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Nigeria: Buoyed By CBN Financial Inclusion Policies, Financial, Insurance Subsectors' Annual Growth Rate Reached 10.07% in Q4 2021
February 21, 2022--As Nigeria's Gross Domestic Product (GDP) grew by 3.4 per cent in 2021, financial and insurance subsectors hit a new annual growth of 10.07 per cent at the end of last year, data released by the National Bureau of Statistics (NBS) has revealed.
The Finance and Insurance Sector consists of the two subsectors, Financial Institutions and Insurance.
According to the latest report by the National Bureau of Statistics, both subsectors recorded annual growth of 9.37 per cent in 2020 as against 2.03 per cent in 2019.
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Source: allafrica.com
Nigeria's Economy Grew At 3.40% in 2021, Fastest in Eight Years
February 17, 2022--Growth in the last quarter of the year was however the slowest when compared to the two previous quarters.
Nigeria's economy grew in 2021 at the fastest annual pace in eight years, relying more on the non-oil sector.
The Gross Domestic Product expanded at 3.40 per cent last year, the most since 2014 when it grew at 6.22 per cent, the National Bureau of Statistics said Thursday.
The growth beat forecasts by the government. While the Ministry of Finance predicted a 2.5 per cent growth rate for the year, the Central Bank of Nigeria projected 3.1 per cent.
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Source: allafrica.com
Nigeria's Inflation Down in January-NBS
February 15, 2022--The rate for December 2021 was 15.63 per cent.
Nigeria's consumer price inflation rate fell in January to 15.60 per cent from 15.63 per cent recorded in December 2021, even as food prices continued to surge, the National Bureau of Statistics said.
The statistics office said the prices of goods and services, measured by the Consumer Price Index, increased by 15.60 per cent (year-on-year) in January 2022.
This is 0.87 per cent points lower than the rate recorded in January 2021 (16.47) per cent.
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Source: allafrica.com
Nigeria: Why Nigeria's GDP Would Surpass IMF Projection-Afrinvest
January 24, 2022--Analysts at Afrinvest West Africa) Limited, a Lagos based investment banking firm, have projected that in 2022, Nigerian economy would surpass the prediction by the International Monetary Fund, IMF by 0.2 percentage points despite the Gross Domestic Product, GDP, dynamics in 2021.
The firm predicted that Nigerian economy would grow by 2.9 per cent while the IMF predicted 2.7 per cent in 2022.
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Source: allafrica.com
Nigerian Stocks Dip As Investors Book Profit
January 17, 2022-The all-share index fell 0.12 per cent.
Nigerian stocks fell 0.12 per cent as investors took profit in newly admitted BUA Foods, which had garnered over 59 per cent until the end of last week when gains began to plateau.
Major declines were also reported by Transcorp and NGX Group on a day that trade volume tumbled by as much as 47 per cent.
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Source: allafrica.com
Nigeria Anticipates Economic Recovery in 2022 Despite Impact of Covid-19
November 12, 2022--Numeh Ekeghe writes that 2022 will usher in vista of economic development opportunities and recovery despite the negative impact of COVID-19, as she reviews the events that shaped the economy in 2021
Two years into the COVID-19 pandemic it has become evident that the virus is here to stay and economies would have to adapt.
While the Nigerian economy has been able to survive the COVID-19 induced recession, analysts say the country may not witness a faster growth than it had last year.
With large vaccine deliveries now in place, Nigeria's fight against COVID-19 has devolved to one against vaccine hesitancy, and it is expected that vaccine mandates for government agencies would come into force over 2022, which should increase vaccination coverage across the population.
Growth at the end of the third quarter of 2021 stood at 4 per cent, with that, annual year-on-year (YoY) growth expected to be around 3.5 per cent. For 2022, analysts believe that while the country would continue to experience growth, it may remain within the 3.5 per cent band as the country works its way into an election year.
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Source: allafrica.com
Nigerian Stocks Head Into Second Day of Flat Trade With N3.2 Billion Loss
December 22, 2021--Decmber 22, 2021--The all-share index closed at 42,388.57, dropping 6.14 basis points.
Nigerian equities saw a weak movement in price movement for the second day on the trot on Tuesday, inching up by as little as 0.01 per cent even though the quantity of shares traded rose by 94 per cent when set beside what was recorded on Monday.
Investors placed sell orders on millions of shares in UACN, which set stocks' value on a downward course, with similar pressure on those of Zenith Bank helping the slide.
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Source: allafrica.com
Economy steadily recovering, but growth still fragile-CBN
December 15, 2021--THE Central Bank of Nigeria, CBN, Tuesday, said Nigeria's economy is on recovery path but the growth is still fragile and below potential.
Consequently, while commending the banks for supporting the recovery efforts, the CBN Governor, Godwin Emefiele, charged them to initiate uncommon measures that would boost the recovery drive through credit to productive sectors.
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Source: vanguardngr.com
Nigeria central counterparty clearing for securities door to safer future
December 10, 2021--Nigeria has launched the first central counterparty (CCP) clearing system for securities trades in West Africa. This paves the way for exchange-traded derivatives. NG Clearing Limited launched the CCP yesterday, 9 December.
NG Clearing will facilitate the clearing and settlement of exchange-traded derivatives, manage counterparty risk, reduce systemic risk, and promote the safety and integrity of Nigeria's capital market.
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Source: africancapitalmarketsnews.com
RMB releases list of 2021 Top 10 investment-attractive African countries
December 9, 2021--Operating environments, fiscal scores and development plans-key to investment-attractiveness in a Covid world
RMB's Where to Invest in Africa 2021 report positions Egypt as Africa's top investment destination, with Morocco following and South Africa in third place.
Based on their operating environments, other high-scoring countries have moved up the rankings-notably Rwanda and Botswana, now in fourth and fifth position respectively.
The positive global sentiment that saw the year 2020 in was short-lived when SARS-CoV-2 began ravaging the globe. The nature of the virus and lockdown legislation demanded a new sociological construct that still tilts the scales of the work-life balance. Recession hit- putting amongst others the spotlight on salient aspects of human interaction. COVID-19 brought into sharp focus the vast disparities in access to basic health and wellbeing services across countries. It was also a catalyst for the adoption and utilisation of technology as a means to interface.
