in collaboration with the Transmission Company of Nigeria (TCN) and power distribution companies, is set to complete 53 power projects by May next year.
Valued at N122 billion, these projects aim to add over 1,000 megawatts to TCN’s wheeling capacity.
During a recent tour of three ongoing projects in Lagos, TCN’s Programme Coordinator, Mathew Ajibade, assured that the projects were not abandoned, refuting speculations.
He confirmed that work is progressing smoothly and is expected to be completed by May 2024, as initially planned.
Assistant Director/Head of Infrastructure Finance Office at the CBN, Tumba Tijani, highlighted the CBN’s support for the power sector, revealing that the bank released a loan at a 9% interest rate in August last year for the projects.
The funding, part of the Nigeria Electricity Market Stabilisation Facility-3, amounts to N122,289,344 and aims to address transmission/distribution bottlenecks, enhance supply to end-users, and unlock unutilized generation capacity.
Tijani disclosed that N85.43 billion has been disbursed into the Advance Payment Guarantee account of the 53 contractors responsible for executing the projects.
The comprehensive project list includes the delivery of power transformers, re-conductoring existing transmission lines, upgrading existing substations, and constructing 33KV line bays.
The initiative reflects a concerted effort to enhance Nigeria’s power infrastructure and meet growing energy demands.
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