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The reading marked the first decline in output …

This led to increased consumption of broadband data services by the labour force for these virtual engagements. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng Economic activity collapsed 6.1% on an annual basis in Q2 (Q1: +1.9% year-on-year), a much greater hit than what market analysts had expected. In a press statement issued on Thursday, the rating agency also announced lowering its long-term foreign and local currency sovereign credit ratings on Nigeria to ‘B-’ from ‘B’.

Over the years, sports sponsorships became an important piece of marketing plans of big companies willing to spend millions of dollars to get their... Flour Mills of Nigeria Plc (‘FMN’ or ‘The Group) reported rather impressive figures for its FY’20 financial year. The first phase of the lockdown, which began on March 30, lasted five weeks with the President enacting a shutdown of all but essential activities in the nation’s economic powerhouses including the commercial capital of Lagos, the neighbouring state of Ogun, and the Federal Capital TerritoryAlthough some reprieve is expected as economic activities pick up with the gradual phasing out of lockdowns and the improvement in the global oil market, significant downside risks remain. However, in case that happens to...

Similarly, measures such as the easing of lockdowns and opening up of the country for travel are expected to support non-oil GDP.The outlook remains tapered in view of Nigeria’s persistent foreign exchange shortages, amidst the fragile oil market and reform inertia on the part of the government.

Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights. OILPRICE.COM Nigeria economy: GDP drops 6.1% in Q2 2020 — Quartz Africa Skip to navigation Skip to content

Also Show. Nevertheless, these measures are not expected to be enough to compensate for the forecast reduction in oil revenue. 1961 - 2019. Nigeria breaks GDP growth forecast .

The contraction in oil GDP was due to the dual decline in production volumes and crude oil prices recorded during the quarter.

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Tuesday, September 1, 2020 - Oil prices rose on Tuesday on new manufacturing data from both the U.S. and China, which surprised on... At his leisure time, he watches football and supports 3SC of Ibadan.

The global oil market was pushed to the doldrums at the onset of Q2, with Brent crude price, a major global benchmark averaging $29.7 per barrel over the quarter as compared to the $50.3 per barrel average price recorded in Q1.In terms of contribution to overall GDP, the oil sector accounted for 8.93%. Notably, oil production dipped by 0.26mbpd from an average of 2.07mbpd recorded in Q1 2020 to 1.81mbpd in Q2 2020, representing a decline in production volume of circa 14%. Nigeria recorded a 2.27 percent Gross Domestic Product (GDP) growth in 2019, according to data released by the country’s National Bureau of Statistics (NBS). Powered By: Business Post Integrated | Copyright 2020 GDP growth (annual %) - Nigeria. Nigeria’s per capita GDP remains below that of several peers, with income levels below $2,000 in 2020,” it said in the statement.Early this month, the Organisation for the Oil Producing Exporting Countries (OPEC) failed to agree to a proposed reduction of 1.5 million barrels per day (mmbbl/d) to address an expected significant drop in global demand partly due to the spread of the coronavirus.Shortly after the meetings, Saudi Arabia announced that it was immediately slashing its official selling price and would increase its production to over 12 mmbbl/d in April after the current production cut expires next Tuesday.These actions possibly signal that, despite a collapse in global demand and shrinking physical markets, Russia and Saudi Arabia may engage in a price war to try and maintain market share and market relevance.Oil markets are now heading into a period of severe supply-demand imbalance in second-quarter 2020.Given that Nigeria’s reliance on oil revenue is still high, over 85 percent of goods exports and about half of fiscal revenues, lower oil prices in 2020 will significantly hurt its external and fiscal positions, S&P said.“We estimate the economy will grow about 1.5 percent in 2020 (our previous estimate was 2.2 percent) and average 2.0 percent in 2020-2023.“Our forecast for a sharp decline in oil prices, and consequent lower export revenues, are likely to result in the current account deficit increasing to 3.3 percent of GDP this year before moderating over the medium term and averaging -1.1 percent in 2020-2023,” the agency said.S&P had said in February 2020 that the Brent oil prices were expected to average $60 per barrel (/bbl) in 2020 and to gradually decline to $55/bbl from 2021.However, based on recent development, it has now projected price of the Brent oil at $30/bbl in 2020, $50/bbl in 2021, and $55/bbl from 2022.In the 2020 budget, Nigeria pegged the crude oil benchmark at $57/bbl, but the COVID-19 pandemic forced a downward review recently to $30/bbl, with the size of the budget cut by N1.5 trillion from just over N10 trillion.In its statement yesterday, S&P said on the fiscal side, lower oil-related revenue will keep general government in Nigeria (federal and state government combined) fiscal deficits elevated at about 5 percent of GDP this year, delaying planned gradual consolidation, before averaging 4.2 percent in 2020-2023.The federal government has and will continue to make efforts to increase non-oil revenue, including the increase in value-added tax to 7.5 percent from 5.0 percent, reducing fuel subsidies, and raising electricity tariffs among other administrative measures, it said.“In addition, adjustments to the exchange rate should also yield the federal government higher Naira revenues.

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In a press statement issued on Thursday, the rating agency also announced lowering its long-term foreign and local currency sovereign credit ratings on Nigeria to ‘B-’ from ‘B’.In addition, the renowned company said it has affirmed its ‘B’ short-term sovereign credit ratings on Nigeria, while downgrading its long-term Nigeria national scale rating to ‘ngBBB’ from ‘ngA-’ and affirming the ‘ngA-2’ short-term Nigeria national scale rating.S&P explained that the economic growth projection was reduced to 1.5 percent “since the effects of lower oil revenue will filter through to the non-oil real sector” of the country.“We forecast real GDP will expand by a modest 2 percent over 2020-2023.“In per capita terms, this translates into economic contraction over our forecast horizon through 2023. National Bureau of Statistics (NBS) recently released Nigeria’s GDP growth numbers for the second quarter (Q2) of 2020. World Bank national accounts data, and OECD National Accounts data files.
Label. The recent Q2 2020 GDP growth rate of -6.10% released by the National Bureau of … At Agusto & Co., we maintain our forecast scenarios of -4.5% in the best-case and -7% in the worst-case for full year 2020.Subscribe for latest updates. Nigeria’s Gross Domestic Product (GDP) in real terms declined by 6.10% (year-on-year) in Q2 2020, thereby ending the 3-year trend of low but positive real growth …

The oil sector GDP contracted by 6.63% year-on-year in Q2 2020, a sharp fall compared to the preceding quarter in which the oil sector grew by 5.06% year-on-year. Zoom shares spike over 30% on spectacular earnings None; Aggregates; Same region; Similar values; Highest values; Lowest values; Share Details.

Nigeria - GDP Economy contracts heavily in Q2 on double pandemic and oil price blow. The economy was dealt a severe blow by the oil price slump and Covid-19-induced restrictions in the second quarter.


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