Economy
Nigeria’s Economy Grew 3.46% in Q3 2024 With N20.1trn—CBN

By Adedapo Adesanya
Nigeria’s Gross Domestic Product (GDP), as computed by the Central Bank of Nigeria (CBN), expanded by 3.4 per cent in the third quarter (Q3) of 2024, with output reaching N20.115 trillion, different from the 3.19 per cent growth quoted in Q2 2024 from an output of N18.285 trillion, according to the latest Economic Report for the third quarter of 2024 released by the apex bank.
The CBN said despite persisting headwinds, this growth was driven mainly by the non-oil sector.
The report said inflation moderated during the quarter, reflecting the fall in the food component of the Consumer Price Index (CPI) basket, and driven by the restrictive monetary policy stance.
Domestic crude oil production increased, following enhanced security measures around oil pipeline infrastructure in the Niger Delta region.
The growth of 3.46 per cent recorded in Q32024, represented the third consecutive expansion year-to-date surpassing the 3.19 per cent and 2.54 per cent recorded in Q2 2024 and the corresponding quarter of 2023, respectively.
“Growth was on account of continued efforts to improve the business environment, streamline cumbersome business processes and deepen the quality of business infrastructure,” the report seen by Business Post said.
The 24-month window period opened for the banking sector re-capitalisation (according to their license category and authorisation) supported the robust growth in the services sector, particularly, the finance and insurance sub-sector, the report explained.
The continued drive of the government to improve crude oil production to a target of 2 million barrels per day by year-end of 2024, helped the oil sector to maintain positive growth for the fourth consecutive quarter.
Thus, the oil sector grew by 5.17 per cent (year-on-year) in Q3 2024, compared with a growth of 10.15 per cent in the preceding quarter, and contributed 0.28 percentage points to the overall increase in the period under review.
The performance was slower than the preceding quarter, owing to a drop in prices of Nigeria’s Bonny Light crude in the international market, to $82.07 per barrel from $86.92 per barrel in Q22024.
However, with the increase in crude oil production from 1.27 million barrels per day in Q22024 to 1.33 million barrels per day in Q3 2024.
The non-oil sector growth accelerated to 3.37 per cent in Q32024 compared with a growth rate of 2.80 per cent in the preceding quarter, contributing 3.18 percentage points to total growth.
The expansion of the non-oil sector was driven by the performance of the financial & insurance, information & communication, crop production, trade, transportation & storage, and real estate sub-sectors.
Regarding sectoral performance, CBN said all the sectors, (agriculture, industry and services) grew in Q32024.
The Services sector expanded at the fastest pace by 5.19 per cent in Q32024, compared with 3.79 per cent in Q2 2024 and 3.99 per cent in Q32023, remaining the most dominant sector and accounting for 53.58 per cent of aggregate Gross Domestic Product.
Within the services sector, financial & insurance sub-sector grew by 30.83 per cent, compared with 28.79 and 28.21 per cent in the preceding and corresponding quarters of 2023, respectively. This performance was spurred by gains from the recapitalisation exercise that was announced by the CBN, according to the report.
Other factors such as profits from interest gains (following continued hikes in interest rates), consultancy fees, and ATM & transfer fees contributed to the growth of the sub-sector.
Also, given the financial sector’s ongoing digital transformation (including the significant growth of fintech companies, mobile banking, and digital payment systems), the information and communications subsector grew by 5.92 per cent (contributing 0.95 percentage points to GDP growth).
The performance of the ICT sub-sector was further boosted by the ongoing demand for digital services like e-commerce and data/internet services, which helped to grow economic activity in the other sub-sectors like trade and real estate 0.65 and 0.68 per cent, respectively.
The transport and storage sub-sector grew by 12.15 per cent, compared with contractions of 13.53 and 35.85 per cent in the preceding and corresponding quarters of 2023, respectively.
The growth was driven by the increase in road transport owing to improved security conditions and substitution from air transport (due to higher air fares). Also, sustained investments in road infrastructure, as well as investments in alternative sources of energy (CNG) for road transport contributed to the uptick in the sub-sector.
The agriculture sector grew modestly by 1.14 per cent, compared with 1.41 and 1.30 per cent in the preceding and corresponding quarters of 2023, respectively.
The growth was driven by the favourable weather conditions and increased harvests of some staples.
Crop production grew by 1.18 per cent, compared with1.65 per cent in Q22024, while the forestry and livestock sub-sectors grew by 2.23 and 1.03 per cent, respectively, compared with a growth of 2.77 per cent and a contraction of 1.71 per cent in Q22024.
Economy
Nigeria Plans New Tax Incentives to Boost Agriculture, Energy Investments

By Adedapo Adesanya
The Nigerian government is planning to offer tax incentives to firms investing in key sectors such as agriculture and energy to boost projected growth.
This is part of a new scheme known as the Economic Development Incentive (EDI), which will address long-standing inefficiencies in the current Pioneer Status Incentive (PSI).
The proposed investment-driven incentive framework is designed to stimulate real economic activity by tying tax relief directly to verifiable investments and part of the country’s ongoing tax reform efforts.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, disclosed this in a keynote address at BusinessDay’s Policy Intervention Series held on Tuesday, April 22 in Lagos.
He said a review of the PSI revealed structural flaws that have undermined its effectiveness.
“Once granted a pioneer status, companies may import goods classified as pioneer products tax-free, effectively allowing them to operate without tax obligations—even with minimal value addition to the economy,” he said.
The incentives will mainly be in the form of a multiyear tax credit that companies can use to reduce what they owe the government, Mr Oyedele further explained.
He said investments in sectors including agriculture, energy and manufacturing will enjoy the tax credit based on a prescribed minimum amount of investment for a period ranging from 10 to 20 years.
Mr Oyedele also reiterated that the country has initiated reforms to boost tax revenue as a share of gross domestic product to 18 per cent by 2027 from 13.6 per cent in 2024, adding these proposals seek to drive growth in priority sectors of the economy.
Also, investors in utility projects like power, waterways and ports will have to invest at least N200 billion to qualify for the tax credit.
He explained that if a company invests N10 billion in Year 1, it earns a N500 million tax credit each year for five years and if an additional N5 billion is invested in Year 2, that new investment begins its own five-year 5 per cent cycle—N250 million annually until Year 6 and if the company continues investing progressively, each round of investment starts a new five-year cycle of tax credits, potentially extending the benefit period up to 10 years.
The tax maven further stated that if a business has a N15 million tax liability in a given year and applies N25 million in tax credits, its liability is wiped out entirely, with the N10 million balance rolled over to subsequent years and that if a company fails to follow through on its investment plan or halts capital deployment, unused credits are forfeited and this accountability mechanism ensures that only consistent and credible investments are rewarded.
Economy
Unlisted Securities Exchange Slips 0.35% Post-Easter Break

By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange slid by 0.35 per cent on Tuesday, April 22 after the return from the Easter break, with the market capitalisation falling by N6.79 billion to N1.917 trillion from the N1.924 trillion recorded last Thursday, and the NASD Unlisted Security Index (NSI) declining by 11.60 points to 3,274.78 points from the previous session’s 3,286.38 points.
Yesterday, the share price of Central Securities Clearing System (CSCS) Plc went down by 60 Kobo to close at N21.50 per unit versus the preceding session’s N22.10 per unit and Geo-Fluids Plc lost 18 Kobo to end at N1.62 per share, in contrast to last Thursday’s N1.80 per share.
On the flip side, the price of FrieslandCampina Wamco Nigeria Plc appreciated by 16 Kobo to quote at N37.80 per unit versus the previous trading day’s N37.64 per unit.
During the session, there was a 40.5 per cent increase in the volume of securities transacted to 174,634 units from the 124,266 units traded in the previous trading day, but the value of transactions slumped by 43.9 per cent to N2.86 million from N5.1 million, and the number of deals dropped by 48.4 per cent to 16 deals from 31 deals.
At the close of business, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with a turnover of 533.9 million units worth N520.9 million, followed by Okitipupa Plc with the sale of 153.6 million units for N4.9 billion, and Industrial and General Insurance (IGI) Plc with 71.2 million units valued at N24.2 million.
Also, Okitipupa Plc remained the most valued stock on a year-to-date with the sale of 153.6 million valued at N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with a turnover of 14.8 million units worth N572.0 million and Impresit Bakolori Plc with a turnover of 533.9 million units sold for N520.9 million.
Economy
Naira Crumbles to N1,603/$1 at Official Market

By Adedapo Adesanya
It was a bad day for the Naira on Tuesday, April 22 as its value plummeted against the United States Dollar by N3.23 or 0.2 per cent at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
It was the first trading session in the official market after the long Easter Break which started last Friday.
The Nigerian Naira was exchanged with the greenback yesterday at N1,603.16/$1, in contrast to the preceding trading day’s rate of N1,599.93/$1.
However, the local currency closed flat against the Pound Sterling and the Euro in the spot market at N2,120.24/£1 and N1,817.69/€1, respectively.
At the parallel market, the Naira appreciated against the US Dollar during the session by N10 to sell for N1,610/$1 compared with the previous trading session’s N1,620/$1.
In the cryptocurrency market, most of the tokens improved on Tuesday, buoyed by renewed investor optimism and fresh hopes of an ease in US-China trade tensions.
Earlier on Tuesday, remarks from US Treasury Secretary Scott Bessent, who reportedly told investors at a closed-door JPMorgan event that the tariff standoff with China was unsustainable.
Mr Bessent said de-escalation would come “in the very near future,” characterizing current conditions as a “trade embargo.” However, he cautioned that a more comprehensive deal between the two nations could take even years.
Then President Donald Trump, speaking to reporters in the White House later, said that US tariffs on China “will come down substantially” from the current 145 per cent level, allaying concerns of a spiraling trade war.
Ethereum (ETH) jumped by 10.6 per cent to $1,784.93, Dogecoin (DOGE) appreciated by 10.3 per cent to $0.1812, Cardano (ADA) added 9.9 per cent to trade at $0.6971, and Solana (SOL) gained 7.9 per cent to close at $151.25.
Further, Ripple (XRP) grew by 7.5 per cent to $2.25, Bitcoin (BTC) expanded by 6.2 per cent to $93,822.95, Litecoin (LTC) increased by 5.8 per cent to $84.22, and Binance Coin (BNB) went up by 2.3 per cent to $617.20, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
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