Opinion: How to cultivate the spirit of entrepreneurship. That’s the lowest since the first quarter of 2017, which was the last time Africa’s largest economy contracted.Crude contributes less than 10% to Nigeria’s GDP, but it accounts for about 90% of foreign-exchange earnings and half of government revenue. Nigeria has been growing at less than one per cent since 2015.

The Economist offers authoritative insight and opinion on international news, politics, business, finance, science, technology and the connections between them. Nigeria, Africa's largest economy and home to 200 million, has carried out just 212,000 Covid-19 tests - CNN Video. “We expect Nigeria’s output slump to be more prolonged than regional peers, owing to its higher reliance on crude oil production” and the central bank’s foreign-exchange policy, they said.“We expect the economy to contract again in 3Q, but at a slower rate than 2Q. Nigeria’s economy contracted the most in at least a decade in the second quarter as the crash in oil prices and the global fallout from Covid-19 hit … This site is protected by reCAPTCHA and the Google In August 2019, Betacar launched in Nigeria, redefining how car buying should be with technology, customer experience and financing options for car buyers.Archbishop Kaigama stated that on the surface, it doesn’t look like there was a good intention in enacting the law, adding that the motive doesn't look right.Allen Onyema, chairman of Nigeria's foremost airline company, Air Peace, stated this recently after touring the ongoing cargo airport at Umuleri, Anambra state.9PSB will reach people at the bottom of the pyramid to facilitate financial inclusion especially in the rural setting and increase financial payment in Nigeria.This revelation was contained in a media release by Senator Uba Sani at the end of a retreat by his committee and the AMCON in Abuja, on Friday, August 28.The council is headed by the deputy governor, Mr Kingsley Otuaro while the commissioner for economic planning, Dr Barry Pere-Gbe, will serve as the secretary. Details of the Nigerian Gross Domestic … Updates with analyst’s comments in from seventh paragraph So, it is the NBS assessment that Nigeria will go into a recession measuring at an average of -4.4%,” she noted.“But with the work that the Economic Accessibility Committee is doing bringing stimulus packages, we believe that we can reduce the impact of that recession.“And if we applied all that have been proposed and we are able to implement it we may end up with a recession that is -0.4 per cent.

GDP shrinks 6.1% in second quarter; median estimate was -4.05% Nigeria’s economy contracted the most in at least a decade in the second quarter as the crash in oil prices and the global fallout from Covid-19 hit output.Gross domestic product shrank 6.1% in the three months through June from a year earlier, compared with growth of 1.87% in the previous quarter, the Abuja-based National Bureau of Statistics said on its website on Monday. Comment: Conquering the fear of starting a business. The above target oil production in April-June, though, mean steeper production cuts will be required in August and September in order to reach full OPEC compliance. Barely 24 hours the Naira was forced to a downward trajectory by dollar scarcity, it bounced back, closing at N477 to a dollar at the parallel market in Lagos.

Since the late 1960s it has been based primarily on the petroleum industry. Nigeria News NewsNow brings you the latest news from the world's most trusted sources on Nigeria, as well as from top Nigerian publishers.

The median estimate of six economists in a Bloomberg survey was for a 4.05% decline. The oil sector contracted by 6.6% from a year earlier and the non-oil sector shrank by 6.05%, the first drop in non-oil GDP since the third quarter of 2017.“The decline was largely attributable to significantly lower levels of both domestic and international economic activity during the quarter, which resulted from nationwide shutdown efforts aimed at containing the Covid-19 pandemic,” the statistics office said.The outlook for the economy remains fragile. To see how, and to learn how to control cookies, Manufacturing PMI Stands at 48.5% in August 2020 from 44.9% in July 2020 - The August 2020 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period August 10-14, 2020.

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A First Class graduate of Mass Communication from the University of Ilorin, Ilorin, he was nominated in the journalism category of The Future Awards Africa in 2017.

All content is Copyrighted © 2020 The Premium Times, Nigeria.The Premium Times and our partners use technologies such as cookies to improve your experience on our website, show you personalised advertising and perform site analytics. cookies to improve your experience and customise advertising. Nigeria’s oil sector suffers 6.63% decline amid production cuts The Punch 23:40 Tue, 25 Aug. Nigeria may slip into recession in Q3, budget minister says Nigerian Guardian 06:15 Tue, 25 Aug. How private sector intervention in gold will boost economy Nigerian Guardian … We need a huge economic stimulus, other than the annual budget to get us there. ’Femi Asu Amid the collapse of oil prices and demand, Nigeria’s oil and gas sector saw its contribution to the economy tumble in the second quarter of this year as it … please read our

The bank has pledged to increase such earnings from about $2 billion to $12 billion…

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