
<p>ABUJA, May 23 (Reuters)&nbsp;&#8211;&nbsp;Nigerian GDP grew 3.11% in the first quarter, slower than in the previous quarter as a fall in oil production hit the rest of the economy, the national statistics office said on Monday ahead of a central bank interest rate decision on Tuesday.</p>



<p>It was the sixth consecutive quarter of growth, with non-oil sectors helping Nigeria bounce back from a severe recession caused by the COVID-19 pandemic. The full-year GDP figure for 2021 showed the fastest growth in seven years.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2US0UR&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a></p>



<p>Gross domestic product grew by 3.98% in the fourth quarter of 2021. In the first three months of last year, the growth rate was 0.51%.</p>



<p>&#8220;After the recession experienced by the country in 2020 occasioned by the COVID-19 pandemic, the economy has been on the path of growth,&#8221; the National Bureau of Statistics (NBS) said.</p>



<p>It said non-oil sectors such as financials, communication, trade and healthcare were among the fastest growing.</p>



<p>However, oil refining, crude petroleum and natural gas, road transport, quarrying and other minerals were lagging.</p>



<p>The naira&nbsp;NGNP=, hit a record low of 609 against the dollar on the black market, where it is freely traded, as the GDP data was announced.</p>



<p>The oil sector shrank by 26.04% in the first quarter, compared with an 8.06% contraction the previous quarter. Crude production fell to 1.49 million barrels per day in the first quarter from 1.50 million barrels in the previous three months.</p>



<p>Frequent vandalism and illegal refining in the oil-producing Niger Delta region have kept the sector under pressure. Nigeria has struggled to meet its production targets, partly missing out on the effects of the global surge in oil prices.</p>



<p>The weak growth could prompt the central bank to keep its dovish stance at a policy meeting on Tuesday despite double-digit inflation, analysts say.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2VO1JM&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a></p>



<p>($1 = 415.00 naira)</p>



<p>(Reporting by Chijioke Ohuocha; Editing by Estelle Shirbon, Jan Harvey and Tomasz Janowski)</p>


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Nigeria Q1 GDP growth slows Q/Q ahead of rates decision

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<p>The Manufacturers Association of Nigeria say the 3.4 per cent growth rate for the manufacturing sectors which was released by the National Bureau of Statistics came as a surprise, given the numerous challenges facing the sector. They further stressed that there was no recorded high level of economic activities in the sector that would justify such a growth rate in the quarter. The Director General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir joins CNBC Africa for more.</p>


Nigeria’s Q1 manufacturing data shocks Manufacturers Association

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<p>French President Emmanuel Macron will today host several African leaders and heads of global financial institutions in a summit that seeks to provide needed funds for Africa’s post-pandemic recovery. Meanwhile, Nigeria’s headline inflation slipped marginally from 18.17 per cent in March to 18.12 per cent in April according to the National Bureau of Statistics. Dipo Ajayi, Head of Fixed Income and Forex at Chapel Hill Denham joins CNBC Africa for more.</p>


France host African leaders on financing for economic recovery

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<p>The Central Bank of Nigeria says it will continue the Naira 4 Dollar Scheme until further notice. Meanwhile, Nigeria’s first quarter GDP report is expected on the 24th of this month according to the publishing calendar of the National Bureau of Statistics. So, can Nigeria sustain its growth momentum after exiting recession in the fourth quarter of 2020? Lukman Otunuga, Senior Research Analyst at FXTM Market joins CNBC Africa for more.</p>


CBN to continue ‘Naira 4 Dollar’ scheme until further notice

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<p>Data from the National Bureau of Statistics shows a jump in headline inflation to 17.33 per cent in February this year from 16.47 per cent in January. The NBS earlier reported an increase in the unemployment rate in Nigeria to 33.3 per cent in the fourth quarter of 2020 from 27.1 per cent in the second quarter of the same year. Bismarck Rewane, CEO of Financial Derivatives joins CNBC Africa for more.</p>


Financial Derivatives CEO breaks down Nigeria’s unemployment

Financial Derivatives CEO breaks down Nigeria’s unemployment, inflation numbers

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<p>Nigeria’s manufacturing sector contracted by 2.75 per cent in 2020 according to the National Bureau of Statistics. In its fourth quarter CEO’s Confidence Index report, the Manufacturers Association of Nigeria stressed difficulty in accessing forex, gridlock at the ports as well as the COVID-19 pandemic as some of the factors impacting manufacturers. Mansur Ahmed, President of the Manufacturers Association of Nigeria joins CNBC Africa for more.</p>


COVID-19: How to drive growth in Nigeria’s manufacturing sector

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<p>Data from the National Bureau of Statistics shows Nigeria’s oil sector recorded an average daily production of 1.56 million barrels of oil per day, leading to a contraction of 8.89 per cent in 2020 compared to a growth rate of 4.59 per cent in 2019. Meanwhile investment bank, Goldman Sachs says it expect Brent crude to reach $70 by the second quarter and $75 by the third quarter of the year. Oyeyemi Oke, Oil and Gas Lawyer and Partner at A02 Law joins CNBC Africa for an outlook on Nigeria’s oil sector.</p>


Oil industry watch: What is Nigeria’s game plan for 2021?

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<p>Nigeria saw its first positive quarterly growth in the last three quarters after its economy grew by 0.11 per cent in the fourth quarter of the year. This means that Nigeria has technical exited its second recession since 2016. The National Bureau of Statistics says though the growth is weak, it reflects the gradual return of economic activities. Tilewa Adebajo, CEO of CFG Advisory and Lizzie Kings-Wali, CEO of Blackstone Asset Management join CNBC Africa for more.</p>


Has Nigeria’s economy turned a corner?

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<p>The rebound in the equities market on Monday was short-lived as the market is back in bear territory today, driven by losses in the insurance and consumer goods space.</p>


Nigerian equities rebound short-lived as market back in bear territory

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<p>Lagos state emerged the top destination of capital investment in Nigeria in the fourth quarter of the year with $829.64 million, according to data by the National Bureau of Statistics. How is Lagos state positioning for more foreign direct investments this year? The state’s Commissioner for Economic and Budget Planning, Sam Egube joins CNBC Africa for more.</p>


Commissioner Egube on what attracts investors to Lagos state

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<p>The total capital imported into Nigeria declined by 59.6 per cent to $9.68 billion in 2020. This is the lowest level of capital importation in four years, according to the National Bureau of Statistics.  Meanwhile, the United Nations Conference on Trade and Development says Nigeria attracted $2.6 billion worth of investments in 2020, which was lower than the $3.3 billion recorded in 2019. Kyari Bukar, Former Chairman of the Nigerian Economic Summit Group joins CNBC Africa for more.</p>


2021: What’s holding back FDI into Nigeria?

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<p>Nigeria’s agricultural sector recorded a growth of 1.39 per cent in the third quarter of the year, that’s according to latest data by the National Bureau of Statistics. Kola Masha, Managing Director of Babban Gona joins CNBC Africa for more.</p>


Nigeria’s agricultural sector remains resilient in the face of COVID-19 crisis

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<p>Nigeria’s economy contracted by 3.62 per cent in the third quarter of the year, according to data by the National Bureau of Statistics.  Tilewa Adebajo, CEO of CFG Advisory and Chamberlain Peterside, CEO of Xcellon Capital Advisors join CNBC Africa for more.</p>


Nigeria slips into recession as GDP contracts by 3.62% in Q3 2020

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<p>Latest data from the National Bureau of Statistics show that Nigeria&#8217;s exports declined by 31 per cent to 6.3 trillion naira, with Spain and the Netherlands emerging the top export destinations. But exports of minerals, mainly crude oil still accounted for Nigeria largest portion of exports.  Akin Laoye, Executive Director of FTN Cocoa Processors and Nnamdi Nwizu, Co-Managing Partner at Comercio Partners join CNBC Africa’s Kenneth Igbomor to explore Nigeria&#8217;s export diversification strategy.</p>


How Nigeria can diversify its exports

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<p>Africa&#8217;s largest economy Nigeria is expected to fall into a recession by the third quarter according to the budget office. More recent statistics from the National Bureau of Statistics also show a 78.6 per cent slump in total capital imported in the second quarter.  Reopening Nigeria&#8217;s economy is vital for any recovery effort. Tilewa Adebajo, CEO of CFG Advisory joins CNBC Africa’s Christy Cole to discuss the ideal path to recovery.</p>


Nigeria’s looming recession – what’s the ideal policy response?

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<p>Nigeria&#8217;s National Bureau of Statistics has released the country’s unemployment data for the first time in nearly two years. Nigeria&#8217;s statistics office pegged its unemployment rate at 27.1 per cent in the second quarter of the year up from the 23.1 per cent reported in the third quarter of 2018. Tilewa Adebajo, CEO of CFG Advisory joins CNBC Africa for more.</p>


Nigeria releases unemployment data after nearly two-year hiatus

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<p>Year-on-year growth in Nigeria’s non-oil sector was slower by 0.93 percentage points in the first quarter of the year, that’s according to recent data from the National Bureau of Statistics. As the Covid-19 pandemic continues to stifle international trade, Akin Laoye, Executive Director at FTN Cocoa Processors joins CNBC Africa to discuss how this pandemic is affecting dynamics for Nigeria&#8217;s non-oil exports.</p>


National Bureau of Statistics

Nigeria Q1 GDP growth slows Q/Q ahead of rates decision

Nigeria’s Q1 manufacturing data shocks Manufacturers Association

France host African leaders on financing for economic recovery

CBN to continue ‘Naira 4 Dollar’ scheme until further notice

Financial Derivatives CEO breaks down Nigeria’s unemployment, inflation numbers

COVID-19: How to drive growth in Nigeria’s manufacturing sector

Oil industry watch: What is Nigeria’s game plan for 2021?

Has Nigeria’s economy turned a corner?

Nigerian equities rebound short-lived as market back in bear territory

Commissioner Egube on what attracts investors to Lagos state

2021: What’s holding back FDI into Nigeria?

Nigeria’s agricultural sector remains resilient in the face of COVID-19 crisis

Nigeria slips into recession as GDP contracts by 3.62% in Q3 2020

How Nigeria can diversify its exports

Nigeria’s looming recession – what’s the ideal policy response?

Nigeria releases unemployment data after nearly two-year hiatus

How COVID-19 impacts Nigeria’s non-oil exports

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National Bureau of Statistics

Nigeria Q1 GDP growth slows Q/Q ahead of rates decision

Nigeria’s Q1 manufacturing data shocks Manufacturers Association

France host African leaders on financing for economic recovery

CBN to continue ‘Naira 4 Dollar’ scheme until further notice

Financial Derivatives CEO breaks down Nigeria’s unemployment, inflation numbers

COVID-19: How to drive growth in Nigeria’s manufacturing sector

Oil industry watch: What is Nigeria’s game plan for 2021?

Has Nigeria’s economy turned a corner?

Nigerian equities rebound short-lived as market back in bear territory

Commissioner Egube on what attracts investors to Lagos state

2021: What’s holding back FDI into Nigeria?

Nigeria’s agricultural sector remains resilient in the face of COVID-19 crisis

Nigeria slips into recession as GDP contracts by 3.62% in Q3 2020

How Nigeria can diversify its exports

Nigeria’s looming recession – what’s the ideal policy response?

Nigeria releases unemployment data after nearly two-year hiatus

How COVID-19 impacts Nigeria’s non-oil exports

News Tips

Advertise With Us

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