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    Nigeria economy grew 2.4% in Q1 – OPEC

    David GreatBy David GreatAugust 13, 2023No Comments2 Mins Read
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    Energy, Oil hits 5 month high over Libyan supply threat OPEC
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    The Nigerian economy grew by 2.4 per cent year-on-year in the first quarter of 2023, the Organisation of the Petroleum Exporting Countries (OPEC) says.

    OPEC made in its monthly oil market report for August said this was against a growth of 3.6 per cent in fourth quarter of 2022, an indicator of 2023 anticipated slowdown.

    According to the report, after Nigeria’s economy grew by 3.3 per cent in 2022, it is forecast to decelerate in 2023.

    It said high inflation continued to burden the Nigeria’s economy.

    “Inflation data for June shows an ongoing acceleration, with an annual rate of 22.8 per cent y-o-y, following 22.4 per cent y-o-y in May and 22.2 per cent in April and 22 per cent in March.

    NAFDAC has warned against the consumption of rotten tomatoes
    Food prices are soaring in Nigeria and inflation has reached new records

    “Food inflation has been a key factor in this rise, reaching 25.1 per cent year-on-year (y-o-y) in June, after 24.8 per cent y-o-y in May.

    • Petrol Subsidy: OPEC, allies meet to debate production quotas

    “A combination of factors including conflict, the impact of climate change, population pressures, and the below-average output of the agricultural sector, exacerbated the scarcity of food resources over recent years,” it said.

    To assist, it said the Nigerian government had unveiled a comprehensive financial package amounting to N500 billion.

    To lower inflation, the report said the Central Bank of Nigeria (CBN) lifted the key policy rate by 25 basis points to 18.75 per cent in July.

    As a consequence of the ongoing challenges, it said in May 2023, Stanbic IBTC Bank Nigeria Purchasing Managers Index retracted to stand at 51.7 in July, after a level of 53.2 in June was reached.

    NAN

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    Police nab church member over kidnap of two Catholic Priests in Adamawa

    Police bust human trafficking syndicate, rescue 40 Ghanaians in Ondo 

    July 5, 2025
    Adeleke denies defection rumours

    Adeleke not defecting to APC, Osun PDP declares

    July 5, 2025
    Tiwa Savage marks 12 years of debut album ‘Once Upon a Time’

    Tiwa Savage marks 12 years of debut album ‘Once Upon a Time’

    July 5, 2025
    Nine-man PSG stun Bayern to reach Club World Cup semis

    Nine-man PSG stun Bayern to reach Club World Cup semis

    July 5, 2025
    NLC threatens to shut down Abuja after July 3 over unpaid wages

    NLC vows protest if NASS attempts to decentralise minimum wage

    July 5, 2025
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