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Nigeria’s agricultural sector contributed less to the Gross Domestic Product in the first quarter of 2021 than it did a quarter earlier, a stark demonstration of declining farming activities amid insecurity.
The sector contributed 22.35 per cent to the nation’s economy, better than the same quarter in 2021 but lower than the preceding fourth quarter, a report by the
That represents a decline of 28.61 per cent. The report said the decline was a result of shrinking economic activities.
“In terms of contribution, the sector accounted for 22.35 percent of overall GDP in real terms in Q1 2021, higher than the contribution in the first quarter of 2020 but lower than the fourth quarter of 2020 which stood at 21.96% and 26.95% respectively,” the NBS said.
Tue, May 25, 2021, 10:22 AM·2 min read Nigeria has Africa's largest economy Cenbank holds main lending rate at 11.5% Rate held for fourth time since September Cenbank governor warns Nigeria faces stagflation (Changes headline, adds analyst, quotes, bullets) The Central Bank of Nigeria has retained the
China’s crude oil output rose 3.4 percent year on year to 16.41 million tonnes in April, official data shows. The April output represents a 4.3 percent increase from the level seen in the same period of 2019, putting the annual average growth of the past two years at 2.1 percent, according to the National Bureau .
Computers and accessories By Prince Osuagwu, Hi-Tech Editor, Emmanuel Elebeke & Juliet Umeh Information and communications technology, ICT sector alone contributed over N4 trillion to the N40 trillion the country generated as Gross Domestic Product, GDP in Q1, 2021. This is even as the sector fell 10 percent behind its contribution in the same quarter last year. Statistics recently released by the National Bureau of Statistics NBS, revealed that the sector contributed about 9.91 percent to the total GDP in Q1 2021, lower than the 10.31 percent recorded in the same quarter of 2020 and 10.58 percent it contributed in the preceding quarter. However, the sector still recorded higher contribution when compared to the oil sector which contributed just 9.25 percent.
UPDATED: CBN retains benchmark interest rate
The move is expected to allow further economic growth, despite four-year high inflation, after the country exited recession last year.
The
Central Bank of Nigeria has retained the monetary policy rate at 11.5 per cent, with the assymetric corridor of +100/-700 basis points around the MPR.
The CBN governor, Godwin Emefiele, announced this Tuesday after the Monetary Policy Committee meeting that began Monday.
The bank also retained other parameters.
Addressing journalists at the end of the 2-day meeting of the Monetary Policy Committee (MPC) meeting in Abuja, Mr Emefiele said the committee also voted to retain the Cash Reserve Ratio (CRR) at 27.5 per cent as well as the Liquidity Ratio at 30 per cent.