Economy
Nigeria Records 5.01% GDP Growth in Q2 2021
By Adedapo Adesanya
Nigeria’s Gross Domestic Product (GDP) grew by 5.01 per cent (year-on-year) in real terms in the second quarter of 2021, marking three consecutive quarters of growth.
This is coming after the country, which is Africa’s largest economy, recorded negative growth rates in the second and third quarters of 2020.
According to the National Bureau of Statistics (NBS), in its Gross Domestic Report for Q2 2021 released on Thursday, the growth rate witnessed in the period was higher than the -6.10 per cent recorded in the same quarter of last year and the 0.51 per cent printed in the preceding quarter of the year.
With this growth, it shows that the country is getting back on its feet as businesses return and economic activity near levels seen prior to the nationwide implementation of COVID-19 related restrictions a year ago.
According to the NBS, the steady recovery observed since the end of 2020 was a result of the gradual return of commercial activities as well as local and international travel.
The stats office stated that this accounted for the significant increase in growth performance relative to the second quarter of 2020 when nationwide restrictions took effect.
On a year-to-date basis, the real GDP grew 2.76 per cent in 2021 compared to -2.18 per cent for the first half of 2020, Business Post observed.
However, on a quarter-on-quarter basis, the real GDP grew at -0.79 per cent in Q2 2021 compared to Q1 2021, reflecting slightly slower economic activity than the preceding quarter due largely to seasonality.
In nominal terms, Nigeria aggregate GDP stood at N39.1 trillion, higher than N34.0 trillion achieved in the same period of last year, indicating a year-on-year nominal growth rate of 14.9 per cent.
The nominal GDP growth rate in Q2 2021 was higher than -2.80 per cent growth recorded in the second quarter last year when economic activities slowed sharply at the outset of the pandemic.
The Q2 2021 nominal growth rate was also higher than the 12.25 per cent growth recorded in Q1 2021.
In the report, the NBS said the oil sector, which is one of the two broader Nigerian sectors, saw real growth of –12.65 per cent (year-on-year) in the review period, indicating a decrease of –6.02 per cent compared to the corresponding quarter of 2020.
The report also showed that growth decreased by -10.44 per cent when compared to Q1 2021 which was –2.21 per cent.
On the other end, the non-oil sector witnessed a growth of 6.74 per cent in real terms during the quarter, higher by 12.8 per cent compared to the rate recorded in the same quarter of 2020 and 5.95 per cent higher than the first quarter of 2021.
During the quarter, the sector was driven mainly by growth in Trade, Information and Communication (Telecommunication), Transportation (Road Transport), Electricity, Agriculture (Crop Production) and Manufacturing (Food, Beverage & Tobacco).
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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