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Nigeria’s GDP grew by 3.46% in Q3- says NBS

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Nigeria’s Gross Domestic Product (GDP) grew by 3.46% in real terms in 3rd quarter (Q3) of 2024 on a year-on-year basis.

This is according to a Monday GDP report published by the National Bureau of Statistics (NBS) which showed that the growth represents a 3.19 percent increase from the one recorded in Q2 2024.

“Nigeria’s Gross Domestic Product (GDP) grew by 3.46% (year-on-year) in real terms in the third quarter of 2024,” the NBS said. “This growth rate is higher than the 2.54% recorded in the third quarter of 2023 and higher than the second quarter of 2024 growth of 3.19%.”

“In the quarter under review, aggregate GDP at basic price stood at N71,131,091.07 million in nominal terms,” the report read.

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“This performance is higher when compared to the third quarter of 2023 which recorded an aggregate GDP of N60,658,600.37 million, indicating a year-on-year nominal growth of 17.26%.”

The NBS said the growth in the GDP was driven mainly by the services sector. It said the sector had a growth rate of 5.19 per cent and contributed 53.58 percent to the aggregate GDP, underscoring its increasing importance to the country’s economy.

“The agriculture sector grew by 1.14%, from the growth of 1.30% recorded in the third quarter of 2023,” the NBS said.

The growth of the industry sector was 2.18%, an improvement from 0.46% recorded in the third quarter of 2023.

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“In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the third quarter of 2024 compared to the corresponding quarter of 2023.”

The NBS said in the quarter under review, Nigeria had an average daily oil production of 1.47 million barrels per day (mbpd), higher than the daily average production of 1.45 mbpd recorded in the same quarter of 2023 by 0.02 mbpd and higher than the second quarter of 2024 production volume of 1.41 mbpd by 0.07mbpd”.

“The real growth of the oil sector was 5.17% (year-on-year) in Q3 2024, indicating an increase of 6.02% points relative to the rate recorded in the corresponding quarter of 2023 (-0.85%),” the report read.

But the non-oil sector grew by 3.37% in real terms during the reference quarter (Q3 2024).

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“This rate was higher by 0.62% points compared to the rate recorded in the same quarter of 2023 which was 2.75% and higher than the 2.80% recorded in the second quarter of 2024,” the NBS added.

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Economy

SEE Black Market Dollar To Naira Exchange Rate in Lagos and FCT today, 9th January 2025

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The official naira black market exchange rate in Lagos and FCT, Abuja today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

According to Bureau De Change (BDC) sources in the Ogba and Ikeja axis of Lagos state, the exchange rate for a dollar to naira at the Parallel Market (Black Market) was N1750 on Thursday, January 9th, 2024, players bought a dollar for N1750 and sold it for N1760.

Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1760 and sell it for N1770 on Thursday, January 9th, 2024.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

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Dollar to Naira Black Market Rate Lagos
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1750
Selling Rate N1760
Dollar to Naira Black Market Rate FCT, Abuja
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1760
Selling Rate N1770
Please note that the rates you buy or sell forex may differ from what is captured in this article because prices vary from state to state across Nigeria.

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Economy

SEE Black Market Dollar To Naira Exchange Rate In Lagos, FCT, 4th January 2025

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Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1760 and sell it for N1770 on Saturday, January 4th, 2024.

Black Market Dollar To Naira Exchange Rate in Lagos and FCT today, 4th January 2025.

The official naira black market exchange rate in Lagos and FCT, Abuja today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

According to Bureau De Change (BDC) sources in the Ogba and Ikeja axis of Lagos state, the exchange rate for a dollar to naira at the Parallel Market (Black Market) was N1750 on Saturday, January 4th, 2024, players bought a dollar for N1750 and sold it for N1760.

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Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1760 and sell it for N1770 on Saturday, January 4th, 2024.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Lagos
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1750
Selling Rate N1760
Dollar to Naira Black Market Rate FCT, Abuja
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1760
Selling Rate N1770
Please note that the rates you buy or sell forex may differ from what is captured in this article because prices vary from state to state across Nigeria.

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Economy

Why 1,000 workers left CBN – Cardoso

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The Central Bank of Nigeria has again clarified that the 1,000 staff members who opted out of service in December 2024 were not forced to quit their jobs.

The CBN Governor, Olayemi Cardoso, stated this on Friday in Abuja at an investigative hearing of the House of Representatives’ ad-hoc committee probing the circumstances leading to the exit of the staff members and how the sum of N50bn severance package for the affected persons was arrived at.

Cardoso added that the affected persons opted to disengage through the voluntary Early Exit Program with payment of full benefits.

Represented by Deputy Director, Corporate Service of the CBN, Bala Bello, Cardoso explained. “The Early Exit Program, Restructuring and Re-organization “are basically ways and means through which the performance of an organization is optimized by ensuring that round pegs are put in right holes. The manpower requirement of the bank is actually met.

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“I’m very happy to mention that the early exit program of the CBN is 100 per cent voluntary. It’s not mandatory. Nobody has been asked to leave, and nobody has been forced to leave. It’s a completely voluntary programme that has been put in place.”

He also noted that the exercise was not restricted to government agencies alone, saying, “I believe several organisations across the world, and even within this country, both in terms of the private sector and the public sector, are undertaking similar exercises.”

Continuing, Cardoso said, “In the past, we had instances in which cases of stagnation and lack of career progression appear. In an organisation, you’ve got a pyramid where from each level to the next level, the gap keeps narrowing. If not, you are going to have a quasi-organisation, an inverted pyramid.

“It gets to the level where you have, for example, 30 departments in the Central Bank. You cannot have 60 directors manning 30 departments. It’s not going to work.

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“Once those vacancies are filled, it gets to a level where some people, even though they are very qualified, able, and willing, but the vacancies are not there. And then they got to a level where they are stagnated for a period of time.”

Speaking earlier, the chairman of the committee, Bello Kumo, noted that the committee’s responsibility was to submit the report to the House.

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