FRIDAY, 19 NOVEMBER 2021 GDP Growth | Remittances

Transcript:FRIDAY, 19 NOVEMBER 2021 GDP Growth | Remittances:
FRIDAY, 19 NOVEMBER 2021 GDP Growth | Remittances | Rise in Fuel Price | Agricultural Sector | National Housing Programme Good Morning, Here are your top 5 news items for the day. GDP Growth Nigeria’s GDP growth fell to 4.03% in Q3 -NBS - Punch The nation’s economy grew more slowly in the third quarter of the year than it did in the second quarter, according to data from the National Bureau of Statistics. The Gross Domestic Product growth rate fell to 4.03 per cent in Q3 from 5 per cent in Q2, the Statistician- General of the Federation, Simon Harry, disclosed on Thursday. He said that during the quarter, aggregate GDP stood at 45.11tn in nominal terms, an increase of 15.41 per cent over the performance in the corresponding period of 2020. Harry explained that the base effect of the negative economic growth recorded in Q2 and Q3 2020 as a result of the COVID-19 pandemic contributed to the growth in GDP in 2021. He added that the current growth trend can be sustained with strict adherence to safety measures effected to control the spread of the COVID-19 pandemic and other variants of the disease. Read more here. Remittances Remittances to Nigeria, others grow 7.3% to $589b – The Nation Remittances to low- and middle-income countries are projected to have grown a strong 7.3 per cent to reach $589 billion in 2021. This return to growth is more robust than earlier estimates and follows the resilience of flows last year when remittances declined by only 1.7 per cent despite a severe global recession due to COVID-19, the World Bank’s Migration and Development Brief estimates released yesterday has shown. Remittance inflows to sub-Saharan Africa returned to growth, increasing by 6.2 per cent to $45 billion. Nigeria, the region’s largest recipient, is experiencing a moderate rebound in remittance flows, in part due to the increasing influence of policies intended to channel inflows through the banking system. Read more here. Rise in Fuel Price Fuel marketers predict N170/litre, claim supply drop, NNPC disagrees - Punch The pump price of Premium Motor Spirit, popularly called petrol, may rise from the current N162-N165/litre to N170/litre, while its depot price is projected to increase from N159/litre to N165/litre, oil marketers said on Thursday. Dealers under the aegis of the Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlets Owners Association of Nigeria