Naira shortage threatens first quarter GDP growth
The current cash shortage will likely lead to a drop in Nigeria’s gross domestic product (GDP) growth in the first quarter of 2023, according to analysts.
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Ranking Nigeria’s growing sectors by GDP
On Monday, the National Bureau of Statistics announced Nigeria’s Gross Domestic Product (GDP) decreased by -6.1% in the second quarter (Q2) of 2020. By implication, we might just be one quarter away from another economic recession; the last noteable downtrun being in 2016.
Agricultural investment and the growing food insecurity in Nigeria
Nigeria’s agriculture contribution to the Gross Domestic Product (GDP) makes it the largest sector in the country. In 2014, the sector achieved a GDP of $113.64 billion. Even with low agriculture yields, conflicts, and armed insurgency, the sector still contributed $78.45 billion to the GDP in 2017. The sector contributes a cumulative of 25 per cent of the GDP and accounts for 48 per cent of the labour force. In the last five years, the sector has maintained a growth rate of 4 per cent.
What Influences GDP Growth?
Most things don’t grow forever. If a person grew at the same rate for his whole life, he’d become gigantic and perhaps perish (or else rule the world). Yet most economists agree the economy needs to grow and always.