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Economy

Nigeria’s GDP Records 1.50% Growth in Q2 2018—NBS

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GDP Nigeria growth

By Modupe Gbadeyanka

The National Bureau of Statistics (NBS) has revealed that the Gross Domestic Product (GDP) of Nigeria in the second quarter of 2018 grew by 1.50 percent year-on-year.

The stats office, which released the GDP figures on Monday morning, disclosed that the growth in Q2 2018 was 0.79 percent points higher than the same period of 2017, which recorded a growth of 0.72 percent, but –0.45 percent points slower than 1.95 percent recorded in the first quarter of 2018.

However, it said on a quarter-on-quarter basis, real GDP growth was 2.94 percent.

The NBS said in its report today that the 1.50 percent growth the GDP recorded in Q2 2018 real terms was to N16.58 trillion.

But in the quarter under review, aggregate GDP stood at N30.69 trillion in nominal terms. This represents a 7.85 percent increase in nominal GDP when compared to the preceding quarter (N28.46 trillion) and 13.57 percent increase when compared to the corresponding quarter of 2017 (N27.03 trillion).

For better clarity, the Nigerian economy can be classified broadly into the oil and non-oil sectors.

Broadly speaking, growth in Q2 2018 was driven by developments in the non-oil sector as Services sector recorded its strongest positive growth since 2016.

However, the relatively slower growth when compared to Q1 2018 and Q2 2017 could be attributed to developments in both the oil and non-oil sectors.

In the second quarter of 2018, average daily oil production was recorded at 1.84million barrels per day (mbpd), lower than the daily average production of 1.87mbpd recorded in the same quarter of 2017 by -0.03mbpd and also lower than the production volume of 2.0mbpd seen in the first quarter of 2018.

Real growth of the oil sector was –3.95 percent (year-on-year) in Q2 2018 indicating a decrease by –7.48 percent points relative to the rate recorded in the corresponding quarter of 2017.

Growth also decreased by –18.72 percent points when compared to Q1 2018. Quarter-on-Quarter, the oil sector recorded a growth rate of –8.34 percent in Q2 2018.

The Oil sector contributed 8.55 percent to total real GDP in Q2 2018, down from figures recorded in the corresponding period of 2017 and the preceding quarter, where it contributed 9.04 percent and 9.61 percent respectively.

The developments in the oil sector occurred at the same time as crude oil price (Brent) has maintained steady rise from $65.32 per barrel in January, reaching $76.98 in May, before falling slightly to $74.4 per barrel in June.

However, the non-oil sector grew by 2.05 percent in real terms during the reference quarter. This represents 1.60 percent points increase compared to the rate recorded for the same quarter in 2017, and 1.29 percent points over the first quarter of 2018.

The non-oil sector was mainly driven by Information and communication services. Other notable drivers included Construction, Agriculture, Transportation and Storage and Other Services.

In real terms, the Non-Oil sector contributed 91.45 percent to the nation’s GDP, compared to 90.96 percent recorded in Q2 2017 and 90.39 percent recorded in the preceding quarter.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Economy

Wems BO Plans Personal Finance Retreat to Empower Nigerians

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Wems BO personal finance

By Adedapo Adesanya

Financial educator and coach, Mrs Wemimo “Wems BO” Bolu-Opaniran, is set to host the maiden edition of the Wems BO Personal Finance Retreat 1.0, a weekend event aimed at helping participants improve their financial literacy and develop practical money management skills.

According to a statement, the retreat is designed to make personal finance engaging and accessible through interactive sessions, games, networking opportunities, and one-on-one coaching sessions.

The organisers said the event will focus on providing attendees with practical and actionable financial knowledge rather than conventional lecture-style teaching.

“Come and unravel financial wisdom and leave with a practical and concrete action plan,” the organisers stated in a statement.

Activities lined up for the retreat include interactive finance sessions, networking opportunities, personal finance workbooks, games and activities, food and souvenirs, as well as three months of exclusive access to the event replay.

Speaking on the rationale for organising the event, Wems BO noted that lack is primarily not always the reason people have bad finances, but often, money culture is.

“The way one sees and treats money has been a development from years and decades past. So, what to do about money is not the solution. It is mindset, defaults and motivations shaping decisions.

The solution is an inner inquiring on why you do what you do, beyond money. Understanding who you are, then beginning to drive decisions that make you grow, manage and scale your finances in a way that aids the life you want,” she told Business Post.

Participants will also have the opportunity to receive one-on-one coaching with the finance guru.

The event is scheduled to be held from Friday, July 17 to Saturday, July 18, 2026, at an in-house venue on Lagos Mainland.

Ticket prices were pegged at N40,000 for individual attendees and N76,000 for duo tickets, with organisers noting that limited slots remain available.

Interested participants can register through the official registration link.

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Economy

Unlisted Securities Index Rises 0.91%

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Unlisted Securities Market

By Adedapo Adesanya

A 0.91 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Friday, May 22, after the share prices of four securities ended in green.

According to data, FrieslandCampina Wamco Plc went up by N15.61 to N179.67 per share from N164.06 per share, Newrest Asl Plc grew by N6.11 to N67.26 per unit from N61.15 per unit, Food Concepts Plc appreciated by 17 Kobo to N2.75 per share from N2.58 per share, and Nitrox Industrial Gases Plc added 6 Kobo to sell at N25.50 per unit compared with the previous day’s N25.44 per unit.

At the close of business, the market capitalisation chalked up N23.22 billion to settle at N2.561 trillion versus Thursday’s N2.538 trillion, and the NASD Unlisted Security Index (NSI) increased by 38.81 points to 4,281.28 points from 4,242.47 points.

During the session, the price of Central Securities and Clearing System (CSCS) Plc was down by N3.13 to N71.07 per share from N74.20 per share.

The activity chart showed that the volume of securities transacted by the market participants decreased yesterday by 81.6 per cent to 590,339 units from the 3.2 million units recorded on Thursday, as the number of deals shrank by 28.6 per cent to 30 deals from the 42 deals recorded a day earlier, while the value of securities increased by 0.5 per cent to N95.3 million from the preceding session’s N94.8 million.

Great Nigeria Insurance (GNI) Plc closed the day as the most active stock by value on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 61.2 million units traded for N4.1 billion.

The most active stock by volume on a year-to-date basis was GNI Plc, with the sale of 3.4 billion units for N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units exchanged for N415.7 million.

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Economy

Stock Investors Gain N344bn amid Decline in Transactions

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stock investors' portfolios

By Dipo Olowookere

The Nigerian Exchange witnessed a decline in transactions on Friday despite closing higher by 0.22 per cent on the back of sustained bargain-hunting.

During the last trading session of the week, investors transacted 711.9 million equities valued at N29.1 billion in 62,386 deals compared with the 1.1 billion equities worth N31.0 billion traded in 62,448 deals in the previous day, indicating a decline in the trading volume, value, and number of deals by 35.28 per cent, 6.13 per cent, and 0.10 per cent, respectively.

Fidelity Bank closed the day as the most active stock with the sale of 198.1 million units for N4.6 billion, Access Holdings traded 69.7 million units worth N1.8 billion, Mutual Benefits exchanged 42.7 million units valued at N197.4 million, Japaul transacted 33.9 million units worth N134.4 million, and Zenith Bank sold 24.4 million units valued at N3.2 billion.

Yesterday, the industrial goods index rose by 0.53 per cent, the consumer goods sector jumped 0.28 per cent, the banking industry improved by 0.25 per cent, and the energy counter soared by 0.18 per cent, while the insurance space shed 0.18 per cent.

At the close of business, the All-Share Index (ASI) gained 536.98 points to finish at 249,712.37 points compared with the previous day’s 249,175.39 points, and the market capitalisation grew by N344 billion to N160.077 trillion from N159.733 trillion.

Aluminium Extrusion and DAAR Communications expanded by 10.00 per cent each to sell for N9.90 and N2.09, respectively, RT Briscoe surged by 9.93 per cent to N14.06, Learn Africa increased by 9.79 per cent to N12.90, and Red Star Express advanced by 9.56 per cent to N34.95.

On the flip side, Trans-Nationwide Express depreciated by 9.92 per cent to N5.72, Livestock Feeds dipped by 9.64 per cent to N8.90, The Initiates crashed by 8.65 per cent to N33.80, Ellah Lakes drowned by 8.64 per cent to N10.05, and Neimeth lost 6.36 per cent to trade at N10.30.

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