Monday, June 21, 2021
Economy

Economy

IMF asks CBN to harmonise FX rates for market clearance

It stated this in a statement issued after a virtual meeting with Nigerian authorities from June 1 to 8. It, however, noted that the positions “do not necessarily represent the views of the IMF’s Executive Board”. Jesmin Rahman led...

Buhari: Goods will now move by rail from Apapa to Ibadan

President Muhammadu Buhari Thursday inaugurated the commercial operations of Lagos-Ibadan railway at the Mobolaji Johnson Railway Station, Ebute Meta, Lagos. During the inauguration, the President said goods to the hinterland would now be transported by rail directly from the Apapa...

Marine economy contributes $397bn to U.S. GDP

The U.S. government’s first official study on the economic impact of the nation’s marine economy shows that marine-related sectors contributed nearly $397 billion to the overall U.S. GDP in 2019. The new Marine Economy Satellite Account statistics were released on...

World Bank raises Nigeria’s growth forecast to 1.8%

The World Bank says Nigeria’s economy is expected to expand at a moderate rate of 1.8 per cent this year and edging up to 2.1 per cent in 2022. The bank stated this in its June 2021 Global Economic Prospects,...

China’s trade boom continues in May

China’s exports continued to surge in May, although at a slower pace than the previous month, fueled by strong global demand as more economies around the world opened up, according to a report by Bloomberg. Imports soared, boosted by rising...

MRS, Vitafoam, others lead stock market’s N94 billion gain

Price gains by most blue-chip stocks, especially MRS and Vitafoam, aided a rebound on the Nigerian Exchange Limited (NGX) as market reopened in an upbeat yesterday, causing market capitalisation to rise by N94 billion. At the close of trading yesterday,...

Customs generated N799bn revenue in 5 months

The Nigeria Customs Service (NCS) has said that it generated N799 billion in revenues between January and May 2021. This represents a N226.1 billion increase when compared with the amount generated for the same period in 2020. This disclosure was made...

We’re a few metres from the quay, Amaechi speaks on Apapa port rail

The Minister of Transportation, Rotimi Amaechi, has said on Sunday that the connection of the naion’s premiere port, the Lagos Port Complex Apapa, is progressing steadily and is only “a few metres from the quay”. Speaking during the routine inspection...
Even with the spate of insecurity, high rate of inflation, unemployment and recessions, the 2021 World Population Review of World Bank rates Nigeria as the richest African country with a Gross Domestic Product (GDP) of $514.05 billion. Nigeria is followed by Egypt with $394.28 billion, South Africa ($329.53 billion), Algeria ($151.46 billion), Morocco ($124 billion), Kenya ( $106.04 billion), Ethiopia ($93.97 billion), Ghana ($74.26 billion), Ivory Coast ($70.99 billion) and Angola with $66.49 billion “Many of the world’s poorest nations are in Africa. Most economies are unstable, and poverty is widespread. There are, however, some African countries that have the fastest-growing economies in the world. “The largest components of the African economy are agriculture, trade, and natural resources, and the African economy is expected to reach a GDP of $29 trillion by 2050”, the document said, adding that there are several ways to compare a nation’s wealth and one of the best ways to measure it is by taking a look at the purchasing gross domestic product or GDP of a nation. The Bretton Woods institution said this is the value of the goods and services that come from a nation for one year. “GDP does not consider the difference in the cost of living and inflation rates between countries as GDP per capita at purchasing power parity (PPP) does. “GDP information from the International Monetary Fund (IMF) was used to determine the wealthiest African countries. Six African countries have GDPs of over $100 billion. The top 10 wealthiest African countries are Nigeria – $514.05 billion; Egypt – $394.28 billion; South Africa – $329.53 billion; Algeria – $151.46 billion; Morocco – $124 billion; Kenya – $106.04 billion; Ethiopia – $93.97 billion; Ghana – $74.26 billion; Ivory Coast – $70.99 billion; Angola – $66.49 billion “Nigeria is the richest and most populous country in Africa. The country’s large population of 211 million is a likely contributor to its large GDP. Nigeria is a middle-income, mixed economy and emerging market with growing financial, service, communications, and technology sectors. “Egypt, the second-richest country in Africa, is the third-most populous country with 104 million people. Egypt is also a mixed economy with an emerging information and communications technology sector. “When looking at GDP per capita— gross domestic product per person— the richest countries look a little different. According to the IMF, the 10 richest countries in Africa, in terms of GDP per capita, are Seychelles – $26,120; Mauritius – $22,030, Equatorial Guinea – $18,240; Botswana – $18,110; Gabon – $16,240; Madagascar – $13,720; Egypt – $13,080; South Africa – $12,440; Algeria – $11,430; Tunisia – $10,590 “Although Nigeria has the highest GDP of any African country, its GDP per capita is not in the top 10 countries for GDP per capita. “Seychelles is the richest country when using this metric. The Seychelles economy is primarily driven by fishing, tourism, boat building, processing coconuts and vanilla, and agriculture, especially cinnamon, sweet potatoes, tuna, and bananas. “ Its public sector contributes the most employment and gross revenue, employing two-thirds of the total labour force,” the World Bank report stated.

Even with the state of insecurity, high rate of inflation, unemployment and recessions, the...

Even with the spate of insecurity, high rate of inflation, unemployment and recessions, the 2021 World Population Review of World Bank rates Nigeria as the richest African country with a Gross Domestic Product (GDP) of  $514.05 billion. Nigeria is followed by Egypt with $394.28...

Oyo State govt to stake 15 per cent equity in Ibadan Inland Dry Port

The Oyo State Government has announced that it will invest 15 per cent equity in the Ibadan Inland Dry Port (IDP) project, located in Olorisha-Oko, to ensure its completion and smooth operation. The Governor, Seyi Makinde, disclosed this on Friday...

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Forex: CBN Injects $210m Into The Nigerian Economy

The Godwin Emefiele-led Central Bank of Nigeria, on Friday, made its first intervention in the inter-bank sector of the foreign exchange market for 2019...

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