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By Adedapo Adesanya
Nigeria’s economic growth slowed in the third quarter of 2022, according to data released by the National Bureau of Statistics (NBS) on Thursday.
The NBS said between July and September 2022, the gross domestic product (GDP) of the country grew by 2.25 per cent year-on-year, the slowest growth since the COVID-19 pandemic.
According to the NBS, the slow growth is attributable to the base effects of the recession and the challenging economic conditions that have impeded productive activities.
The Q3 2022 growth rate decreased by 1.78 per cent points from the 4.03 per cent growth rate recorded in Q3 2021 and 1.29 per cent points relative to 3.54 per cent in Q2 2022.
The oil sector declined by 22.67 per cent (year-on-year) as of Q3 2022, indicating a decrease of 11.94 per cent points relative to the rate recorded in the corresponding quarter of 2021.
On the other hand, the non-oil sector grew by 4.27 per cent in real terms during the reference quarter (Q3 2022). This rate was lower by 1.18 per cent points compared to the rate recorded same quarter of 2021 and 0.50 per cent points lower than the second quarter of 2022.
Growth in the non-oil sector was driven mainly by Information and Communication (Telecommunication), Trade, Transportation (Road Transport), Financial and Insurance (Financial Institutions), Agriculture (Crop Production). and Real Estate, accounting for positive GDP growth.
In terms of contribution to GDP, the non-oil sector contributed 94.34 per cent to the total GDP, an increase from 93.67 per cent recorded in the previous sector, while the oil sector contributed 5.66 per cent to the aggregate real GDP for the period.
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Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.
Economy
Unlisted Securities Index Drops 0.04% as Friesland Fall 
Published
1 hour ago
on
November 25, 2022
By
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange slipped by 0.04 per cent on Thursday on the back of a price drop in FrieslandCampina WAMCO Nigeria Plc.
The company depreciated by 20 Kobo during the session to N67.00 per share from the preceding day’s value of N67.20 per share and this shortened the NASD Unlisted Securities Index (NSI) by 0.29 points to 711.66 points from 711.95 points and trimmed the market capitalisation of the bourse by N200 million to N935.12 billion from the N935.32 billion it closed in the preceding session.
At the market yesterday, there was a fall in the volume of securities traded by investors by 91.8 per cent to 82,525 units from the 1.0 million units traded in the preceding session.
However, there was a jump in the value of shares traded yesterday by 224.5 per cent to N5.5 million from the N1.7 million recorded a day earlier.
These transactions, according to data from the exchange, were carried out in 10 deals, 100 per cent higher than the five deals executed in the midweek session.
At the close of business, AG Mortgage Plc remained the most traded stock by volume on a year-to-date basis with 2.3 billion units valued at N1.2 billion, Central Securities Clearing System (CSCS) Plc was in second place with 687.8 million units worth N14.3 billion, while Lighthouse Financial Services Plc was in third place with 224.7 million units valued at N112.3 million.
The most traded stock by value on a year-to-date basis was also CSCS Plc with a turnover of 687.8 million units valued at N14.3 billion, VFD Group Plc was in second place with 29.1 million units worth N7.7 billion, while FrieslandCampina WAMCO Nigeria Plc was in third place with 16.4 million units valued at N1.8 billion.
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Economy
Nigerian Currency Firms Against Dollar at Black Market, P2P, I&E
Published
3 hours ago
on
November 25, 2022
By
By Adedapo Adesanya
On Thursday, the Nigerian currency had a better outing against its United States counterpart at the various segments of the foreign exchange (FX) market.
Business Post reports that the Naira eased off the forex demand pressures it came under yesterday by gaining weight against the greenback at the black market, the Peer-to-Peer (P2P), and the Investors and Exporters (I&E) windows.
This was bolstered by the decision of Nigerians to monitor the effect of the new series of the N200, N500, and N1,000 notes unveiled a day earlier in Abuja by President Muhammadu Buhari.
According to the Central Bank of Nigeria (CBN), the new banknotes should start their journey into the financial system next month, while the old notes will end their journey on January 31, 2023.
In the P2P window yesterday, the Naira appreciated against the US Dollar by N7 to settle at N787/$1, in contrast to the previous day’s rate of N794/$1, and in the parallel market, it gained N3 to trade at N777/$1 compared with Wednesday’s value of N780/$1.
Further, in the spot market, the domestic currency improved its value against the greenback by N1 or 0.22 per cent to quote at N445.00/$1 versus the midweek’s exchange rate of N446.00/$1.
The Nigerian Naira firmed against the American currency on Thursday as the value of the FX turnover in the I&E segment remained unchanged at $145.89 million.
However, In the interbank window, the Naira closed flat against the Pound Sterling and the Euro during the session at N526.97/£1 and N455.56/€1, respectively.
In the cryptocurrency market, panic selling led to a decline in some tokens, with Bitcoin (BTC) losing 1.7 per cent to close at $16,410.32, and Ethereum (ETH) falling by 2.1 per cent to $1,176.81.
In addition, Cardano (ADA) went down by 2.8 per cent to $0.3101, Solana (SOL) dropped 2.6 per cent to sell at $13.98, Dogecoin (DOGE) declined by 1.2 per cent to $0.0814, Binance Coin (BNB) slid by 0.8 per cent to $297.35, and Litecoin (LTC) went down by 0.4 per cent to trade at $77.11.
At the gainers’ angle, Ripple (XRP) rose by 3.6 per cent to $0.3964, and the US Dollar Tether (USDT) added 0.02 per cent to sell at $0.9995, while Binance USD (BUSD) traded flat at $1.00.
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Economy
Local Stocks Sustain Growth by 0.81% Amid Weak Investor Sentiment 
Published
3 hours ago
on
November 25, 2022
By
By Dipo Olowookere
The positive momentum witnessed in the Nigerian Exchange (NGX) Limited continued on Thursday, though with signs that it may soon come to an end.
At the market yesterday, local stocks gained 0.81 per cent due to the sterling performance of a few equities like Airtel Africa, Nigerian Breweries, and BUA Foods.
Business Post reports that investor sentiment was weak during the session due to profit-taking across the key sectors of the exchange, with the energy, banking, consumer goods, industrial goods, and insurance counters declining by 1.86 per cent, 1.37 per cent, 0.42 per cent, 0.38 per cent, and 0.12 per cent apiece.
However, the All-Share Index (ASI) rose by 372.57 points to 46,604.94 points from 46,232.37 points, and the market capitalisation increased by N203 billion to N25.385 trillion from N25.182 trillion.
The market breadth ended negative on Thursday as a result of the 23 price losers and 11 price gainers recorded at the close of transactions.
Axa Mansard finished on top of the risers’ table, with a price appreciation of 8.57 per cent to settle at N1.90, and was trailed by Nigerian Breweries, which improved by 6.79 per cent to N48.00. Ecobank rose by 6.50 per cent to N10.65, Airtel Africa expanded by 6.30 per cent to N1,350.00, and BUA Foods gained 6.11 per cent to trade at N63.40.
Conversely, Red Star Express ended the session on top of the decliners’ chart after it lost 10.00 per cent to close at N2.07, Nestle Nigeria also fell by 10.00 per cent to quote at N1,071.00, CWG dropped 9.09 per cent to 80 Kobo, Lafarge Africa declined by 6.22 per cent to N21.10, and International Breweries depleted by 5.38 per cent to N4.40.
Yesterday, a total of 138.6 million equities valued at N2.2 billion exchanged hands in 3,434 deals, in contrast to the 187.9 million equities valued at N1.8 billion traded in 3,458 deals, representing an increase in the trading value by 17.84 per cent, a reduction in the trading volume by 26.24 per cent, and a fall in the number of deals by 0.69 per cent.
The most active stock on Thursday was Sterling Bank, as it sold 24.3 million units. Transcorp traded 21.8 million units, Ecobank exchanged 10.6 million units, Access Holdings traded 8.6 million units, and Jaiz Bank transacted 7.7 million units.
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