“Overall, the Nigerian economy performed better than expected even though we are still in the early stages of recovery. It is indeed noteworthy that overall 2016 growth was higher with a contraction at -1.5% than the -1.8% predicted by the IMF.”
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The Notes were approximately 8 times oversubscribed with orders in excess of 7.8 billion dollars compared to a pre-issuance target of one billion dollars demonstrating strong market appetite for Nigeria.
The 7 per cent target for gross domestic product growth is part of a medium-term economic recovery plan that seeks to address some of Nigeria’s issues, the budget ministry said in a statement.
The MPC meeting is coming against the backdrop of tightening external market for trade and capital, which is underlined by interest rate hike in United States and the assumption of office by President Donald Trump, whose policy impact is yet to be known.
The new IMF report placed Nigeria ahead of South Africa and Egypt which are second and third respectively.
01 September 2016, Abuja – Nigeria’s economy came under renewed tension, yesterday, as fresh reports on key fundamentals, including Gross…
The report noted that the transition to a non-oil economy will not be an easy task, considering the lingering four concerns bordering on the business environment—corruption, inadequate infrastructure, low skill levels, and macroeconomic uncertainty.
25 January 2016, Lagos – Private sector investment in the country may be constrained by currency market challenges and the higher…
22 January 2015, Abuja – The Federal Government plans a Gross Domestic Product (GDP) growth rate of 42 per cent,…
15 December 2015, Abuja – One of the big three global credit rating agencies, Moody’s Investors Service, has affirmed Nigeria’s…