Nigerian Market
BusinessHighlight

Nigeria’s economy grows by 2.54% in Q3 – NBS

Persecond News reports that this is the second data to be released after President Bola Tinubu took office in May and initiated some significant economic reforms.

1.5k

The Nigerian economy has recorded growth by 2.54 percent in the third quarter of 2023, according to the latest report from National Bureau of Statistics (NBS).

The upward trajectory of the GDP is higher than what was recorded in the corresponding quarter of 2022, surpassing the 2.52% recorded in the third quarter of 2022.

Persecond News reports that this is the second data to be released after President Bola Tinubu took office in May and initiated some significant economic reforms.

Beyond the removal of petrol subsidy, the economic reforms of President Tinubu are gradually crystalizing and encompassing with the unification of the foreign exchange (FX) markets.

He had announced at his inauguration as president that his plans for the economy are diversification, reducing the country’s dependence on oil and gas, and refocusing on developing other sectors such as agriculture, manufacturing, and technology.

Key on his agenda are prioritizing infrastructure development in roads, railways and airports to improve connectivity and increase trade, and also removing trade barriers towards encouraging foreign investors.

Leave a comment

Related Articles

Maddison Strikes as Tottenham Edge Amorim’s United 1-0

By Samuel Akpan with agency report Tottenham Hotspur responded to their recent...

Enugu Rangers Edge Remo Stars 2-1 in Thrilling NPFL Clash

Rangers International secured a hard-fought 2-1 victory over Remo Stars in a...

Just in: US Embassy, Lagos Consulate to close Monday for Presidents’ Day

The United States Embassy in Abuja and the Consulate General in Lagos...

Lagos fake drug bust: NAFDAC seizes 12 truckloads, shuts down 3,000 shops

NAFDAC has recorded another huge success in its first week of operations,...

NDLEA uncovers, seizes stash of illicit drugs concealed in bus under belly compartment

In its relentless drug war, the National Drug Law Enforcement Agency (NDLEA)...

Again, PDP Loses Key Members as Senators Sani, Laah, Hunkuyi, and Ex-Gov. Yero, Others Join APC

Some People’s Democratic Party (PDP) bigwigs including Senator Shehu Sani, former Kaduna...

Exclusive: CCLCA, CASER, Lawyers Endorse Mandatory Third Party Motor Insurance, Cab Drivers Kick

Mixed reactions have continued to trail the directive of the Police Inspector...

Tinubu’s forex policy revolutionizes domestic airline operations – United Nigeria airline boss

The Founder of United Nigeria Airline, Prof. Obiora Okonkwo, has praised the...

NNPCL Dismisses Social Media Video Alleging Dispensing Poor Fuel Quality

The Nigerian National Petroleum Company Limited (NNPC Ltd) has issued a strong...

Kenyan Runner Edwin Koech Wins 2025 Access Bank Lagos City Marathon, Carts Home $50,000

Kenya’s Edwin Kibet Koech has emerged victorious in the men’s division of...

Another Rep rejects allegation of $150m bribe from Binance Executive Gambaryan

Rep. Ginger Onwusibe, the Chairman of the House of Representatives Committee on...

Lagos Assembly crisis: Obasa heads to court, challenges removal as Speaker

Mudashiru Obasa, the impeached Speaker of the Lagos State House of Assembly,...

FG Dismisses Binance Executive Tigran Gambaryan’s Allegations

The Federal Government has officially denied allegations made by Tigran Gambaryan, a...

US congressman drops bombshell, accuses USAID of funneling taxpayers’ money to Boko Haram, ISIS, Al-Qaeda

A stunning revelation has rocked international circles as American Republican Congressman Scott...

African Union Launches Landmark Credit Rating Agency to Promote Regional Economic Integration

The African Union has taken a significant step towards promoting economic resilience...

UNIZIK expels student for assaulting lecturer

For allegedly assaulting a lecturer, authorities of the Nnamdi Azikiwe University (UniZik),...

Military chiefs’ visa denial: Canada declines comment, cites privacy concerns

The Canadian High Commission in Nigeria has acknowledged media reports concerning the...

FG approves 150 medical personnel for correctional centres nationwide

In a bid to boost healthcare delivery in Nigeria’s correctional centres, the...

Ex-Abia Attorney General, Ihediwa, Regains SAN Title After 7-Month LPPC’s Suspension

Seven months after his Senior Advocate of Nigeria (SAN) was withdrawn, the...

2Baba’s family petitions DSS over singer’s mysterious disappearance amid marital issues

…I’m not engaged to him, she fires back The ongoing marital crisis...