COVID-19: AfDB Forecast $88.3bn Drop In Africa’s GDP     The African Development Bank (AfDB) has projected that the ongoing Coronavirus (COVID-19) pandemic ravaging economies globally could cause Africa’s Gross Domestic Product (GDP) to drop by between $22.1billion and $88.3billion. According to the Bank, before the advent of...

Nigeria Needs To Spend 18% GDP On Infrastructure, Says IMF     The International Monetary Fund has estimated additional spending of 18 percentage points of Gross Domestic Product by 2030 for Nigeria to achieve Sustainable Development Goals. It stated this in its report on, “Technical assistance report––additional spending...

Insurance Sector Recorded 5.6% Growth In Q1 - NBS     The insurance sector grew by 5.6 per cent in the first quarter of 2020 financial period, according to latest statistics from the National Bureau of Statistics on the 2020 Q1 Gross Domestic Product report. Part of the...

NESG Forecasts 7.3% Decline In Nigeria’s GDP In 2020   Nigerian Economic Summit Group (NESG) has predicted that the Nigerian economy would contract by 7.3 per cent in 2020 if the average crude oil price slumps to $15 per barrel in 2020 and Nigeria’s crude oil...

Aviation Industry Contributed 0.14% To GDP In 2019 – NBS   Despite challenges in the industry, air transport’s contribution to the country’s Gross Domestic Product marginally increased from 0.12 per cent to 0.14 per cent between 2018 and 2019. Aviation industry’s contribution to the country’s Gross Domestic...

VAT Hike Will Kill Businesses, Shrink GDP, Experts Say Experts and groups such as the Nigeria Employers’ Consultative Association have said the recent increase in the Value Added Tax rate from five per cent to 7.2 per cent will lead to closure of many businesses. The...