Non-oil sector’s growth momentum slows further
The non-oil sector expanded at a slower pace, growing by 2.75% y/y (Q2-23: +3.58% y/y) as currency pressures witnessed in the period weakened the sector’s performance. As a result, Services sector GDP growth settled at 3.99% y/y (Q2-23: +4.42% y/y),…
We expect the economy to grow by 2.74% y/y in Q4-23
Given the recent improvement in Nigeria’s crude oil production levels, we are optimistic that the oil sector will return to positive territory in Q4-23, more so that the base in the corresponding period of the prior year was low. We…
Oil sector improves but remains in the negative territory
The oil sector improved in Q3-23 as the government’s unrelenting efforts to curb oil theft and vandalism have enhanced crude oil production levels. For context, crude oil production increased by 20.8% y/y to 1.45mb/d (Q2-23: 1.22mb/d). Further in our analysis,…
Economy sustains positive growth path for the third consecutive quarter in Q3-23
According to the recently released GDP report by the National Bureau of Statistics (NBS), the domestic economy grew by 2.54% y/y (Q2-23: +2.51% y/y). We highlight that the growth in the quarter was marginal, reflecting the impact of the high…
NDLEA hits Osun illicit drug party tagged ‘unholy alliance’, arrests organisers
Operatives of the National Drug Law Enforcement Agency, NDLEA on Saturday 25th November raided a lounge in Osogbo, the Osun state capital where a night party organized for illicit substance abuse was going to hold and arrested some of the…
ASPMDA Begins End of 2023 with Praise/Prayer Feast Thursday
For the very first time in the history of the largest auto trading complex in Africa, the leadership of Auto Spare Parts & Machinery Dealers Association (ASPMDA) under Hon. Ngozi Emechebe has concluded arrangement to begin celebration ahead of the…
Trade Fair Stakeholder’s Boss, Ilechukwu, others join MFM Praise Event
The Mountain of Fire Ministries (MFM) FESTAC Regional Headquarters (FESTAC Mega Axis) and host, Open Air Prophetic Praise 2023, tagged ‘Sacrifice of Praise’ held at the Lagos Trade Fair Mini complex Stadium, Badagry Expressway on Friday, November 24, 2023, Pastor…
Sacrifice of Praise opens doors of progress—Pastor Irabor
The lead Pastor of Mountain of Fire Ministries (MFM) FESTAC Regional Headquarters (FESTAC Mega Axis) and host, Open Air Prophetic Praise 2023, tagged ‘Sacrifice of Praise’ held at the Lagos Trade Fair Mini complex Stadium, Badagry Expressway on Friday, November…
Just in: Nigeria’s economy maintains growth pace in Q3 23 rising by 2.54%
Latest data from the National Bureau of Statistics (NBS) revealed that the domestic economy maintained its growth pace for the third consecutive quarter in Q3-23, as the real GDP rose by 2.54% y/y (Q2-23: +2.51% y/y). However, the growth outturn…
Customs Hands Over Impounded Illicit Substances to NDLEA
Nigeria Customs Service (NCS) delivered a blow to drug cartels operating within the nation’s coastal waters and land borders by handing over hard substances, suspected to be Cannabis Sativa and Tramadol, to the National Drug Enforcement Agency (NDLEA). The handover…
